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CommoditiesMediumUpdated•Originally published 9 September 2026•Updated 9 September 2026•
2 min read

WPIC Forecasts 265,000-Ounce Platinum Surplus in 2026 After 3 Deficit Years

Key Facts

1WPIC revised its 2026 platinum forecast from a 297,000-ounce deficit to a 265,000-ounce surplus.
2The 2026 balance combines a 548,000-ounce first-half surplus with a forecast 283,000-ounce second-half deficit.
3Above-ground stocks are forecast at 2.010 million ounces by end-2026, covering 3.4 months of demand.
4Supply is forecast to rise 2% to 7.353 million ounces while demand falls 18% to 7.089 million ounces in 2026.
5WPIC forecasts net investment outflows of 83,000 ounces in 2026.

The World Platinum Investment Council (WPIC) revised its 2026 platinum outlook to a 265,000-ounce surplus from a 297,000-ounce deficit forecast in May. The reversal follows a 1.440 million-ounce deficit in 2025, the third consecutive annual shortfall since 2023.

The annual WPIC balance combines a 548,000-ounce surplus in the first half of 2026 with a forecast 283,000-ounce deficit in the second half. WPIC said the change since May was attributable almost entirely to a 601,000-ounce reduction in its full-year investment-demand estimate.

WPIC now forecasts net investment outflows of 83,000 ounces in 2026. ETF holdings fell by more than 500,000 ounces in the first half, while stocks held by exchanges declined by 65,000 ounces, increasing the metal available to the market.

The WPIC report projects above-ground stocks at 2.010 million ounces at the end of 2026, up from 1.745 million ounces at the end of 2025 but sufficient for only 3.4 months of global demand. An accounting surplus therefore does not necessarily imply abundant tradable metal; WPIC describes inventories as lean and increasingly illiquid.

On the supply side, WPIC forecasts a 2% increase to 7.353 million ounces, while demand falls 18% to 7.089 million ounces. Mine supply is expected to remain unchanged at 5.551 million ounces, while recycling supply rises 8% to 1.802 million ounces.

The demand picture varies by sector: jewellery demand is forecast to fall 15% to 1.883 million ounces and automotive demand to decline 4% to 2.904 million ounces, while industrial demand grows 5% to 2.385 million ounces.

The report links part of the industrial growth to AI infrastructure. Platinum is used in hard-disk drives and advanced-chip manufacturing and indirectly in specialised glass for circuit boards and crystals for optical interconnects. Electrical demand is forecast to rise 19% to 118,000 ounces and glass demand 23% to 528,000 ounces in 2026.

WPIC expects total second-half demand to rise 24% from the first half to 3.931 million ounces, supported by a partial recovery in investment demand. It says fewer interest-rate increases than expected could support flows, but this remains conditional; a stronger investment rebound could reduce the forecast annual surplus.