Singapore Bullion Market Association

PLATINUM CORNER

Platinum Perspectives

SBMA WPIC_Platinum_Perspectives_June_2024-(PalladiumOutlook)

Latest Update

04 June 2024

Any delays to forecast recycling recovery will prolong larger deficits in the palladium market

WPIC’s latest palladium supply/demand forecast projects tightening deficits for 2024 and 2025, followed by surpluses from 2026 onwards.

2024

04 June 2024

Any delays to forecast recycling recovery will prolong larger deficits in the palladium market

17 May 2024

London Platinum Week’s key themes risk deepening deficits, supporting the compelling investment case

02 May 2024

Hybrid and EREV market share growth overtaking BEV supports higher-for-longer automotive PGM demand

18 April 2024

Latest Russia Sanctions Unlikely to Impact Near-term PGM Markets, but There May Be Longer Term Benefits

March 2024 (II)

Revised US emission timelines support higher for longer PGM demand

March 2024 (I)

Platinum’s supply risks cannot be overlooked as PGM prices remain weak and miners reduce capex

February 2024

With palladium oversold and platinum’s attractive fundamentals, both metals have upside

January 2024

Platinum for palladium substitution is embedded into automotive demand and unlikely to reverse swiftly

2023

December 2023 (II)

South Korea’s H2 plans support future platinum demand

December 2023 (I)

Sustained recycling challenges could deepen platinum supply-demand deficits

October 2023

Hydrogen Tech Expo: Evidence of growing momentum, with platinum set for key role as a transition metal

September 2023 (II)

China’s demand for glass fibre to continues to grow, supporting ongoing platinum industrial demand growth

September 2023 (I)

Punitive tariffs against Chinese automakers could slow European BEV adoption and boost platinum demand

August 2023

Projected platinum supply/demand deficits should provide price support through economic down-cycle

July 2023

Shanghai Platinum Week 2023

June 2023 (II)

Iridium availability is not a bottleneck to PEM electrolyser ramp-up; platinum demand from PEM electrolysers could reach >500 koz p.a. within 10 years

June 2023 (I)

ETF investment returns: Growing investor appetite for platinum could deepen market deficit

May 2023

How to solve an almost 1 Moz platinum market deficit

April 2023

China’s economic data gradually improved each month through Q1, resulting in Q1 2023 GDP growth of 4.5% exceeding consensus forecasts of 4.0%

March 2023

The significant existing market for grey hydrogen de-risks new green hydrogen projects supporting their growth and associated platinum demand

January 2023

Electricity shortages may elevate platinum’s historic January/February positive price seasonality in 2023

2022

December 2022

The nature and size of platinum above ground stocks now locked up in China combined with the 2023 forecast deficit could materially impact price discovery

November 2022

ETF disinvestment may reflect a change in investor preference to rather own physical platinum

October 2022

Above ground stocks are not seen as a major headwind to platinum prices as deficits loom

August 2022

Green hydrogen production and FCEV usage highlight platinum’s role in significantly reducing CO2 emissions

May 2022

Is there a shortage of platinum in the spot market? Lease and EFP rates suggest there may be

April 2022

Platinum for palladium substitution makes economic and strategic sense and could take platinum into deficit

March 2022

European efforts to reduce reliance on Russian gas will accelerate hydrogen use and platinum demand

February 2022

NYMEX stock outflows continue to respond to physical market tightness from strong China imports

January 2022 (II)

Faster than expected ACP semi-processed inventory unwind increases the estimated 2021 platinum surplus but reduces the surplus in 2022

January 2022 (I)

Platinum mining supply will rise back to pre-COVID levels only in 2024 despite high PGM basket prices

2021

December 2021

Platinum’s demand growth potential suggests a breakout from gold and upward pressure on price

November 2021

Drivers behind China’s excess import trend could move the global platinum market into deficit

October 2021

Reduced platinum recycling could help offset chip-related platinum automotive demand losses

September 2021

Quantifying the impact of semiconductor constraints

August 2021

Platinum demand upside from higher loadings and rising production of heavy-duty vehicles

July 2021

Is platinum less available than widely thought?

June 2021

Investment demand amplifies platinum’s positive fundamental outlook, driving platinum revaluation

May 2021

Platinum industrial demand, the largest net demand segment, & unsung driver of platinum demand growth

April 2021

Analysing how platinum replaced palladium in diesel shows 2021 platinum demand could rise by c.100 koz.

March 2021

In 2021, 400 koz more platinum could replace palladium in addition to the 150 koz of expected ‘substitution’

January 2021

Despite gold-related volatility, platinum’s demand growth outlook is driving more investor exposure

2020

December 2020

Physical platinum investment is an essential element in price discovery

November 2020

China’s renewed appetite for platinum jewellery enhances global platinum jewellery rebound

October 2020

Platinum’s role in hydrogen and decarbonisation is a big driver of platinum investment demand

September 2020

Resurgent EU automaker push to sell more diesel cars is a boost for platinum demand growth

August 2020

The surge in global demand for precious metals highlights platinum’s potential to outperform

July 2020 (II)

Platinum’s market shortage may not be transient, supporting increased investment demand

July 2020 (I)

Headline vehicle sales data masks positive platinum automotive demand trends

June 2020

Unprecedented bar and coin buying in 2020 – on increased global risk – is good for platinum

April 2020 (II)

Surprisingly, platinum demand will grow from the COVID-19 pandemic and climate change imperatives

April 2020 (I)

Palladium’s inelastic supply and continued market tightness is driving platinum substitution

January 2020

Higher diesel sales to reduce massive EU CO2 fines increases platinum demand growth potential

2019

December 2019

Weaker Chinese jewellery demand is not offset by growth elsewhere, despite the sustained low platinum price.

November 2019

Platinum recycle supply growth is steady, largely unresponsive to price and unable to compensate for lower mine supply in 2020.

October 2019

Weakness in auto sales are not a strong reason to expect a PGM price pull back.

September 2019

Decarbonising Europe

August 2019

Above Ground Stocks (AGS) increase insight when considering platinum as an investment asset.

July 2019

Automaker strategies to reduce multi-billion Euro CO2 fines increasingly include achieving higher diesel sales.

June 2019

Industrial demand has grown at twice the rate of global growth in the last 5 years and is now the largest portion of net platinum demand.Sustainable Shipping

April 2019

Bar and coin and ETF demand are important to the platinum investment case.

March 2019

The overall PGM picture looks strong, despite the platinum surplus.

February 2019

Platinum provides some diversification benefit for portfolios.

January 2019

Sustained palladium futures curve backwardation has ramifications for platinum.