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

The shift to a forecast platinum market surplus in 2026 is overwhelmingly due to investment outflows that occurred during the first half of the year against a backdrop of heightened macroeconomic and geopolitical uncertainty. The modest forecast surplus follows three consecutive years of significant deficit and does little to reduce the platinum market's reliance on exceptionally lean and increasingly illiquid above ground stocks. This comes at a time when platinum's strategic importance, in particular its expanding use in AI and data centre infrastructure, continues to grow. It is our expectation that platinum will continue to trend in line with overall sentiment towards precious metals, which could provide potential upside for platinum investment demand during the remainder of the year, especially should interest rate increases fail to materialise or be lower than expected.

Forecast platinum market surplus of 265 koz in full year 2026 reflects investment outflows in H1'26 linked to heightened geopolitical and macroeconomic uncertainty Net disinvestment of 83 koz projected for full year 2026 Jewellery demand expected to decline 15% as higher prices and weak domestic consumption impact the market in China Forecast full year 2026 industrial demand growth of 5% to offset a 4% reduction in automotive demand Revised 2025 deficit to over 1.4 Moz further depletes above ground stocks - even with the forecast surplus they will remain at just 3.4 months' cover to meet global demand by the end of 2026

The World Platinum Investment Council - WPIC® - today publishes its Platinum Quarterly for the second quarter of 2026 with an updated full year 2026 forecast.