WPIC Revises 2026 Platinum Market to 265,000 oz Surplus as Investment Demand Weakens

[SMM Flash] The World Platinum Investment Council (WPIC) has revised its 2026 platinum market balance to a 265,000 oz surplus, reversing its previous forecast for a 297,000 oz deficit. The latest Platinum Quarterly, published on September 9, showed a second-quarter surplus of 244,000 oz as total supply increased 1% year on year to 1.91 million oz while demand fell 16% to 1.66 million oz. The revision largely reflects investment outflows during the first half of 2026 rather than a significant recovery in mine supply.

Despite the full-year surplus forecast, WPIC says above-ground inventories remain constrained following three consecutive years of substantial deficits. The organisation expects the market to swing from a 548,000 oz surplus in H1 to a 283,000 oz deficit in H2, as investment selling moderates. The H2 balance remains a forecast rather than a confirmed outcome.