Platinum supplies will be in surplus this year as investors turn their back on the metal and Chinese jewelry demand weakens, the World Platinum Investment Council said. This marks a shift after three years of deficit in the platinum market. The surplus is expected to continue into 2026, driven by reduced investment interest and softer demand from key consumer sectors.

Analysts note that the change in market dynamics reflects broader trends in precious metals, where industrial and luxury demand are failing to offset supply growth. The World Platinum Investment Council’s outlook highlights a turning point for the metal, which has seen tight conditions since 2023. With inventories building and speculative interest waning, price pressure is likely to ease in the near term.

The council emphasized that the surplus is not temporary but structural, based on current demand and supply forecasts.