Today we publish our Platinum Quarterly data set, which examines activity in the first quarter of 2026 and provides a revised forecast for full year 2026. Independent analysis is provided by our research partner, Metals Focus. The platinum market continues to be undersupplied, and, despite geopolitical headwinds in the Middle East, platinum demand is well insulated. Incoming emissions regulations are supportive of automotive demand, while a renewed focus on regional energy security is reinvigorating interest in hydrogen technologies, a longer-term demand accelerant. Platinum is also playing a vital role across many technologies underpinning the rollout of AI infrastructure – from optical communications to data storage.Key information from the report is highlighted below:    The forecast for a fourth consecutive market deficit in 2026 has deepened modestly to 297 koz (previously 240 koz)    Further depletion of above ground stocks - just under three months’ worth of cover to meet global demand now expected by the end of 2026 at 1,747 koz    Total bar and coin investment demand growth to maintain momentum, rising 27% to 718 koz in full year 2026, propelled by a strong first quarter and growth across all regions    Total platinum demand is expected to reduce 9% year-on-year to 7,674 koz, predominantly because last year’s significant exchange stock and ETF inflows are not expected to reoccur    Strengthening industrial demand, increasing 9% to 2,238 koz, on the resumption of glass capacity expansions, partially offsets lower automotive and jewellery demand (-2% and -12%, respectively)    Total platinum supply to increase by 2% as recycling grows 9%, incentivised by higher prices, while mine supply is projected to be flat