Platinum futures climbed above $1,860 an ounce, moving back toward multi‑month highs as expectations of stronger industrial demand and constrained mine supply continued to underpin prices. Industrial demand is projected to increase by 9% this year, driven in large part by a sharp rebound in platinum use in the glass industry, while mine supply remains tight, especially in major producer South Africa.
Platinum has risen about 6% over the past month, though it still trades well below its record high of $2,919 set in January. The longer‑term outlook, however, has turned less favorable. The World Platinum Investment Council now expects the global market to shift to a surplus of 265,000 ounces in 2026, reversing its earlier forecast for a 297,000‑ounce deficit. This revision reflects substantial ETF outflows and softer demand, which declined 16% year‑on‑year in the second quarter to 1.7 million ounces. Jewelry demand dropped 32%, auto demand fell 6%, and Chinese platinum jewelry fabrication slumped by 76%.
