Platinum Market Stays Undersupplied as Demand Softens, Commerzbank Says

On May 19 2026, Commerzbank reported that the platinum market (XPTUSD) remains structurally undersupplied due to persistent operational issues at South African mines that produce 70% of global output. Despite a WPIC forecast of a 297,000-ounce annual deficit and above-ground stocks falling to 1.747 million ounces, demand is softening, especially from automotive and industrial sectors. Q1 already posted a 268,000-ounce surplus versus last year’s deficit, with full-year demand projected to drop 9% to 7.674 million ounces. The bank sees prices staying range-bound and targets USD 2,300 per ounce by year-end, driven mainly by higher gold prices rather than platinum fundamentals alone.