CPM Group 2026 PGM Outlook: Diverging Dynamics for Platinum, Palladium, Rhodium
CPM Group’s 2026 outlook shows a narrowing platinum surplus, a projected palladium deficit, and a modestly widening rhodium surplus. Prices surged in late 2025 and early 2026, largely driven by speculative ETF flows rather than fundamental demand, and have since retraced sharply. The report highlights a potential structural shift for palladium, a possible new price base for platinum, and a ceiling on rhodium price gains.
CPM Group’s 2026 outlook shows a narrowing platinum surplus, a projected palladium deficit, and a modestly widening rhodium surplus. Prices surged in late 2025 and early 2026, largely driven by speculative ETF flows rather than fundamental demand, and have since retraced sharply. The report highlights a potential structural shift for palladium, a possible new price base for platinum, and a ceiling on rhodium price gains.
Short‑term price swings are likely to continue as speculative positions unwind, tightening palladium supply could support higher prices, while platinum may revert to its historic $800‑$1,150 range or settle at a new, higher floor. Rhodium’s modest surplus expansion limits sustained upside, potentially leading to a price plateau in the near term.