Johnson Matthey forecast platinum market balance
- Publishing Date
- 18 May 2010 2:17pm GMT
- Author
- Mining Journal
Platinum group metals (PGM) specialists Johnson Matthey has forecast that the platinum market is expected to be closer to a balance in 2010. This follows a surplus of 285,000oz in 2009 as a result of weak demand.
The group said that weak automotive and industrial demand in 2009, a result of the global recession, pushed the market into surplus as overall demand fell almost 12%.
This was partially offset by an increase in demand from the Chinese jewellery sector, which experienced "massive growth" last year.
"Demand was ravaged by the full impact of the recession," Peter Duncan, general manager of market research said.
The group said that demand in the auto market has already improved this year, and while jewellery demand is unlikely to repeat the record level of purchases witnessed in 2009, underlying demand remains strong.
Industrial demand has also improved following the global economic recovery, and if investment demand continues for ETFs (including the American ETF that launched this year), Johnson Matthey expects the market to be close to balanced this year.
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