World Platinum Investment Council: Platinum market supply deficit expected to narrow to 240,000 ounces in 2026

汇通财经2026/03/04 06:17

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(1) The World Platinum Investment Council stated on Wednesday that the global platinum market is expected to face a supply shortage for the fourth consecutive year, but the deficit in 2026 will narrow to 240,000 ounces. The council had predicted roughly balanced market conditions three months ago.(2) Looking back at 2025, the platinum market underwent significant changes. Stronger-than-expected investment demand in the fourth quarter pushed the annual deficit up to 1.1 million ounces, marking the largest supply shortage since WPIC began tracking data in 2014. The agency had forecast a deficit of 692,000 ounces last November. After a 127% surge in spot platinum prices in 2025, prices have risen another 2% so far this year.(3) 2026 Demand Outlook: WPIC noted in its quarterly report that global platinum demand in 2026 is expected to decrease by 8% year-on-year to 7.6 million ounces. The main drag factors include a lack of net inflows into platinum exchange-traded funds, a projected 3% decline in automotive industry consumption, and a 12% drop in jewelry demand. However, following a 94% surge last year, investment demand for platinum bars and coins is expected to further grow by 45% in 2026.(4) 2026 Supply and Inventory Outlook: On the supply side, due to increased recycling, total supply in 2026 is expected to grow by 2% to 7.4 million ounces. To offset the ongoing supply deficit, above-ground inventories available to balance the market are expected to decline by 8% to 2.6 million ounces, which is equivalent to more than four months of global demand.

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