Platinum swings from rally to surplus, then supply deficit forecast
Precious metals rally lifts platinum Platinum rose with gold and silver as Middle East tensions and a weaker dollar boosted the whole precious metals group. When investors buy gold for safety, they often buy platinum too, pushing its price up.
Explains the early-period price support from broad precious metals demand.
Second straight surplus weighs on platinum The platinum market had more supply than demand for a second quarter in a row, with a surplus equal to 15% of global demand. UBS prefers gold over platinum, and this oversupply pushes platinum prices down.
Directly explains the main bearish force on platinum this period.
Forecast points to fifth annual supply deficit Metals Focus expects platinum to average $2,060 an ounce in 2027 because the metal will be in short supply for a fifth straight year. A persistent deficit means demand exceeds supply, which supports higher prices.
Shows a longer-term bullish supply outlook that counters the recent surplus.
US strike ends, removing supply disruption Sibanye-Stillwater ended a strike at its US platinum group metal mines after workers approved a new wage deal. The strike had threatened supply; its end removes that risk, which is mildly positive for platinum prices.
Clarifies that a supply disruption has been resolved, affecting platinum availability.