The World Platinum Investment Council projects a 265 koz, or 8.2-ton, platinum market surplus in 2026, reversing its earlier forecast for a 297 koz, or 9.2-ton, deficit. The surplus would be the market’s first since 2022 and reflects investors turning away from platinum and weakening Chinese jewellery demand. Platinum futures have risen above $1,860 an ounce and gained about 6% over the past month, supported by expectations for 9% growth in industrial demand, a recovery in glass-industry use and constrained mine supply, particularly in South Africa. Prices remain below the January record of $2,919 an ounce. The longer-term outlook has weakened as heavy ETF outflows and softer consumption reduce expected investment demand by 601 koz. Second-quarter demand fell 16% year-on-year to about 1.7 million ounces, including a 32% drop in jewellery demand, a 6% decline in automotive demand and a 76% slump in Chinese platinum jewellery fabrication. WPIC previously reported a 244 koz second-quarter surplus, while the 2026 surplus would follow three consecutive years of deficits and leave above-ground stocks covering only 3.4 months of demand. The council also forecasts a 2025 deficit of more than 1.4 million ounces.