Platinum Price Forecast 2026: WPIC Sees Tight Market, AI Demand - News and Statistics - IndexBox

AI desk brief

WPIC now sees the platinum market shifting from a larger 2026 deficit call to a modest 265,000 oz surplus, but says the headline masks a sharp H2 re-tightening: H1 showed a 548,000 oz surplus driven by nearly 600,000 oz of ETF/exchange inventory liquidation, while H2 is forecast to swing to a 283,000 oz deficit as selling stops and buying resumes. Platinum fell 24% in H1 and was down as much as 46% from a January high of $2,875/oz, with ETF holdings off by more than 500,000 oz, but WPIC argues the market remains fundamentally tight after three consecutive years of deficits.

The report also highlights macro pressure from inflation-linked Fed hike expectations, which pushed precious metals lower, versus support from constrained mine supply, low above-ground stocks of 2.01 million oz at end-2026, and industrial demand growth tied to AI infrastructure. WPIC expects industrial platinum demand to rise 5% this year to 2.385 million oz, with glass demand up 23% and electrical demand up 19%, while stressing that platinum’s beta to gold has risen to about 1.3 and the platinum/gold correlation has turned strongly positive.