Updated projections for the net shortfall in platinum inventory have more than tripled over those released in March through the World Platinum Investment Council.

The latest report issued by council indicates that data gathering and analysis of the global platinum market by SFA Oxford put the platinum shortfall by calendar year 2016's end at 455,000 ounces, compared with 135,000 ounces initially announced in March. 

The revision is based on a combination of lower supply and higher demand, according to the council.

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"Estimates for the amount of total mining supply and recycling have been scaled back by 230,000 ounces, while the total demand outlook increased largely as a result of higher levels of investment demand," according to the council.

Platinum bar and coin investment totaled 140,000 ounces during the first three months of 2016, fueled by increased buying from Japan.

Market indications suggest that coin buying was not as strong during the first quarter of 2016 as it was over the same period in 2015.

"However, the impact of the launch of the Austrian Mint new Philharmonic platinum coin in February is still being evaluated," according to the WPIC.

For a copy of the latest report and market projections, visit the council website here.