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:
Will Platinum ever regain its lustre?: https://mastermetalsblog.blogspot.com/2025/02/will-platinum-ever-regain-its-lustre.html
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