[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 and Palladium Weekly Review] Last week (March 16–20), front-month NYMEX platinum fell 5.97% during the week to $1,920.1/oz, while front-month NYMEX palladium fell 10.46% to $1,414.5/oz. On the Guangzhou Futures Exchange, the most-traded platinum futures contract PT2606 opened at 530 yuan/g and closed at 509.75 yuan/g, down 42.3 yuan/g from the previous week's settlement price, a decline of 7.66%, with the highest price at 568 yuan/g and the lowest price at 503.2 yuan/g during the week; the most-traded palladium futures contract PD2606 opened at 396.15 yuan/g and closed at 368.85 yuan/g, down 47.3 yuan/g from the previous week's settlement price, a decline of 11.37%, with the highest price at 416.95 yuan/g and the lowest price at 467.7 yuan/g during the week. In futures trading, total trading volume of the most-traded platinum futures contract PT2606 was 39,488 lots during the week, with total turnover of 21.036 billion yuan and open interest of 18,516 lots, with open interest decreasing by 1,473 lots WoW. For the most-traded palladium futures contract PD2606, total trading volume was 16,539 lots during the week, with total turnover of 6.46 billion yuan and open interest of 7,848 lots, with open interest increasing by 236 lots WoW. Recently, the core logic driving platinum and palladium prices has centered on US Fed monetary policy, safe-haven demand and inflation under geopolitical tensions, trade policy uncertainty, economic stagflation and financial market risks, as well as the upward shift in the cost floor on the supply side. As geopolitical conflict in the Middle East continued to escalate, the precious metals market as a whole entered a stagflation panic mode. The specific logic was that the larger-than-expected US-Iran conflict pushed up oil prices, triggering concerns over imported inflation in the US and in turn delaying the pace of Fed interest rate cuts. On US Fed monetary policy, the March FOMC meeting concluded with the rate decision keeping the federal funds target range unchanged at 3.50%-3.75%. Miran dissented and advocated an immediate 25-bp interest rate cut, while Waller chose to wait and see. Powell said the current policy rate was at the high end of the neutral range. Economic projections showed that, on inflation, the median expectation for core PCE inflation at the end of 2026 was raised by 0.2% to 2.7%, while overall PCE was also raised by 0.3% to 2.7%; on growth, the 2026 GDP growth forecast was raised from 2.3% to 2.4%; on the rate path, the forecast of a 25-bp cut in 2026 and another 25-bp cut in 2027 was maintained, while the long-term neutral rate was raised by 0.1% to 3.1%. Overall, the pace of rate cuts shifted further back. Regarding the US-Iran conflict, the US and Israel launched sustained high-intensity airstrikes on Iranian territory, targeting missile positions, military industrial facilities, and energy ports. Iran then responded comprehensively, designating energy facilities in multiple Gulf countries as targets, while shipping security in the Red Sea and the Strait of Hormuz came under severe threat. On March 21, Trump gave Iran 48 hours to open the Strait of Hormuz without posing any threat, or its power plants would be destroyed. On March 22, Iran’s Khatam al-Anbiya Central Headquarters of the Armed Forces emphasized that if Iran’s fuel and energy infrastructure is attacked by hostile forces, all energy infrastructure, information technology systems, and seawater desalination facilities of the US and its allies in the region will become targets of attack. There is currently no room for negotiations or a ceasefire, and the risk of conflict escalation remains high. Tariffs, after the US reciprocal tariff was overturned by the Supreme Court, policy uncertainty rose, and the Trump administration is seeking a more solid legal basis to reconstruct the tariff system: in the short term, temporary tariffs under Section 122 will fill the tariff-rate vacuum, while in the medium and long term it plans to rely on Sections 232 and 301 to maintain a high-tariff framework. Citing “overcapacity,” the USTR launched a Section 301 investigation into 16 economies including China. On March 16, the China-US economic and trade teams held consultations, and both sides agreed to maintain the stability of bilateral economic and trade relations. In addition, the ruling that the tariffs were unlawful triggered pressure for massive tax refunds, increasing the US fiscal burden and reinforcing expectations of a weaker US dollar. Supply side, Eskom will raise electricity prices by 8% for each of the next two years, and frequent recent announcements of breakdowns in negotiations with the mining side have led some miners to shut down their international operations, raising concerns over supply disruptions in platinum and palladium. Strategy, we still maintain a strategic bullish view on precious metals, and regard pullbacks as opportunities to build long positions for the medium and long term, while in the short term the market remains in the doldrums consolidation. On the risk side, stay alert to worsening tensions in the Middle East that could heighten inflation concerns and affect monetary policy, as well as liquidity-driven selling pressure amid recession fears. Under high fluctuations in platinum and palladium, position control warrants attention. Due to the discontinuity between the domestic and overseas market, the opening prices of platinum and palladium often refer to overseas night session conditions, and investors need to pay attention to trading prices in international markets and beware of opening gaps.

On February 26, local time in the US, the third round of indirect negotiations between the US and Iran took place in Geneva, Switzerland, mediated by Oman. The talks went through two stages with a break of several hours in between, and a new round of negotiations is expected to take place next week. On February 27, Beijing time, the Ministry of Foreign Affairs advised Chinese citizens in Iran to evacuate as soon as possible. The external security risks facing Iran have significantly increased, with multiple countries issuing advisories for their citizens to leave. Given the current security situation in Iran, the Ministry of Foreign Affairs and the Chinese Embassy and Consulates in Iran reminded Chinese citizens not to travel to Iran and advised those already there to strengthen safety precautions and evacuate as soon as possible. The Chinese Embassies and Consulates in Iran and its neighboring countries will provide necessary assistance for the evacuation of Chinese citizens via commercial flights or land routes. On February 27, platinum and palladium showed a significant rise, with platinum's weekly gain reaching 19.29%, making it a standout in the precious metals futures sector. Market uncertainties brought about by US tariffs and geopolitical risks continue to support the performance of precious metals. Fundamentals side, tight supply provided fundamental support for platinum. Coupled with many market participants' bullish outlook, some suppliers held prices firm, providing sentiment support for the rise in platinum and palladium. As of around 3:58 PM on February 27, the main platinum contract rose 5.34% to 623.75 yuan/gram, with a weekly gain of 19.29%; the main palladium contract rose 2.77% to 464.85 yuan/gram, with a weekly gain of 10.86%. The A-share market responded in kind, with the precious metals sector closing up 3.55% on February 27. On February 27, spot platinum was quoted at 606~610 yuan/gram, with an average price of 608 yuan/gram, up 3.67% from the previous trading day. The post-holiday rise in platinum, besides being supported by macro factors and safe-haven demand, also benefited from tight supply, positive market expectations, and some suppliers holding prices firm. Due to some suppliers' optimistic outlook, they were unwilling to sell at low prices, making it difficult to find low-priced goods in the market. However, the supply-demand relationship has not changed significantly since before the holiday. The post-holiday rise was more driven by optimistic sentiment, with downstream players adopting a wait-and-see attitude. It is expected that platinum prices will continue to fluctuate in the short term. Future developments will need to focus on changes in the demand side. Throughout February 2026, platinum and palladium prices experienced a roller-coaster ride amid macroeconomic shocks and geopolitical risks. For the whole month, macro sentiment dominated the pace of fluctuations, with supply-side events reinforcing support, and the structural feature of "strong platinum, weak palladium" continued. At present, geopolitical and macro situations strongly support precious metals: the tense Middle East situation directly boosted safe-haven demand; the downward revision of US GDP coupled with stubborn inflation highlighted gold's value preservation function; the legal battle over tariff policies weakened the US dollar's credibility, and expectations for US Fed interest rate cuts, along with global central banks' gold buying spree, collectively provided a solid bottom for precious metal prices. Fundamentals side, the expansion elasticity of platinum and palladium supply is relatively weak. Since platinum's demand structure is less dependent on traditional fuel vehicle consumption compared to palladium, the supply-demand pattern for platinum is tighter, and it is expected to have strong upward momentum, while palladium is likely to follow platinum in a weaker trend. Risk Warning: US Economic Resilience Exceeds Expectations, US Tariff Adjustments on Platinum and Palladium Exceed Expectations, Geopolitical Risks in Major Production Areas, etc.

[SMM Platinum and Palladium Weekly Review] This week (February 9 – February 13), the most-traded platinum contract PT2606 opened at 540 yuan/gram and closed at 523.8 yuan/gram, up 30.9 yuan/gram or 6.27% WoW. The weekly highest price was 559.1 yuan/gram, and the lowest was 516 yuan/gram. The most-traded palladium contract PD2606 opened at 436.5 yuan/gram and closed at 416.8 yuan/gram, up 9.55 yuan/gram or 2.34% WoW. The weekly highest price was 443 yuan/gram, and the lowest was 411 yuan/gram. In futures trading, the most-traded platinum contract PT2606 recorded a total weekly trading volume of 36,713 lots, a total turnover of 19.82 billion yuan, and an open interest of 20,073 lots, a decrease of 1,369 lots WoW. The most-traded palladium contract PD2606 recorded a total weekly trading volume of 18,112 lots, a total turnover of 7.801 billion yuan, and an open interest of 7,188 lots, a decrease of 874 lots WoW. Recent fluctuations in platinum and palladium primarily reflected sentiment transmission from the precious metals sector, with significant resonance among gold, silver, platinum, and palladium amid macro factors. The nomination of Wash as Fed Chairman in early February triggered a sharp pullback in the precious metals sector. His hawkish anti-inflation stance, advocating for "interest rate cuts + balance sheet reduction + function reduction," combined with stronger-than-expected US PPI, raised market concerns about medium and long-term support for precious metals. Expectations of balance sheet reduction may boost the US dollar, disrupt precious metals pricing logic, and lead to frequent sector corrections. Domestic and overseas platinum and palladium term structures diverged; after the price drop, strong restocking by domestic automotive catalyst producers steepened the domestic term structure slope. Strategically, Trump plans to launch a $12 billion "Gold Reserve Plan" to build a strategic reserve of critical minerals and a preferential trade zone, intending to set price floors and use tariffs and other border measures for protection, aiming to establish a rule system with internal subsidies and external barriers, excluding non-member countries from core supply chain benefits. USGS data showed the US import dependency for platinum and palladium reached 89% and 57%, respectively, in 2025, with strategic reserve premiums bullish for platinum and palladium. Additionally, attention is needed on details of new managers announced by the LME and US anti-dumping and countervailing duty investigations on Russian unwrought palladium. In the spot market, the approaching Chinese New Year holiday atmosphere intensified. Along with cooling investment enthusiasm in precious metals recently, aside from some end-users' rigid pre-holiday stockpiling needs, the overall spot market showed thin trading.

Ivanhoe Mines announces pivotal updates for Platreef, the world’s largest precious metals mine under development. Phase 1 concentrator successfully commenced production in November 2025 with the first concentrate sale completed. The critical Shaft #3 is on track for commissioning in April 2026, which will increase hoisting capacity five-fold to 5.0 Mtpa, facilitating the Phase 2 expansion. A $700 million senior project finance facility for Phase 2 has been signed, targeting production by Q4 2027. Driven by a surge in platinum and palladium prices (up 96% and 67% respectively vs. 2025 forecasts), the project’s Phase 3 NPV has escalated to over $5.0 billion. Utilizing its unique 26-meter thick orebody, Platreef is set to be the world's lowest-cost PGM producer with Phase 2 cash costs estimated at just $599/oz.