Commerzbank’s Carsten Fritsch says platinum remains in a multi-year deficit, with above-ground stocks expected to cover less than three months of demand in 2026.
However, World Platinum Investment Council (WPIC) data also point to a Q1 surplus and weaker demand
Fritsch sees platinum reaching USD 2,300/oz by year-end, mainly on higher Gold prices. Tight stocks but weaker demand outlook “The World Platinum Investment Council (WPIC) expects the platinum market to face a supply deficit of 297,000 ounces this year. This would mark the fourth consecutive year of a supply deficit in the platinum market.
The supply deficit is also expected to be slightly higher than previously anticipated.” “With the deficit expected this year, above-ground stocks are set to fall to 1.747 million ounces and the stock-to-use ratio to 22%. Stocks would therefore cover demand for less than three months. It is also worth noting that the previous forecast for inventory levels this year was significantly higher, at 2.613 million ounces.” “However, there are also signs that market tightness is easing.