In its Q1 Platinum Quarterly, the World Platinum Investment Council (WPIC) offered a revised forecast for 2023. Global platinum demand in the first quarter of 2023 jumped 28 (441,000 oz) as an upswing in investment demand added to strong demand growth momentum in the automotive and industrial sectors. Combined with lower supply of refined platinum production in the quarter of -8 year-on-year (yoy, -96,000 oz), as well as reduced autocatalyst recycling (-15, -52,000 oz) and jewelry recycling (-3, -3,000 oz), this led to a market deficit of 392,000 oz, the first quarterly deficit since Q2 2021.
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