WPIC – Platinum Quarterly, 2Q 2024

WPIC's Platinum Quarterly for the second quarter of 2024 highlights a growing deficit in the platinum market, with a deficit of 464 koz recorded in Q2 and a forecasted deficit of 1,028 koz for the full year. Despite a 5% increase in mine supply driven by South Africa, supply risks remain for 2024. On the other hand, quarterly demand reached a four-year high in Q2 2024, driven by investment inflows in ETF holdings. The report also notes a separate line item for large Chinese platinum bar demand in the investment segment. Overall, the market saw robust growth in both supply and demand in Q2 2024, with total supply reaching 1,958 koz and quarterly demand reaching 2,421 koz. Despite a decrease in industrial platinum demand, the market experienced a significant deficit in Q2 2024.