Platinum futures rose to about $1,670 an ounce, a four-week high, as renewed buying interest across the precious metals complex and ongoing global supply constraints lifted prices. After several weeks of steep losses in the sector, dip-buying has begun to emerge, with traders balancing the impact of higher energy prices against weaker US economic data.
The market is also underpinned by a structurally tight supply outlook. The World Platinum Investment Council projects a fourth consecutive market deficit in 2026, citing constrained mine output, elevated energy costs, and higher winter electricity tariffs.
On the demand side, China’s industrial policies aimed at expanding AI, electric vehicles, and clean energy, along with the launch of the country’s first platinum investment bar series, are expected to bolster long-term platinum consumption.
In supply developments, Sibanye-Stillwater plans to move forward with seven PGM mining projects, although new production from these assets is not anticipated to come onstream until next year.
