Platinum Market Surplus Forecast for 2026 Despite Lean Inventories

LONDON, Sept. 9, 2026 /CourierPR/ -- The World Platinum Investment Council (WPIC) has forecast a modest platinum market surplus of 265,000 ounces (oz) for the full year 2026, marking a significant shift from the three consecutive years of deficit. This surplus, attributed to net disinvestment of 83,000 oz in the first half of 2026, underscores the ongoing impact of heightened macroeconomic and geopolitical uncertainties on investor sentiment.

The surplus is expected to be partially offset by a 15% decline in jewellery demand, driven by rising prices and weak domestic consumption in China. Despite this, industrial demand is anticipated to grow by 5%, with a 4% reduction in automotive demand being countered by increased use in artificial intelligence (AI) and data centre infrastructure. The WPIC's forecast highlights the strategic importance of platinum, as its applications continue to expand.

However, the forecast surplus does little to alleviate the critical state of above-ground stocks. The revised 2025 deficit stands at over 1.4 million ounces (oz), further depleting already lean inventories. With the surplus projected to leave global demand coverage at just 3.4 months by the end of 2026, the market's reliance on illiquid stocks remains a significant concern.

Trevor Raymond, CEO of the WPIC, commented, "The forecast surplus reflects investment outflows driven by heightened geopolitical and macroeconomic uncertainties. While this surplus indicates a temporary shift, the market's reliance on critically low and increasingly illiquid above-ground stocks remains a challenge."

The WPIC expects platinum's investment demand to trend in line with overall sentiment towards precious metals, which could provide potential upside during the remainder of 2026, especially if interest rate increases do not materialize or are lower than expected. This sentiment is rooted in the continued growth of platinum's strategic importance, particularly in the burgeoning fields of AI and data centre infrastructure.

Given the delicate balance of supply and demand, the WPIC advises investors to remain cautious. The modest surplus does not diminish the overall risk associated with the market's reliance on thinly traded inventories. As the market navigates these complexities, the strategic importance of platinum as a key component in emerging technologies will continue to be a focal point for both investors and policymakers.