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Platinum will be greatly oversupplied in 2018-2019

The world market will be loaded with platinum, an oversupply making up near 0.5 mln ounces in 2018 and the next year, today’s data showed, which is going to hit miners more as prices hold at a decade minimums.

The estimates of the World Platinum Investment Council were adjusted, now anticipating 505,000 ounces excess, a rise from earlier figure of 295,000 ounces. The reason for the change is low demand on such jewelry, while the next year will get 455,000 ounces above the level of demand.

At the beginning of the decade strong deficit turned to excess due to sliding needs of carmaking and jewelry industries, sending demand down from 2013’s 8.5 mln ounces to a projected 7.5 mln ounces in 2018, according to the WPIC.

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