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February 9, 2025

WPIC expects platinum market to remain in deficit through 2029

WPIC expects platinum market to remain in deficit through 2029f, averaging 672 koz pa from 2026 to 2029, or ~ 8% of demand.

Expect deficits in Palladium to 2027f (previously 2025f) before market surpluses emerge from 2028f.

The themes previously highlighted are persisting.

Investment demand: forecasts stable growth of ~150 koz off 2024 levels for platinum, using 10-year historic averages.

Automotive sector: slowing demand growth in light vehicle electrification is entrenched. Accordingly, WPIC expects a long tail in automotive platinum group metals (PGM) demand, with modest erosion of -1.4% CAGR for platinum and -1.0% CAGR for palladium through 2029f. Updated automotive outlook includes a deferred fuel cell electric vehicle ramp up.

Jewellery and industrial applications: platinum demand is forecast to record 1% growth p.a. in both to 2029f, while palladium's price pull-back should incentive great use in jewellery and industrial applications over the next five years.


See more on Platinum's insufferable price action here: 

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