PLATINUM AND PALLADIUM / RESEARCH BRIEF
Why the PGM outlooks differ
A market balance is an estimate, and different publishers use different inputs and dates.
Distinguish metal and end use.
Platinum and palladium are both platinum group metals. Their exposure to autocatalysts, substitution, recycling and industrial demand differs. Avoid carrying a forecast for one metal into the other.
Keep dated forecasts separate.
In May 2026 Johnson Matthey projected a potential platinum shortfall for 2026. In September WPIC published a later platinum outlook with different assumptions, including investment flows. Compare dates, categories and methodology before drawing conclusions.
Return to the product terms.
A forecast balance is not a retail bid, a dealer commitment or a personal return. Verify the product’s fine weight and the price and availability on both sides of the proposed trade.
Primary sources.
- WPIC · Platinum Quarterly archive9 September 2026 Q2 edition
The Q2 edition provides estimates and projections for platinum demand and supply. WPIC commissions the research from Metals Focus.
- Johnson Matthey · 2026 PGM Market Report release14 May 2026
Discusses autocatalysts, industrial uses, recycling and potential PGM balances. Its balance estimates are time-specific forecasts.
- LBMA · About daily auction pricesAccessed 6 November 2026
Defines the four London auctions, the benchmark units, publication delays and administrator. A benchmark is separate from a retail quote.
- CFTC · Questions before buying physical metalsAccessed 6 November 2026
Advises readers to get the charges and buyback price in writing and ask about custody and insurance.