Platinum set for biggest deficit in a decade in 2024, says Johnson Matthey [Yahoo! Finance]
JOHNSON MATTHEY S/ADR (JMPLY)
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Source: Yahoo! Finance
normal from last year's highs and industrial demand stays firm, Johnson Matthey said in a report on Thursday. The autocatalyst maker added that it expected all platinum group metals (PGM) - platinum, palladium, and rhodium - to remain in deficit in 2024. The three metals are used in autocatalysts that reduce emissions from vehicle engines, with platinum also used in other industry and for jewellery and investment. Johnson Matthey (JM) said it expected the platinum market's deficit to increase to 598,000 ounces this year from a shortfall of 518,000 ounces in 2023. It forecast platinum demand would stabilise at around 7.61 million ounces, with small decreases in automotive and jewellery balanced by an uptick in investment. Auto sector consumption is expected to slip 1.3% in 2024, while primary supply is projected to fall 2% as Russian shipments return to more normal levels following heavy selling of mined stocks in 2023, JM said. For palladium, JM said use by automakers would fall about
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