The platinum market is projected to experience a surplus in 2026, following three consecutive years of deficits, according to the World Platinum Investment Council (WPIC).
This shift is attributed to a combination of factors, including investors turning away from the metal and a notable decline in demand from China's jewelry sector. The WPIC report indicates that supplies are expected to exceed demand this year, setting the stage for the anticipated surplus.
The council's analysis suggests that while automotive demand for platinum, a significant driver for the market, has shown resilience, it has not been enough to offset the decreased investor appetite and weakening jewelry purchases. These trends combine to create an oversupplied market outlook for the coming years.