The World Platinum Investment Council (WPIC) has indicated that the platinum market is anticipated to shift into a supply surplus this year, concluding a consecutive three-year period of deficits, largely driven by substantial investor sell-offs. The precious metal had earlier this year been caught up in an investment frenzy that propelled its price to an unprecedented high of nearly $3,000 per ounce, only to witness a sharp reversal, with valuations now trading more than a third below the January peak.

According to the WPIC, the forecast for 2026 now points to a surplus of 8.2 tonnes, a marked contrast to the earlier projection this year of a 9.2-tonne deficit. This revision is almost entirely attributable to a downward adjustment in investment demand, with exchange-traded fund (ETF) holdings expected to decline by roughly 12 tonnes throughout the year. Edward Sterck, the WPIC's Director of Research, noted that although a supply gap is likely to emerge in the latter half of the year as investor demand recovers, it will fall short of counterbalancing the significant impact of heavy ETF outflows experienced during the initial months.