Supply for platinum is expected to have exceeded demand in 1993, reports Johnson Matthey.
In its Platinum 1993 Interim Review, the metals fabricator says demand this year is expected to have expanded by 6% to 4 million oz. and that supply will have grown by 10% to 4.2 million oz.
The largest use for platinum is in autocatalysts. Demand in this sector is expected to rise by 12% to 1.7 million oz., boosted by rising auto production in North and South America and the full application of emissions standards in European Community nations.
Demand from the jewelry sector will grow by 5%, helped by sales in Japan, where the lower yen price is making a difference and inexpensive platinum rings and neck chains are popular.
On the supply side, South African platinum shipments are set to reach a record 3.25 million oz. in 1993 while Russian sales will fall by 100,000 oz. to 650,000 oz., a 4-year low.
Platinum, which usually sells at a premium to gold, was recently trading in London slightly below the gold price. In early August, platinum traded as high as US$422 per oz.
Johnson Matthey predicts demand for palladium this year will exceed supplies by 100,000 oz. Demand for rhodium is expected to be in line with primary supplies.
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