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Commodities traders are expecting the price of %Platinum to rally after the World Platinum Investment Council forecast that global supplies of the industrial metal will remain in deficit.

According to the council’s latest report, platinum demand will outstrip supply by 476,000 ounces this year, marking a second straight annual deficit.

The report adds that the deficit in global supplies of platinum is not likely to reverse itself for at least two years, potentially leading to a sharp price increase.

Platinum is widely used in electric and hybrid vehicles, where demand remains strong.

Demand for platinum in the automotive sector reached its highest level since 2017 in this year’s first quarter and is expected to rise a further 2% this year.

Platinum is also used in other areas aimed at controlling pollution and greenhouse gas emissions, adding to rising demand levels for the metal.

In the last six months, platinum’s price has gained 20% to trade at $1,006.05 U.S. per ounce.

Platinum’s price has also risen above sister metal palladium for the first time in five years as the global supply deficit worsens.

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