Platinum market deficit seen at 885,000 oz in 2014 – WPIC

Jon Precious Metals

The platinum market is expected to see a shortfall of 885,000 ounces this year, a report by the World Platinum Investment Council (WPIC) estimated on Wednesday, as a strike in major producer South Africa reduced supply.
The above-ground stocks of the metal that have helped cushion prices from the impact of the tightening market are expected to have declined significantly. Platinum prices are down 11 percent this year despite a third straight yearly deficit.
The WPIC, which commissioned the report from consultancy SFA (Oxford), said it sees above-ground platinum inventories, excluding exchange-traded funds, metal held by exchanges, and industry working inventories, at 2.56 million ounces at year-end.  That is down from 3.445 million ounces at the end of last year, it said.

This post was published at Mineweb