Platinum futures rose above $1,860 an ounce, moving back toward multi-month highs as expectations for stronger industrial demand and constrained mine supply continued to support the market. Industrial demand is forecast to rise 9% this year, supported by a sharp recovery in platinum use in the glass industry, while mine supply remains constrained, particularly in major producer South Africa. Platinum has gained around 6% over the past month despite remaining well below its record high of $2,919 reached in January. However, the longer-term outlook has become less supportive, with the World Platinum Investment Council now expecting the global market to swing to a surplus of 265,000 ounces in 2026, reversing its earlier forecast for a 297,000-ounce deficit. The shift reflects heavy ETF outflows and weaker demand, which fell 16% year-on-year in Q2 to 1.7 million ounces. Jewelry demand plunged 32%, while auto demand fell 6%, with Chinese platinum jewelry fabrication tumbling 76%.