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Platinum Price
A scheduled daily-close dashboard for NYMEX platinum futures (PL=F), including short- and medium-term changes and a six-month trend.
About platinum as a commodity
Platinum is both a precious metal and an industrial commodity, with major uses in catalytic converters, hydrogen fuel cells, and jewelry. Its price is influenced by supply from South Africa (which produces roughly 70% of global supply), industrial demand, and investor sentiment.
Unlike gold and silver, platinum's price is more sensitive to industrial cycles. Compare its daily and 30-day changes with the longer trend rather than relying on a single close.
Supply: South Africa's dominance and structural constraints
Platinum supply is more geographically concentrated than almost any other major commodity. Roughly 75% of annual platinum mine production comes from South Africa, with Russia (Norilsk Nickel) contributing another 10–12% and Zimbabwe making up most of the remainder. South African platinum group metals (PGM) mines operate at some of the greatest depths in the world — many exceed 1,500 metres below surface — which makes them among the most energy-intensive and operationally complex mines anywhere. Power availability from the South African state utility Eskom, labour relations, and the rand/dollar exchange rate all directly affect mine economics and production volumes.
The World Platinum Investment Council (WPIC) projects that 2026 will mark the fourth consecutive year in which platinum demand exceeds newly mined supply. This structural deficit is being offset by above-ground stock drawdowns, but as inventories decline, the buffer against any supply disruption narrows. Above-ground platinum stocks represent roughly three months of global demand — much tighter than gold's multi-year stockpile.
Demand: autocatalysts, hydrogen, and jewelry
Autocatalysts remain platinum's largest demand segment, primarily from diesel engines in Europe and commercial vehicles globally. Diesel platinum demand has been declining as European diesel passenger car sales have contracted following the 2015 emissions scandal, but heavy-duty trucking — which also uses diesel — remains a steady demand source. Hydrogen applications are the fastest-growing new demand category: platinum is the preferred catalyst in proton-exchange membrane (PEM) fuel cells and PEM electrolyzers used in green hydrogen production. Jewelry, primarily in China, is the third major pillar of demand.
In 2026, with gold near all-time highs and platinum still roughly three times cheaper per ounce, the gold-to-platinum ratio is near historically wide levels. This is being closely watched by precious metals investors as a potential mean-reversion opportunity, though timing any such compression is difficult.
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Educational information only. This dashboard is not a personalized investment recommendation or a guarantee of future performance.