世界铂金投资协会-2025年第一季度白金季度（英）_28页_2mb

Platinum Market Analysis - Q1 2025

Platinum investment case remains compelling, with a 966 koz deficit projected for 2025, up from a Q1 2025 deficit of 816 koz. The market entered a third consecutive year of deficits.

US trade policies have amplified uncertainty. Initial tariff fears led to a stock build-up in the US, with NYMEX stocks rising by 361 koz. However, clearer rules showed most platinum imports are exempt, reducing lease rates and enabling stock release. Tariffs indirectly hit demand in automotive (e.g., reduced light-duty vehicle production) and jewellery (e.g., Indian exports declining, while Chinese demand may rise due to gold alternatives).

Supply contracted year-on-year, with South Africa and North America contributing to declines. Recycling saw modest recovery. Investment demand is part of the mix, with increased flows but sensitivity to tariffs resolving.

Short-term issues like production constraints and tariffs face ongoing structural declines. Non-linear adjustments expected due to economic growth, recycling rates, and geopolitical risks. Reading suggests a balanced outlook, noting regio
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