- Write by:
-
Thursday, March 7, 2019 - 3:03:07 PM
-
855 Visit
-
Print
Mining News Pro - On Wednesday, platinum futures were in retreat again, sliding to $832 an ounce after a new study predicted the largest market surplus in at least six years for 2019. In January, the precious metal dropped to near 14-year lows.
According to Mining News Pro - A new report by the World Platinum Investment Council (WPIC) predicts the platinum market moving into a surplus of 680,000 ounces in 2019 after a surplus of 645,000 ounces last year.
A rise in consumption for the first time since 2015 this year will be offset by a 6% increase in mine-level output to 6.46m ounces on top of a 3% boost to recycling. Platinum is mainly used in autocatalysts to scrub emissions and in jewellery fabrication.
"Automotive demand is projected to fall at a far slower rate than in 2018"
The WPIC said supply growth would come mainly from the release of material stockpiled by mines and smelters in South Africa during upgrades and maintenance over 2017 and 2018. South Africa supplies more than 70% of the world`s mined platinum and output will hit 4.725m ounces in 2019.
Expansion in the US is expected to lift North American supply by 50koz to 410koz. Output from Zimbabwe and Russia is expected to remain stable at 470koz and 675koz respectively.
Platinum demand has been under pressure since 2015 following the Volkswagen diesel-engine emissions cheating scandal in the US. WPIC says automotive demand is projected to fall at a far slower rate than in 2018, declining 3% year-on-year to 3m ounces in 2019, compared to a 7% decline in 2018.
In contrast to platinum, palladium used in gasoline engines, continues to attempt fresh all-time highs, trading at $1,466 an ounce on Wednesday, up more than 60% compared to this time last year.
The last time platinum traded at this deep discount to sister metal palladium was in 2001. In 2008, platinum was at a $1,750 premium to palladium. As for the relationship with gold, platinum was still trading near par in February last year.
Short Link:
https://www.miningnews.ir/En/News/344001
The United States is looking to Africa to help loosen a Chinese stranglehold on battery metals and reduce Russia’s ...
A researcher at the Leibniz Institute for Catalysis in Rostock has developed new methods for the synthesis of drug ...
African Rainbow Minerals (ARM) said on Friday it was deferring plans to expand output at its Bokoni mine due to low ...
A global platinum deficit in 2024 will be deeper than previously expected as mines hit by low prices for palladium and ...
South Africa’s platinum producers are in crisis, as slumping metal prices force jobs cuts and erode profits.
Sibanye Stillwater on Tuesday reported a $2 billion annual loss and scrapped its final dividend, hurt by a slump in ...
Northam Platinum’s CEO said on Friday that platinum mining companies in South Africa, the world’s top supplier of the ...
Impala Platinum could shut some loss-making South African mining operations if metal prices deteriorate further and ...
Anglo American will review its assets after a 94% plunge in annual profit and writedowns at its diamond and nickel ...
No comments have been posted yet ...