Platinum Interim Review. Johnson Matthey. 18th November abcd.
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1 Platinum 2003 Interim Review Johnson Matthey 18th November 2003
2 Platinum Demand edges up to 6.59 million oz Purchases for jewellery in China & Japan drop Diesel sales drive record autocatalyst demand Output rises in S. Africa but falls in N. America Market deficit reduced but remains substantial Funds contribute to price strength
3 Platinum Demand by Application 000 oz % change Autocatalyst: gross 2,640 3,180 20
4 European Demand for Platinum in Autocatalysts '000 oz 1,400 1,200 1, Gasoline Diesel
5 Autocatalyst demand - Japan Tokyo HDD retrofit boosts Pt demand
6 Platinum Demand by Application 000 oz % change Autocatalyst: gross 2,640 3, recovery (570) (650) 14
7 Platinum Demand by Application 000 oz % change Autocatalyst: gross 2,640 3, recovery (570) (650) 14 Jewellery 2,820 2,450 (13)
8 Demand for Platinum in Jewellery million oz China
9 SGE: growth in platinum trade 11 Aug 14 Nov 2003 Kg 6,000 5,000 4,000 3,000 2,000 1,000 0 Aug 11 Aug 18 Aug 25 Sep 1 Sep 8 Sep 15 Sep22 Sep 29 Oct 6 Oct 13 Oct 20 Oct 27 Nov 3 Nov-10
10 Demand for Platinum in Jewellery million oz Japan China
11 Demand for Platinum in Jewellery million oz Europe etc N. America Japan China
12 Platinum Demand by Application 000 oz % change Autocatalyst: gross 2,640 3, recovery (570) (650) 14 Jewellery 2,820 2,450 (13) Industrial 1,590 1,600 1 Investment (88) TOTAL DEMAND 6,560 6,
13 Platinum Supply by Region 000 oz % change South Africa 4,450 4,
14 Expanding South African Supply million oz Anglo Platinum Impala Lonmin Others
15 Platinum Supply by Region 000 oz % change South Africa 4,450 4, Russia (3) Others (5.5) TOTAL SUPPLY 5,970 6,110 2
16 Platinum Supply and Demand 000 oz % change Demand 6,560 6, Supply 5,970 6,110 2 Movements in Stocks (590) (480)
17 Platinum Price $ per oz 800 January October J F M A M J J A S O Platinum - Av. London fix
18 Platinum NYMEX speculative longs versus price, Jan Oct oz $ per oz Jan 04- Feb 04- Mar 01- Apr 29- Apr 27- May 24- Jun 22- Jul 19- Aug 16- Sep 14- Oct Net speculative position 5-day moving av. price
19 Palladium Demand recovers to 5.65 million oz Much less use of inventories by auto companies Stocks no longer affecting electronics sector Russian sales rebound to 2.95 million oz Surplus continues to grow
20 Palladium Demand by Application 000 oz % change Autocatalyst: gross 3,090 3,670 19
21 Palladium Autocatalyst Demand million oz Purchases Use
22 Palladium Demand by Application 000 oz % change Autocatalyst: gross 3,090 3, recovery (370) (410) 11 Electronics
23 Palladium Demand by Application Electronics Thrifting Miniaturisation Substitution
24 Palladium Demand by Application 000 oz % change Autocatalyst: gross 3,090 3, recovery (370) (410) 11 Electronics Dental and Other 1,380 1,405 2 TOTAL DEMAND 4,850 5,
25 Palladium Supply by Region 000 oz % change Russia 1,930 2,950 53
26 Russian Palladium Sales million oz Russian sales Mine output
27 Palladium Supply by Region 000 oz % change Russia 1,930 2, South Africa 2,160 2, North America (14) Others TOTAL SUPPLY 5,250 6,320 20
28 Palladium Supply and Demand 000 oz % change Demand 4,850 5, Supply 5,250 6, Movements in Stocks
29 Palladium Price $ per oz 300 January October J F M A M J J A S O Palladium - Av. London fix
30 Palladium NYMEX speculative longs versus price, Jan Oct oz $ per oz Jan 04- Feb 04- Mar 01- Apr 29- Apr 27- May 24- Jun 22- Jul 19- Aug 16- Sep 14- Oct Net speculative position 5-day moving av. price
31 Key Issues Auto industry diesel car sales emissions legislation HDD retrofitting changing pgm ratios & thrifting
32 Key Issues Auto industry Chinese jewellery demand South African mine expansions PGM prices versus rand strength
33 rand:$ Monthly average rand:$ rate Jan 2000 Sept Average $:rand exchange rate
34 Indexed average PGM Basket Price rand:$ Jan 2000 Sept Average indexed rand basket price - total all current mines Average rand:$ exchange rate
35 Indexed average PGM Basket Price rand:$ Jan 2000 Sept Average indexed rand basket price - total all current mines Average indexed rand basket price - UG2, central E. Bvd Average rand:$ exchange rate
36 Key Issues Auto industry Chinese jewellery demand South African mine expansions PGM prices versus Rand strength & inflation Legislative programme
37 Key Issues Auto industry Chinese jewellery demand South African mine expansions Palladium stocks Fund activity
38 Forecast Prices For The $ per oz Next 6 Months $700 $ J F M A M J J A S O N D J F M A Platinum
39 Forecast Prices For The $ per oz Next 6 Months $700 $ $140 $220 0 J F M A M J J A S O N D J F M A Platinum Palladium
40 Platinum 2003 Interim Review Johnson Matthey 18th November 2003
abcd Platinum 2004 Interim Review 16th November 2004
abcd Platinum 2004 Interim Review 16th November 2004 Platinum Demand to edge up to 6.47 million oz Good growth in auto & industrial demand Purchasing by Chinese jewellers slides Supplies to grow to 6.43
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