Platinum Market Tightens as Persistent Supply Deficits Deplete Inventories: Commerzbank

Commerzbank warns that the platinum market is undergoing a sustained tightening as consecutive annual supply deficits are progressively drawing down visible and invisible inventories. Ongoing mine disruptions—particularly in South Africa from operational, power and labor issues—combined with steady industrial demand (automotive catalytic converters and chemical use) and limited recycling have reduced ETF and exchange stocks over the past year. The bank says the current-year deficit is expected to be sizable, providing underlying support for platinum prices while macro headwinds may cap near-term upside. The structural shortfall creates a favorable long-term risk-reward for holders but leaves the market fragile to any further supply shocks or demand spikes.