WPIC – Platinum Essentials, Mar 2026

This report examines how elevated platinum lease rates since late 2024 have changed market behavior and metal availability.

Rising lease costs led end-users to prefer ownership over leasing starting from May 2025, amid already low above-ground platinum stocks and a significant platinum price rally. Total platinum demand remained stable, but reduced metal cycling through leasing decreased liquidity and maintained high lease rates, contributing to tight market conditions in 2026. The report highlights the impact of US import tariff concerns and market deficits on lease rates and the resulting finance-driven shift to ownership that amplified price sensitivity and fueled the price rally.