Platinum and palladium prices drifted higher this week and ended the week higher, driven by expectations of US Fed policy, the US-Iran geopolitical situation, and US CPI data. Looking ahead, inflationary headwinds have eased somewhat, but policy and geopolitical uncertainties remain. In the spot market, traders were active in purchasing due to opportunities in the price spread between futures contracts, while downstream consumption remained weak, and premiums were relatively stable.

[SMM PGM Express] ICE Benchmark Administration (IBA) officially assumed administration of the LBMA Platinum and Palladium Price benchmarks on 1st July 2026, replacing the London Metal Exchange (LME), which ceased its role on 30 June. The LBMA Platinum and Palladium Price benchmarks serve as the global reference prices for unallocated platinum and palladium delivered in London and are widely used for pricing, valuation, financial products and commercial transactions. From 1 July, market participants seeking access to real-time or historical benchmark data are required to obtain a licence directly from IBA, including firms previously licensed through the LME. Under the new framework, eligible LBMA and London Platinum and Palladium Market (LPPM) members with valid IBA licences may access historical platinum group metals (PGM) benchmark data through the LBMA Members' Portal. Delayed daily benchmark prices will continue to be published on the LBMA and LPPM websites. The transition is expected to ensure continuity in benchmark administration while strengthening governance and data licensing for the global platinum and palladium markets.

[Platinum & Palladium Price Review and Forecast] This week (July 3 – July 9), platinum and palladium prices retreated after rapid rise with the price center moving lower, ending the week lower overall. On July 3, driven by the much weaker-than-expected US June non-farm payrolls data, market expectations for rate hikes cooled rapidly, and platinum and palladium surged sharply in a single day, with the most-traded platinum contract rising 3.27% to hit the week's high. However, market sentiment gradually faded. Additionally, the renewed US-Iran conflict flared up again, as US forces struck Iranian military targets for several consecutive days, and the first meeting minutes after Warsh took office were released, showing that the AI investment frenzy would significantly influence interest rate decisions. The minutes were broadly interpreted as hawkish. Futures prices for platinum and palladium fell continuously starting Monday, extended losses on Tuesday, recovered slightly on Wednesday before weakening again on Thursday, overall forming a retreat-after-rapid-rise pattern of "one day of gains and four days of declines," with the weekly price center clearly shifting lower. The most-traded platinum futures contract on GFEX reached a high of 415.85 yuan/g, dipped to a low of 392 yuan/g, and closed at 400.45 yuan/g on July 9; palladium weakened in tandem, with the most-traded contract hitting a high of 309.7 yuan/g, a low of 290.3 yuan/g, and closing at 295.25 yuan/g on July 9, falling more than platinum. On the spot side, mainstream spot premiums for platinum and palladium remained around parity with GFEX futures. Spot premiums for palladium were slightly higher than those for platinum, but overall consumption stayed weak, downstream enterprises held strong wait-and-see sentiment, and actual transactions leaned towards the lower end of quotes, mostly around a discount of 1 yuan/g to parity with the most-traded GFEX contract. Overall, spot premiums for platinum and palladium were relatively stable and did not show significant fluctuations alongside futures. Looking ahead, macro headwinds returned this week. Combined with a lack of strong short-term fundamental support, elevated US bond yields and the US dollar index will continue to limit upside room for platinum and palladium, and they are expected to continue witnessing wild swings and consolidation. For spot premiums, market premiums are likely to edge up in the near term as the August contract delivery approaches. [Platinum & Palladium Weekly Data Review] In overseas exchange inventories, platinum extended its one-sided destocking trend, with inventories falling to about 420,000 ounces by end-June, a decline of over 40% from the high at the start of the year. Palladium inventories saw a slight destocking, with current inventories still at a high for the past year. In terms of imports, platinum imports edged up in May, with the overall level similar to that of the same period last year, while palladium imports pulled back slightly, but the overall level remained significantly higher than from 2023 to 2025. [Platinum Group Compounds] Chloroplatinic acid prices declined continuously this week from 166 yuan/g on Monday to close at 164.5 yuan/g on Friday, losing 1.5 yuan/g for the week, a decline of about 0.90%. Palladium chloride prices were also under pressure. It opened at 190 yuan/g on Monday and closed at 186.5 yuan/g on Friday, down 3.5 yuan/g for the week, a decline of about 1.84%. This week, downstream players made just-in-time procurement but no large-scale shipments, and trading was relatively stable.

[Platinum and Palladium Price Review and Forecast] This week, platinum and palladium prices bottomed out and rebounded, with the overall pace resonating strongly with macro sentiment in the precious metals sector. At the start of the week, prices opened under pressure and weakened, dipped synchronously to the week’s low on Wednesday, then gradually stabilized and rebounded. On Thursday, driven by easing expectations of interest rate hikes, prices surged sharply—platinum rallied over 5% in a single day, while palladium gained 2.97%. On the macro front, in the first half of the week, the Fed’s hawkish stance and a strong US dollar continued to weigh on precious metal valuations, and combined with sentiment transmission from weak end-use demand in the auto sector outside China, platinum and palladium prices weakened consecutively. On Wednesday evening, Fed Chairman Warsh made dovish remarks, saying that inflation expectations and risks had declined in recent weeks. Along with ADP employment data and the ISM Manufacturing PMI coming in below expectations, market expectations of rate hikes cooled somewhat, the US dollar pulled back slightly from highs, and platinum and palladium prices rebounded strongly during the day. On the spot front, mainstream spot premiums for platinum and palladium were quoted around parity with GFEX, but overall consumption remained weak. Downstream enterprises showed strong wait-and-see sentiment, actual transactions were limited, and deals mostly took place within discounts of 1 yuan/g to parity against the most-traded GFEX contract. Spot premiums overall remained relatively stable and did not fluctuate significantly with the futures market. Regarding the outlook, as macro expectations for precious metals turn warmer, the near-term pressure on platinum and palladium eases. However, elevated US Treasury yields and the US dollar index will still cap upside room in the short term, and wild swings and consolidation are expected to continue. For platinum and palladium spot premiums, they are expected to fluctuate in a narrow range from a discount of 1 yuan/g to a premium of 1 yuan/g against the most-traded GFEX contract, and it is quite difficult for market premiums to widen further in the short term. [Platinum and Palladium Weekly Data Comments] In terms of exchange inventories outside China, platinum sustained a one-sided destocking trend. As of end-June, inventories fell to around 420,000 oz, down more than 40% from the year-start high. Palladium inventories saw slight destocking, with current levels still near a one-year high. On the imports front, platinum imports in May rebounded slightly, with the overall average level close to that of the same period last year. Palladium imports pulled back slightly, but the overall average level remained significantly higher than that from 2023 to 2025.

Published: Jun 17, 2026 - 4:09 AM In this presentation, Jeffrey Christian of CPM Group gives a precious metals update focused on gold, silver, platinum, and palladium prices. He also explains how CPM Group analyzes supply, demand, investment demand, as well as market balances. Jeff discusses the gold price outlook, silver market update, price consolidation, and the potential for continued volatility over the next several months. Jeff then explains why CPM Group separates investment demand from fabrication demand when calculating precious metals surpluses and deficits. He discusses the difference between metal used by fabricators and metal bought by investors, why investment demand is a major driver of gold, silver, and platinum prices, and why including investment demand with fabrication demand can distort the view of the physical market. The presentation also looks CPM Group’s historical buy and sell recommendations for gold, silver, and platinum, showing how better research, better data, and a disciplined approach to supply and demand analysis can lead to stronger investment results. CPM thanks Monetary Metals for making this paid CPM research available to our viewers. If you're interested in learning more about how gold leasing works, visit www.Monetary-Metals.com/CPM Source： https://www.kitco.com/opinion/2026-06-16/silver-price-forecast-60-price-risk-next-move-higher

[SMM Platinum & Palladium Weekly Review] This week (April 6 – April 10), on China's Guangzhou Futures Exchange, the most-traded platinum contract PT2606 opened at 502.9 yuan/gram and closed at 521.45 yuan/gram, up 19.2 yuan/gram or 3.82% from last week's settlement price, with a highest price of 529.5 yuan/gram and a lowest price of 496.65 yuan/gram; the most-traded palladium contract PD2606 opened at 377.85 yuan/gram and closed at 385.05 yuan/gram, up 7.65 yuan/gram or 2.03% from last week's settlement price, with a highest price of 399.85 yuan/gram and a lowest price of 366.2 yuan/gram. Futures trading: the most-traded platinum contract PT2606 recorded a total weekly trading volume of 18,133 lots with a total turnover of 9.348 billion yuan and open interest of 15,303 lots, a WoW decrease of 1,287 lots. The most-traded palladium contract PD2606 recorded a total weekly trading volume of 11,379 lots with a total turnover of 4.348 billion yuan and open interest of 7,216 lots, a WoW increase of 88 lots. US-Iran conflict, Israel launched its most intense airstrikes on Lebanon to date. On April 9, the Speaker of Iran's Parliament issued a statement saying that three key provisions in the proposal (comprehensive ceasefire, airspace security, and uranium enrichment rights) had been violated before negotiations even began, and under such circumstances, a bilateral ceasefire or negotiations would be unreasonable. Iranian media issued a statement claiming the Strait of Hormuz had been fully closed. US Fed monetary policy, Fed Vice Chair Jefferson noted that employment faced downside risks while inflation faced upside risks. Nick Timiraos wrote that the ceasefire agreement made the US Fed's decision-making more difficult, as energy fluctuations persisted, leading to a prolonged period of rates being held steady. Tariff side, tariff policy has been one of the core political assets during Trump's administration. If high tariffs cannot be maintained through legal channels, his political influence and foreign negotiation leverage will be significantly weakened. After the "reciprocal tariffs" were overturned by the Supreme Court, the Trump administration implemented temporary tariffs under Section 122 of the Trade Expansion Act in the short term to fill the policy vacuum, and in the medium and long-term may rely on Sections 232 and 301 to sustain a high-tariff policy framework, while threatening on social media to impose 50% tariffs on countries providing military weapons to Iran. Against this backdrop, the final determination in the anti-dumping and countervailing duty investigations on Russian unwrought palladium is highly likely to maintain the affirmative conclusions of the preliminary ruling. Additionally, the tariff illegality ruling triggered massive tax refund pressures, exacerbating the US fiscal burden, and after geopolitical premiums are digested, will reinforce the "weak US dollar" logic. Palladium new demand, attention should be paid to China's fiberglass industry's transition from platinum to palladium. Starting April 2026, full-year testing will be conducted, and if successful, annual demand could reach 800,000 ounces, potentially offsetting declining demand from the automotive industry. Watch for palladium test results in the fiberglass sector. Watch for the US International Trade Commission's final-stage injury hearing on the palladium anti-dumping and countervailing duty case on April 27. Watch for the transition following LBMA's appointment of IBA as the platinum and palladium price auction administrator.