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A number of analysts pointed out possible disruptions in the supply of platinum from South Africa due to the fact that it is struggling to vaccinate its population. However, some research institutes have stated that investors should keep an eye on the growing demand in the market.
The platinum prices rose to a six-year high and topped $ 1,200 an ounce. Trevor Raymond, head of research at the World Platinum Investment Council said that he did not think the vaccine problems in South Africa would have a major impact on the platinum supply.
He noted that mining companies in South Africa have experience in dealing with various disease outbreaks and health problems. And he added that this experience has made mining companies extremely effective in fighting the COVID-19 pandemic.
He said that South African mining companies have established very good health structures in the communities in which they operate. They have implemented on-site testing and on-site isolation. They are very well versed in the fight against COVID-19 and problems with the vaccines will not affect the supply.
Raymond added that even if the global pandemic affects mining, there is a large enough supply of unprocessed ore to compensate for any problems with the mines.
It is worth noting that Anglo American Platinum (Amplats) has reserves of about 500 million ounces of unprocessed ore, which accumulated due to the fact that the company spent most of last year restoring its converter plant.
At the end of March 2020, the plant had problems and the supply of platinum decreased accordingly.
"The company said it would take about two years to refill the inventory, and that's at full capacity," Raymond said.
Rather than paying attention to supply, Raymond stated that people should pay more attention to demand as investors continue to view platinum as an alternative to gold.
"This rally we are seeing for platinum is a genuine recognition that this metal is significantly undervalued compared to gold and palladium," he said.
The disruption to the supply chain was felt across the precious metals sector, as refineries, mints and mines were temporarily shut down around the world.
He said that along with the supply disruptions in South Africa, the platinum market took a little longer to normalize than the gold and silver markets.
Bank of America noted that the fundamentals of platinum are improving as demand in the market resumes. They noted that the demand for platinum jewelry is also growing, especially in China. In addition, the growing focus on environmentally friendly hydrogen technologies could have a significant impact on platinum demand.
Analysts said that they have estimated demand for platinum could reach up to four million ounces over the next decade. According to them, to put this number in context, the annual supply of platinum is about eight million ounces," they said.
"Overall, platinum fundamentals are strong in the medium term but the upside potential may be somewhat limited in 2021," the analysts said.
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