Large increases in SA and North American recycled platinum will keep the global market in an oversupplied position, with few signs yet of fundamental drivers to push the metal’s price out of the doldrums. The forecast for 2019 issued by World Platinum Investment Council, a body set up by SA’s platinum mining companies, noted a market surplus of 375,000oz of the metal, down from the previous year’s 670,000oz of oversupply. The council, which issues market data compiled by SFA Oxford, noted total platinum supply would rise 4% to 8.37-million ounces on the back of higher mined production as well as recycled material coming from autocatalytic devices used in diesel engine exhausts. Recycled platinum will rise 3% to 1.995-million ounces, of which autocatalysts will contribute 1.495-million ounces, a 5% increase. Platinum demand would rise 8% to 7.995-million ounces on the back of higher investment demand, which will offset falls in the other three key areas of consumption, being autocata...
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