金属重点的白金和钯价格预测：铂金到2025年平均$ 970/oz，比2024年增长1％

5月19日发布了由Metals Focus出版的116页白金集团金属焦点2025年，由Metals Focus出版。

The 116-page Platinum Group Metals Focus 2025 published by Metals Focus, an independent precious metals consultancy headquartered in London, was released May 19.

5月19日发布了由Metals Focus出版的116页白金集团金属焦点2025年，由Metals Focus出版。

Metals Focus boasts 28 metals analysts across nine markets.

金属重点是九个市场上的28位金属分析师。

Metals Focus provides in-depth consulting services to mining companies, corporations, investment funds, central banks, financial institutions and governments based on its extensive precious metals research.

金属重点根据其广泛的贵金属研究为矿业公司，公司，投资基金，中央银行，金融机构和政府提供深入的咨询服务。

Among the highlights noted in Platinum Group Metals Focus 2025:* Platinum: The platinum price is forecast to average $970 in 2025, up 1% over 2024, supported by deficits in supply, but limited by above-ground stocks.

在白金集团金属重点焦点中指出的亮点中，2025年：*铂金：铂金价格预计到2025年的平均价格为970美元，在2024年增长了1％，受供应不足的支持，但受到地上股票的限制。

Palladium: Palladium is expected to fall 5% to $930, as its bearish longer-term outlook and automotive uncertainty will weigh on the metal.

钯：预计钯将下跌5％至930美元，因为其看跌的长期前景和汽车不确定性将对金属进行压力。

Rhodium: Rhodium is forecast to increase 8% to $5,000, supported by limited stocks.

若im愧：预计若i会增加8％至5,000美元，并得到有限股票的支持。

Iridium: Iridium is forecast to decline 14% to $4,100, reflecting a high base in 2024.

虹膜：预计Iridium将下降14％至4,100美元，反映了2024年的高基础。

Ruthenium: Decade-high demand is expected to lift the ruthenium price 26% to $550.

丁森族：预计十年最高的需求将把弦丁价格提高26％，至550美元。

Platinum

铂

According to the 116-page report, platinum mine supply rose 3% in 2024 to 5.77 million ounces, primarily based on work-in-process stockpiles in South Africa. South African output was boosted to 4.13 million ounces, the first time since 2021 that it has exceeded 4 million ounces.

根据116页的报告，2024年白金矿山供应量增长了3％，达到577万盎司，主要基于南非的制品库存。南非的产出被增至413万盎司，这是自2021年以来首次超过400万盎司。

Production elsewhere fell 1%, driven by lower output from North American primary miners.

在其他地方的生产下降了1％，这是由于北美主要矿工的产量降低。

During 2024, platinum jewelry fabrication skyrocketed 9% to 2.01 million ounces — its highest level since 2019.

在2024年，白金珠宝制造飙升了9％至201万盎司，这是自2019年以来的最高水平。

India was the key driver, with export-focused orders lifting local fabrication by 31%.

印度是主要的驱动力，以出口为重点的订单将当地制造提高了31％。

Japan followed with the next largest gain, helped by gold’s high price, which boosted platinum’s market share.

日本随后获得了第二大收益，这是黄金高价的帮助，这增加了白金的市场份额。

“Western demand rose, also on the back of the record-wide platinum to gold discount,” according to the Metals Focus analysis.

根据《金属重点分析》的说法，“西方需求也上升了，在唱片量均折价的背面也增加了金黄色的折扣。”

Physical investment in platinum plummeted 40% in 2024 to 194,000 ounces, “a 10-year low, on weak North American retail interest and further Japanese selling.”

2024年的体力投资在2024年至194,000盎司的40％下降，“低10年，低于北美零售利息和进一步的日本销售。”

Exchange-traded funds rose 10% to 3.30 million ounces, bolstered as “platinum’s widening discount to gold underpinned renewed investor interest.”

交易所交易的资金上涨了10％至330万盎司，以“铂金对黄金的折扣扩大为基础的新投资者利息的折扣”。

Palladium

钯

In 2024, palladium mine supply crept up by less than 1% to 6.56 million ounces, supported by higher Russian processing, despite sanctions.

2024年，尽管进行了制裁，但在俄罗斯加工的支持下，钯金矿的供应量增加了不到1％至656万盎司。

Canada’s production dropped by 10% from the year before, “as lower prices forced miners to prioritize higher margin ounces,” according to the Metals Focus market analysis.

根据金属的重点市场分析，加拿大的产量从前一年开始下降了10％，“由于较低的价格迫使矿工迫使矿工优先考虑更高的利润率”。

In 2024, total palladium demand slipped 4% to 9.75 million ounces, driven primarily by a decline in automotive demand, which accounted for 83% of the total.

2024年，钯总需求的总需求下滑了4％至975万盎司，这主要是由于汽车需求下降的驱动，占总数的83​​％。

Jewelry demand for palladium rose by 1% in 2024 to 235,000 ounces, a five-year high although this still made up just 2% of total palladium demand. Japan led these gains, with increased use of palladium in platinum alloys.

钯的珠宝需求在2024年上升了1％，达到235,000盎司，这是五年的高点，尽管这仍然占钯总需求的2％。日本领导了这些收益，随着铂合金中钯的使用增加。

“Despite ongoing bearish investor sentiment,” palladium saw a 407,000-ounce shortfall in 2024. Nonetheless, stockpiles remain equivalent to 14 months of demand.

“尽管持续不断的看跌投资者的情绪，” Palladium在2024年出现了407,000盎司的短缺。尽管如此，股票仍然等同于14个月的需求。

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