- Precious metals rallied in 2025, and platinum and palladium are now drawing renewed market attention.
- A new Kitco article reports analysts expect both metals to rise amid shifting demand and supply dynamics.
- Analysts warn that wartime-style stockpiling and inventory strategies could tighten global supplies, especially in London.
- BMO projects platinum could reach about $1,500 by 2026, while other estimates place it near $2,000.
- BMO also says palladium may face a sizeable surplus next year, which could ease spot-market pressure.
Platinum and palladium are moving into the spotlight after a strong 2025 for precious metals, as traders and analysts weigh new supply and demand factors for 2026. According to a new Kitco article, fading electric vehicle (EV) demand, wartime stockpiling and supply constraints are reshaping market expectations for both metals.
TDS analysts warned that stockpiling of critical minerals will remain a priority as geopolitical tensions rise. “As the world inches towards a wartime economy, incentives for stockpiling of critical minerals will remain. With the associated Section 232 investigation potentially keeping the threat of tariffs alive with a delayed implementation dat.” They added that increased “just-in-case” inventories could keep global pools from depleting and tighten London markets.
Market commentators such as Nicky Sheils see a potentially strong 2026 for platinum and palladium. Platinum is cited as likely to trade around $2,000, while BMO expects platinum to hit about $1,500 by 2026.
BMO noted structural changes in demand and supply that could affect prices. “Should these metals find themselves in surplus. Then industrial consumers will no longer need to rely on the sale of investor volume to access the units they need. Reducing demand pressure from the spot market. Palladium’s fundamentals are even worse, with the metal projected to remain in a sizeable surplus from next year onwards,” the bank said.
Analysts link these price signals to EV catalyst demand swings and broader geopolitical incentives to build strategic inventories. These forces, they say, will be central to platinum and palladium pricing in 2026.
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