Platinum market surplus of 265 koz forecast for 2026 - inventories remain critically depleted following three consecutive years of significant deficit

The World Platinum Investment Council (WPIC) released its latest Platinum Quarterly report, projecting a platinum market surplus of 265 koz for full-year 2026. This shift from earlier deficit projections is primarily attributed to net investment outflows of 83 koz during the first half of the year, driven by elevated macroeconomic and geopolitical uncertainties. Sector-level demand shows a divergent trend: industrial demand is expected to expand by 5%, bolstered by rising consumption in AI and data centre infrastructure, offsetting a 4% decline in automotive demand. Concurrently, jewellery demand is forecast to drop by 15%, heavily impacted by higher prices and subdued domestic consumer spending in China. Despite the forecast surplus, the WPIC emphasizes that above-ground stocks remain critically depleted following three consecutive years of severe deficits, including a revised 2025 deficit exceeding 1.4 Moz. By the end of 2026, above-ground stocks are expected to provide just 3.4 months of global demand cover, keeping physical market liquidity lean.