(miningmx.com) - The World Platinum Investment Council (WPIC) increased its forecast platinum surplus for 2022 to 974,000 ounces following a second quarter surplus of 349,000 oz. The deterioration in the forecast came despite declines in metal supply from Russia and from the recycling sector which was affected by semi-conductor shortages.
The WPIC said in a second quarter report today that the reduction in exchange traded funds (ETF) holdings and exchange stocks also outweighed the benefits of resilient automotive, jewellery and industrial sector demand.
Concerns about global recession, rising interest rates and weaker commodity prices affected investor sentiment. ETF holdings contracted by 89,000 oz albeit significantly less than in the previous quarter. Following this trend, ETF holdings are expected to continue to fall in 2022, declining by a total of 550,000 oz, the council said.
