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May 15, 2017

#Platinum Q1’17 Quarterly & revised 2017 forecast

Key data from the Platinum Quarterly data set, which examines activity in the first quarter of 2017 and provides a revised forecast for 2017, can be downloaded here,  Independent analysis is provided by our research partners SFA (Oxford). The Foreword to the report provides an overview of changing investor approaches to the platinum market, an insight on platinum demand fundamentals and a brief overview of our market development activities.

  • 2017 will be the sixth consecutive year that global platinum consumption has outstripped supply, with total supply, from mining and recycling, this year predicted to fall by 2 per cent compared to 2016.
  • Recycling is projected to fall by six per cent year-on-year, with secondary supply from jewellery recycling expected to decline by 20 per cent, as recycling trends normalise following unusually large stock flows in China last year.
  • Automotive platinum demand remains robust, with demand for 2016 and 2017 revised upward by 45 koz this quarter. The revisions reflect higher than expected global vehicle sales with increased loadings, while greater scrutiny of emissions is also believed to be limiting moves to thrift platinum loadings.
  • In the investment demand segment, global platinum Exchange Traded Fund (ETF) holdings grew by 65 koz in the first quarter of 2017, with increases observed across most regions. ETF assets in the quarter were at their highest level since the fourth quarter of 2015.
  • Global platinum jewellery demand for the quarter increased three per cent year-on-year, buoyed by higher Chinese retail sales. However, global jewellery demand for 2017 is forecast to slip one per cent from 2016, with anticipated declines in China and Japan outweighing gains in India and other regions.

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