Platinum Hits Over 12-Year High

2025-09-29 07:29 By Jam Kaimo Samonte 1 min. read

Platinum climbed above $1,600 per ounce in late September, its strongest level since early 2013, as supply-demand concerns intensified, highlighted by steep backwardation in the futures market.

Supply pressures have mounted from declining mine output and weak recycling, with the World Platinum Investment Council projecting South Africa’s mine supply to fall 6% this year.

Recycling has improved slightly but remains historically low, leaving total supply expected to contract 3% to 7.03 million ounces in 2025.

Valterra Platinum CEO Craig Miller also cautioned that global primary production of platinum group metals could shrink 20% by the end of the decade.

On the demand side, industrial use has softened on slower automotive output and subdued manufacturing, but investor appetite has strengthened.

WPIC also expects jewelry demand to rise 11% to 2.23 million ounces in 2025, supported by a rebound in China’s market.



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