What is the outlook for platinum group metals (PGMs) in H2 2023, leading into 2024?
Platinum, palladium, and rhodium all benefited from a deficit market in 2023, the bulk impact of which will be felt in the second half of the year as automotive production picks up. PGM mine supply and recycling remain little changed on their suppressed 2022 levels, owing to load shedding (rolling blackouts required to balance the electricity grid) in South Africa and a lack of autocatalyst scrap, respectively. For platinum, we expect to see the price rally, climbing to peaks over US$1,100 by the end of the year. Unfortunately, palladium and rhodium’s deficits are largely overshadowed by imminent future-year surpluses. Having said that, we still expect the prices to uplift in the short term, climbing to quarterly averages just shy of US$1,400 and US$5,500 respectively in the final quarter of the year.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.
