The platinum market is expected to chalk up its largest deficit since records began in the 1970s as supply falters in South Africa and China’s industrial expansion powers ahead.
Global platinum demand is forecast to surge 28 per cent this year to 8.2mn ounces after investors piled in, adding to strong industrial consumption and increasing use of the metal in car catalytic converters in the first quarter, according to the World Platinum Investment Council, an industry body.
At the same time, ailing output, exacerbated by stuttering electricity supply in top producer South Africa, has pushed the WPIC to revise its deficit forecast up 77 per cent from three months ago, to 983,000 ounces this year.
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