The World Platinum Investment Council (WPIC) reported a 268,000-ounce market surplus for the first quarter of 2026. Demand fell 31% year-on-year as investors liquidated positions amid geopolitical tensions. Total supply rose 18% compared to the flood-disrupted period of 2025.
The WPIC deepened its full-year 2026 deficit forecast to 297,000 ounces. This revision marks the fourth consecutive year of anticipated market shortfalls. The council expects first-quarter investment and demand trends to reverse later this year.
Total supply is forecast to rise 2% for the full year. Overall demand is expected to fall 9% from 2025 levels. Industrial demand is projected to grow by 9%, partially offsetting declines in the automotive and jewelry sectors.
Platinum prices fell approximately 1% to $1,971 per ounce on May 18, 2026. The decline occurred alongside broader weakness in the precious metals market.