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Latest edition · September 10, 2026

Platinum en 1666223

The platinum market registered a second consecutive quarterly surplus in 2Q26, leading WPIC to revise its full-year 2026 forecast to a 265,000-ounce surplus. UBS prefers gold over platinum, forecasting platinum prices to soften near-term to $1,700/oz before trending sideways to $1,900/oz by September 2027.

According to the World Platinum Investment Council (WPIC), the global platinum market posted a surplus of 244,000 ounces (15% of global demand) in 2Q26, while the 1Q surplus was revised upward to 304,000 ounces. Mine production in South Africa and Zimbabwe rebounded following flood disruptions, and higher prices stimulated scrap supply. Meanwhile, automotive demand softened amid rising electric-vehicle penetration and potential reversal of tri-metal catalyst substitution as platinum became pricier than palladium. Coupled with weak Chinese jewelry demand and declining investment purchases, the WPIC flipped its full-year forecast from a deficit to a 265,000-ounce surplus. UBS expects near-term downside toward $1,700/oz by December 2026 followed by sideways price action, preferring gold exposure over platinum.

Key takeaways from the latest edition

• 1.The platinum market recorded a second consecutive quarterly surplus in 2Q26 of 244,000 ounces (15% of global demand), following an upwardly revised 1Q26 surplus of 304,000 ounces.
• 2.The WPIC revised its full-year 2026 outlook from a 207,000-ounce deficit to a 265,000-ounce surplus due to weak investment demand and softer jewelry demand.
• 3.UBS maintains a preference for exposure to gold over platinum due to weaker platinum fundamentals, forecasting near-term price downside to $1,700/oz by December 2026 before recovering to $1,900/oz by September 2027.

What this series covers

• Another quarter in surplus
• Appendix
• Risk information

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