We believe this heavy sell-off makes its valuation cheap against constructive fundamentals. Investors have liquidated nearly 140koz of ETF holdings since May amid a broad sell-off in bullion space.

Sustained power outages in South Africa, which contributes 75% of global mine supply, pose a downside risk for mine supply recovery this year.

The demand is supported by the auto sector and emerging use as an electrolyser in hydrogen fuel. Platinum is also set to benefit from the accelerated pace of energy transition with hydrogen fuel and Fuel Cell Electric Vehicles (FCEV). This could be structural demand support for Platinum.