Delaware Depository, a COMEX/NYMEX Depository for the storage and delivery of gold, gold (enhanced delivery), silver, platinum, and palladium deliverable against the Exchange’s respective futures contracts, will implement new rates in connection with Storage of Gold, Gold (Enhanced Delivery), and Silver at its facilities located in Delaware. The new rates reflect the maximum amounts of fees that can be charged and will be effective July 1, 2026.

[SMM Platinum and Palladium Weekly Review] This week (March 9–March 13), the most-traded platinum futures contract PT2606 opened at 534 yuan/gram and closed at 541.6 yuan/gram, down 15.7 yuan/gram WoW from last week’s settlement price, a decline of 2.82%. The weekly highest price was 577.85 yuan/gram, and the weekly lowest price was 522.6 yuan/gram; the most-traded palladium futures contract PD2606 opened at 408.75 yuan/gram and closed at 408.1 yuan/gram, down 13.8 yuan/gram WoW from last week’s settlement price, down 3.27% WoW from last week’s settlement price. The weekly highest price was 430 yuan/gram, and the weekly lowest price was 397 yuan/gram. Futures trading: The most-traded platinum futures contract PT2606 recorded total trading volume of 31,227 lots during the week, with total turnover of 17.368 billion yuan and open interest of 19,989 lots; open interest decreased by 1,894 lots WoW. The most-traded palladium futures contract PD2606 recorded total trading volume of 11,077 lots during the week, with total turnover of 4.616 billion yuan and open interest of 7,612 lots; open interest increased by 11 lots WoW. At present, the US–Iran conflict remained dominated by political expectations, while the reality on the ground was still unresolved. On the political-expectations front, Trump frequently released marginal de-escalation signals to curb oil prices, saying the Iran issue was only a short-term military operation and expressing willingness to engage in dialogue with Iran; the TACO trade pulled oil prices back to around 90. On the reality front, Mojtaba, son of Khamenei, formally succeeded to power, and Iran entered the “Era of Avengers,” beginning to threaten the Strait of Hormuz; its foreign minister said the new leadership would refuse to negotiate with Trump. If the US–Iran conflict continues to escalate, it will push up oil prices and trigger concerns over imported inflation in the US, thereby delaying the Fed’s progress on interest rate cuts. On tariffs, after reciprocal tariff was overturned by the Supreme Court, the Trump administration will seek a more solid legal basis to rebuild the tariff framework. The risk of re-inflation remained relatively high, and disputes over new tax rates and tax rebates lifted policy uncertainty to some extent. In the short term, Trump filled the tariff-rate vacuum through the 122 temporary tariff; in the medium and long-term, he may maintain a high-tariff framework via 232 and 301. In addition, the massive tax rebate pressure brought about after reciprocal tariff was ruled illegal will further increase the US fiscal burden, thereby reinforcing the logic of a weaker US dollar and providing support to precious metals overall. Supply side, NERSA announced it had formally approved Eskom’s electricity price adjustment plan for the next two years: electricity prices will be raised by 8.76% in April this year and raised again by 8.83% in April 2027. As South Africa’s PGM mining is highly dependent on electricity, rising electricity prices will continue to lift the cost center for platinum and palladium. The US Department of Commerce issued an announcement, making an affirmative preliminary anti-dumping determination on unwrought palladium imported from Russia, preliminarily determining the dumping margin for all Russian exporters/producers at 132.83%. In terms of valuation, watch changes in the US dollar index, which involve the relative strength of currencies such as the euro and the yen. Pay attention to details on the new administrator announced by the LME. Pay attention to the March 19 FOMC meeting, changes in economic data, and the impact of Wosh’s remarks on monetary policy expectations. The precious metals sector mainly benefited from the policy and political-environment tug-of-war during the US Fed’s midterm-election time window. From a medium- and long-term perspective, the foundation for a bull market in platinum and palladium remained intact. In the short term, be alert to the risk of a phased adjustment driven by a delay in expectations for an interest rate cut; pullbacks should be viewed as medium- and long-term opportunities to add long positions. Amid high fluctuations in platinum and palladium, pay attention to position sizing. As domestic and overseas markets are not continuous, the opening price of platinum and palladium often references the overseas night session; investors should monitor trading prices in international markets and be wary of opening gaps. Spot market, this week most traders holding cargo actively quoted prices. Some traders reported that supply was currently relatively ample while the market was relatively sluggish. Most downstream clients had sufficient inventory and mainly stayed on the sidelines, with only some downstream buyers making small, negotiated purchases to meet order demand. Along with continued cooling in investment demand, transactions were relatively difficult and price involution was severe. Overall, spot market trading this week was generally subdued.

March 13 (Reuters) - Gold was on track for a second straight weekly loss, even as it edged higher on Friday, as surging oil prices dampened rate cut bets and caused investors to cover margin calls, while a rising dollar and U.S. yields also pressured prices.

Johnson Matthey, in North America (e.g., refineries in Michigan and New Jersey), increased the yield and throughput of high-purity platinum and palladium (purity of 99.99%+) by optimizing solvent extraction and electrolysis purification processes and upgrading automation, in order to address the tight supply of raw materials from South Africa and Russia. BASF, in North America (e.g., sites in Michigan and Ohio), focused on improving the efficiency of secondary refining of platinum and palladium as well as catalyst regeneration, while expanding capacity for high-purity platinum and palladium salts and sponge, in order to offset the impact of restricted imports of Russian platinum group metals (PGMs) and production cuts at South African mines.

Among precious and rare metals, osmium is a niche yet irreplaceable material, overshadowed by gold, silver, platinum and palladium but critical for high-end industry and scientific research thanks to its unique physical and chemical properties. This report breaks down osmium’s core attributes, supply, applications and market traits to unveil the “densest natural metal”. I. Basic Profile: A Distinct Platinum Group Metal Osmium (Os, atomic number 76) is a Group Ⅷ transition metal and part of the platinum group metals (PGMs), extremely scarce in nature. It has no independent deposits, only extracted and purified via platinum ore smelting alongside platinum, iridium, ruthenium, rhodium and palladium, ruling out large-scale standalone mining. Its standout properties: unmatched density (22.59g/cm³ at 20℃, higher than gold and platinum), exceptional heat resistance (melting point 3033℃, boiling point over 5000℃), and high hardness & corrosion resistance (Mohs hardness 7). It is highly brittle with poor plasticity, mostly used in powder or alloy forms. Key Safety Warning: Osmium oxidizes to toxic, volatile osmium tetroxide (OsO₄) when heated above 100℃ in air. Full-process operations (smelting, storage, transport, processing) require inert gas protection, raising production and application thresholds. II. Supply Landscape: Extreme Scarcity & Monopolized Output Osmium is far rarer than gold and platinum, with a crustal abundance of just 0.001ppm, one of the lowest stable elements globally. Proven recoverable reserves are extremely limited and highly concentrated. Global output hinges entirely on platinum mining and smelting, staying at a tiny scale: annual global production is roughly 1 ton (data from International Platinum Group Metals Association), while China’s annual output is less than 100kg. South Africa and Russia dominate global osmium resources and smelting capacity, forming a highly monopolized, inelastic supply market. Tight supply-demand balance persists, supporting strong price resilience and volatility. III. Core Applications: High-End & Irreplaceable Scenarios Despite low production and narrow application scope, osmium is a rigid material for high-precision sectors with no low-cost substitutes, focusing on four key fields: Special Hard Alloys: Osmium-based alloys excel in hardness, wear and corrosion resistance, used for high-precision bearings (luxury watches, instruments), premium pen nibs, medical scalpels and high-end mechanical wear parts. Industrial Catalysis: Osmium and its compounds act as high-efficiency catalysts for fine chemical and organic synthesis (hydrogenation, oxidation), boosting process efficiency and product purity with stable low-volume demand. Scientific Research: Toxic osmium tetroxide is an irreplaceable stain for electron microscopy samples in materials and life sciences; high-purity osmium powder serves as a specialty lab consumable. Aerospace & Military: Leveraging high density and thermal stability, osmium is used for specialty high-temperature components, precision guidance parts and high-end electrical contacts, with high added value and growing demand amid industrial upgrading. IV. Core Market Traits Osmium is a niche PGM marked by extreme resource scarcity, monopolized inelastic supply, rigid high-end demand and total irreplaceability. Unlike bulk commodities, its market is driven by supply shifts, high-end industrial demand and compliance costs, with a small scale and low trading frequency, remaining a critical material for high-end industry and scientific research.

The inaugural Global Palladium Innovation Application Competition has officially commenced, with a total prize pool of $350,000. Scientists, startups, and research teams engaged in the research, analysis, and development of new-type palladium applications must submit their entries by July 31, 2025. This competition is organized by the Precious Metals Working Committee of the China Association of Materials Recycling (CPMIC).

The first annual Palladium Global Science Award competition is now live, with a total prize fund of $350,000. Scientists, startups and research groups involved in the study, analysis and development of new applications for palladium have to submit their entries until 31 July 2025. The China Precious Metals Industry Committee (CPMIC) is the main partner of the competition.

On Monday, international crude oil prices fell, while prices of base metals and precious metals generally rose, with palladium leading the gains.

[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.

SMM reported that the price for palladium rose by 16 yuan/g on March 15.