Platinum price has even more upside potential – Commerzbank

outlook for 2023 next week. In the opinion of strategists at Commerzbank, the Platinum price should gain some ground, as the WPIC is likely to predict a smaller supply surplus in 2023.

Tighter Platinum market will probably be predicted for 2023

“Following the expectation of a supply surplus of just shy of 1 million ounces this year, a good half of which is attributable to the substantial outflows from the Platinum ETFs, a tighter Platinum market will probably be predicted for 2023.”

“For one thing, investor interest appears to have shifted. Most financial investors – at least those with a short-term horizon – are optimistic again. Long-term investors are likely to follow suit, reducing the pressure on investment demand.” 

“And for another thing, mining supply in South Africa could decrease. Against this backdrop, the Platinum price should gain ground again after having lagged somewhat behind Gold of late.”