Platinum futures hovered near $1,610 per ounce, steady around their lowest levels since November, as traders balanced the metal’s supply–demand outlook against renewed geopolitical tensions in the Middle East. Mounting inflation concerns have led markets to price in at least one additional Federal Reserve rate hike by year-end, dampening appetite for non-yielding assets such as platinum.
On the supply side, Sibanye-Stillwater has announced plans to advance seven PGM mining projects, though production is not expected to begin until next year. Even so, the World Platinum Investment Council (WPIC) forecasts a fourth consecutive market deficit in 2026, citing constrained mine supply, elevated energy costs, and higher winter electricity tariffs that continue to squeeze producers’ margins.
On the demand side, China’s industrial policies promoting artificial intelligence, electric vehicles, and clean energy, along with the launch of the first platinum investment bar series by Caibai in partnership with the WPIC, are expected to underpin long-term platinum consumption.
