Reuters reported platinum is expected to ramin in a deficit through the next few years, pushing prices higher.
As quoted in the market news:
Platinum climbed to $1,597.50, its strongest since Oct. 23, driven chiefly by supply concerns highlighted by refiner Johnson Matthey.
Supply outages in South Africa are set to push the platinum market into deficit this year as shipments from the world’s main producer of the metal fall by the equivalent of more than a month’s demand, Johnson Matthey said on Tuesday.
The bulk of the world’s platinum is used by automakers in autocatalyst systems that scrub exhaust fumes of dangerous and environmentally damaging chemicals.