WPIC sees platinum market swinging to 265,000-oz surplus in 2026, stocks still tight
PPLT•WPIC forecasts 2026 platinum surplus but tight inventories
- Anglo American flagged a 265,000-ounce platinum market surplus forecast for 2026, driven mainly by H1 investment outflows.
- Net disinvestment is projected at 83,000 ounces, reflecting macroeconomic uncertainty.
- Above-ground inventories are seen staying tight, ending 2026 at 3.4 months of cover despite the surplus.
- Jewellery demand is forecast to fall 15% as higher prices weigh on China consumption.
- Industrial demand is expected to rise 5%, offsetting a 4% drop in automotive demand.
