Platinum Supply remained 7% higher in 1Q
WPIC forecast to rise supply by 16% Jewellery Market Bureau:: The World Platinum Investment Council (WPIC) published Platinum Quarterly Q1 2021 and reviewed Platinum in 1Q. During Q1’21, the global economy continued to recover, underpinned by widespread stimulus measures. Scarcely a year on since the World Health Organisation declared Covid-19 a pandemic, the extent of the recovery in some areas has been surprising as pent-up consumer demand drove economic revival. However, in the automotive sector, supply chain difficulties became increasingly apparent, hampering the sector’s recovery against this backdrop, Q1’21 platinum demand increased 26% (+405 koz) year-on-year to 1,969 koz while total supply grew 11% (+187 koz) to 1,950 koz. Overall, this resulted in a modest deficit of -19 koz, compared to the Q1’20 surplus of 199 koz. For 2021 total platinum supply is now forecast to rise 16% year-on-year to 7,883 koz. However, it will remain below pre-pandemic 2019 levels, while to