The World Platinum Investment Council (WPIC) expects a global platinum surplus of 265,000 ounces in 2026. This forecast reverses previous projections of a fourth consecutive annual deficit.
Significant reductions in investment demand drove this shift. Large outflows from exchange-traded funds (ETFs) occurred during the first half of the year amid macroeconomic uncertainty. Weak jewelry demand in China further lowered the overall forecast.
Persistent supply constraints remain despite the projected surplus. Global mine supply will likely remain flat. Recycling provides the only source of growth with a projected 8% increase.
Above-ground inventories cover just 3.4 months of demand following three years of deficits. The WPIC forecasts a return to a market deficit in the second half of the year. Heavy ETF selling is expected to ease during this period.