Platinum is a chemical product with symbol Pt and atomic number 78. It is a rarest element in the Earth's crust.
It is the least reactive metal, often used in catalytic converters, medical and dental equipment, and jewelry.
It has several unique chemical and physical properties that make it essential in a wide range of industrial and environmental applications.
Supply and Demand
In recent years however, platinum exchange traded funds (ETFs) and other exchange trade products (ETPs) have provided a boost, albeit inconsistent, to platinum demand.
In 2008, supply of platinum is met by mine production, auto catalyst refining and jewellery refining with their respective contribution estimated to be 6.15 million ounces, 1 million ounce, & 0.9 million ounce.
Industry analysts do not include platinum investment demand as part of overall demand partially because sales of platinum coins have been de minimus.
Production of platinum is highly dependent on South Africa's Production to be 4.7million ounces; 0.74, 0.25, 0.33 million ounces respectively.
Platinum mining represented approximately 83% of the annual global platinum supply of about 6,000,000 ounces in 2013.
South Africa and Russia both countries are main supplier for platinum
Global Platinum market
London platinum and Palladium market which provides the industry benchmark price London Fix.
CME (Comex) TOCOM (Japan), MCX (Mumbai).
Indian platinum market
Platinum has been increasing on economic growth to rising industrial, demand and increasing prefrences for platinum jewellery in urban areas.
Total Consumption of platinum to be around 932kgs in 2008-2009, which was around 1200 kgs in 2009-2010.
Factors Influencing the Market
Some factors that influence the market are: Economic events, global financial crisis, recession, & inflation affect metal prices.
Events such as the construction of new production facility or processes, unexpected mine or plant closures; or industry restructuring, all affect metal prices.