A saleswoman displays platinum rings at a jewellery store in New Delhi, India. File picture: Parivartan Sharma

London - The platinum market is expected to post a deficit of 1.218 million ounces this year, widening from 940,000 ounces in 2013, as output from South Africa and Russia falls while demand rises, data from Johnson Matthey showed on Tuesday.

The two countries between them account for nearly 85 percent of annual mined supply of the metal.

The deficit in the palladium market is set to widen to 1.612 million ounces meanwhile, its largest shortfall in at least 34 years, data the British company, a major refiner of precious metals, showed. - Reuters