The World Platinum Investment Council (WPIC) said the platinum market, after
three consecutive years of deficits, is expected to move into surplus this year
as large-scale investor selling drains demand. Platinum spiked to near $3,000/oz
in January during a metals investment rush, then reversed, dropping more than
one-third from the peak. WPIC now forecasts an 8.2t surplus in 2026 versus an
earlier forecast of a 9.2t deficit; the revision is almost entirely due to
reduced investment demand, with ETF holdings expected to fall about 12t this
year. WPIC head of research Ed Steck said a rebound in investor demand could
create a supply shortfall in H2, but it would not fully offset the large ETF
outflows earlier in the year.
