The platinum market was more or less in balance last year and will remain so in 2005, according to Johnson Mattey (JM) in 'Platinum 2005', published in May. With demand and supply both expected to increase moderately, the platinum price should continue to be supported around recent levels. The price of palladium, despite large increases in 2004 in its jewellery, autocatalysts and investment products, is likely to remain capped by excess supply. Demand for Platinum in 2004 edged up by less than 1 percent for the second year in succession, rising by just 50 000 oz to 6.58 million oz. Mine supply rose by 300 000 oz to 6.5 million oz as South African output exceeded 5 million oz for the first time, resulting in a narrow deficit of 80 000 oz.
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