Lingering Surplus--Platinum to remain in surplus, GFMS flags eurozone as 'major' risk

摘要

Platinum registered its seventh consecutive gross surplus in 2011 and was likely to experience a similar outcome in 2012, while palladium remained in gross deficit, which was likely to increase this year, precious metals consultancy Thomson Reuters GFMS reported last week. In the ninth edition of its 'Platinum & Palladium Survey', launched in London and Johannesburg last week, the consultancy forecast platinum would trade in the range of $1 475/oz to $1 775/oz over the remainder of the year.GFMS said the rise in gold investment during the second half of 2012 could spill over into the platinum market, with prices likely to find solid support from production cost pressures in the South African mining industry. But it flagged the ongoing eurozone crisis as a "major" downside risk, given the concentration of platinum auto-catalyst demand in Europe. GFMS estimated that platinum's gross surplus eased by some 12% last year to 735 000 oz although this remained substantial by historical standards.