Platinum Struggles to Rebound

Platinum futures traded below $2,100 per ounce, struggling near a two-month low amid a broader recent sell-off in precious metals. Strong US economic data and expectations of tighter monetary policy sparked technical selling across metals, with robust jobs figures reinforcing views that the Federal Reserve may delay rate cuts. The decline was also driven by profit-taking after platinum’s rally to record highs since late 2025, while risk-off flows and rapid de-risking across equities, crypto, and metals triggered sharp short-term liquidations. Meanwhile, a slower-than-expected rollout of electric vehicles is helping keep platinum-group metals in supply shortfalls over the coming years. Eased EU restrictions on gasoline and diesel car sales have also boosted sentiment around the metals. According to Valterra Platinum Ltd.’s CEO, platinum and other PGMs are expected to remain in a supply-demand deficit for several years, helping keep prices historically high despite the recent pullback.

Platinum decreased 5.11% to 2036.1 USD/t.oz

Platinum futures traded loosely above $2,100 per ounce, struggling to stage a sustained rebound from yearly lows as soft autocatalyst demand and firmer US yields offset lingering supply constraints. While intermittent disruptions and power constraints in South Africa have limited mined output, above-ground inventories and steady recycling flows have cushioned the immediate impact on physical availability, preventing a sharper squeeze. On the demand side, autocatalyst consumption remains uneven as global vehicle production grows only modestly and the gradual shift toward electric vehicles tempers long term internal combustion engine demand, reducing incremental platinum loadings. At the same time, firmer US labor market data and expectations that the Federal Reserve will delay rate cuts have supported yields and the dollar, dampening investment demand for precious metals and limiting inflows into platinum.