World Platinum Investment Council: Platinum market expected to shift to a slight surplus this year

According to the latest quarterly report from the World Platinum Investment Council (WPIC), the global platinum market is expected to face a surplus of 265 thousand ounces in 2026, compared to a previously projected deficit of 297 thousand ounces, primarily due to a downward revision of annual investment demand by 601 thousand ounces. In the second quarter, platinum supply reached 1.906 million ounces, while demand amounted to 1.663 million ounces, resulting in a surplus of 244 thousand ounces. Affected by factors such as large-scale investor sell-offs, the platinum market, which had experienced three consecutive years of shortage, is now expected to shift to a surplus this year. At the beginning of this year, precious metals were caught up in an investment frenzy, pushing platinum to an all-time high near $3,000 per ounce. Subsequently, this upward trend reversed sharply, with platinum prices now down more than one-third from their January peak. The WPIC currently forecasts a surplus of 8.2 tonnes in 2026, whereas earlier this year a deficit of 9.2 tonnes was anticipated.