The Phaserl


Platinum Supply Still in Deficit but Not as Large

by Lawrence Williams,

The latest Q1 analysis of global platinum supply and demand from the World Platinum Investment Council (WPIC) suggests a much lower supply deficit this year than the recent GFMS analysis (see: Platinum could test $1,000 in 2015 GFMS) but unlike the GFMS report, perhaps advisedly, makes no forecasts on what the effects on pricing might be as there are factors other than supply/demand fundamentals at play here.

Data for the WPIC survey is provided by commodities analysts from SFA (Oxford) and there certainly are some broad disparities from the GFMS Q1 report. GFMS puts the overall supply deficit this year as being in the order of 670,000 ounces, down from 1.016 million ounces in 2014. The WPIC report suggests a 190,000 ounce deficit this year, down from a 670,000 ounce deficit last – a considerable difference between the two analyses. GFMS also suggests the platinum market could move into surplus in 2016, and while the WPIC makes no such projections of the likely position a year hence, the implications of its latest analysis certainly suggests at least a more balanced supply/demand outlook ahead.

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