Platinum futures hold near two-month high around $1,730/oz
Platinum futures remain near $1,730 per ounce after reaching a two-month high as demand outlooks are weighed, alongside concerns over South African mine disruptions and maintenance bottlenecks.
Platinum futures held near $1,730 per ounce after reaching a two-month high, as traders assessed the outlook for demand.
Rising hybrid vehicle production has provided near-term support for autocatalyst consumption, although markets remain cautious about the broader shift toward electric vehicles, which recorded a fifth consecutive monthly increase in July.
Meanwhile, uncertainty over shipments through the Strait of Hormuz kept industrial buyers cautious.
On the supply side, concerns over power disruptions and maintenance bottlenecks at South African mines continued to underpin prices, with the platinum market expected to remain in deficit.
Additional support came from plans by the world’s largest jeweler to replace some sterling-silver jewelry with platinum-plated alternatives.
Meanwhile, AI and data-center expansion are emerging as potential new sources of demand, with South Africa’s Valterra Platinum estimating AI-related demand could grow fivefold by 2030.