According to Commerzbank’s commodity analyst Carsten Fritsch, a press release this week indicates that the world’s largest Palladium producer from Russia anticipates an almost balanced Palladium market in 2024. This projection hinges on the assumption of increased Palladium supply from Russia combined with weaker demand from the automotive industry. It’s worth noting that previously, a significant supply deficit of 900 thousand ounces had been expected.
Moreover, the company also looks ahead to a balanced market in 2025. It foresees that lower mine production will likely be offset by a higher recycling supply within the automotive industry, while demand is expected to remain stagnant at this year’s level. In addition, the company is predicting a supply deficit of 200 thousand ounces for the platinum market next year, with the platinum market expected to be balanced in the current year.
However, the World Platinum Investment Council has a different view. It anticipates larger supply deficits for platinum in both 2024 and 2025, which can be largely attributed to investment demand. Evidently, this factor is not considered by the aforementioned company in its forecasts.
Related topics:
RBA’s Unchanged Rate but Dovish Tone Impact on AUD
EUR/USD Declines Amid ECB Bets and US Inflation Focus
