铂金供需情况及价格分析框架简析

Supply of Platinum - The supply of platinum comes from two main sources: mined platinum (approximately 70%) and recycled platinum (approximately 30%) [1] - Mined platinum is primarily produced in South Africa, Zimbabwe, Russia, and North America, with South Africa accounting for about 70% of mined platinum production [2] - Major global platinum producers include Anglo American Platinum, Implats, Northam Platinum from South Africa, Norilsk Nickel from Russia, Zimplats from Zimbabwe, and Sibanye-Stillwater from North America [3] Recycled Platinum Supply - Recycled platinum mainly comes from automotive catalysts, jewelry, and industrial recycling [5] Demand for Platinum - The demand for platinum is categorized into four main sectors: automotive catalysts, jewelry, industrial applications, and investment (including platinum bars/coins and ETF holdings) [6] - The World Platinum Investment Council (WPIC) forecasts that the platinum market will experience a shortage for the third consecutive year in 2025 due to insufficient mining investment and stagnant production [6] Price Analysis of Platinum - The price analysis of platinum is primarily based on supply and demand dynamics typical of industrial commodities, rather than its role as a monetary substitute like gold [7] - Platinum's jewelry and investment demand accounts for about 30%, and historically, it has not been widely treated as a currency [7]