Platinum's investment-demand round-trip re-tests the range
OBSERVED: Platinum surged to a record near $3,000/oz in late January as Chinese investors piled into new Guangzhou Futures Exchange contracts, then crashed more than a third as that rush reversed (Bloomberg via Moneyweb, 2026-09-09). On September 9 the WPIC made a 562,000-ounce U-turn, flipping its 2026 forecast from a 297,000-ounce deficit to a 265,000-ounce surplus — driven almost entirely by investment liquidation, with 534,000 ounces leaving ETFs in the first half plus a 65,000-ounce exchange-stock draw — while Chinese Q2 jewellery fabrication slumped 76% y/y (Metals Focus via WPIC). WPIC nonetheless expects a 283,000-ounce deficit in H2 as selling stops (Kitco via SMM). Spot platinum traded near $1,786/oz at FXEmpire's September 17 writing. SCENARIO (hypothetical): investment demand turns — ETF liquidation either reverses into a Q4 deficit replay or the crash continues through year-end.
Published 2026-09-24 18:17:40 UTC · 2026-09-09 → ongoing
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Will the LBMA Platinum Price (PM auction) fix above $2,000 per troy ounce on at least one London pricing day between 2026-10-01 and 2026-12-31, inclusive?
Will the LBMA Platinum Price (PM auction) fix below $1,500 per troy ounce on at least one London pricing day between 2026-10-01 and 2026-12-31, inclusive?
Evidence
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