22.09.202602:15:47UTC+00Platinum Futures Rangebound

Platinum futures hovered near $1,800 an ounce, trading within a narrow range as a stronger US dollar offset easing inflation pressures stemming from falling oil prices. Crude benchmarks extended their decline amid signs of intensified diplomatic efforts to resolve the conflict in the Middle East and restore regional energy flows. This helped temper inflation concerns and reduced expectations for additional interest rate hikes, thereby lowering the opportunity cost of holding non-yielding assets such as platinum.

Still, hawkish remarks from Federal Reserve officials reinforced expectations for a more restrictive US interest-rate path following last week’s first rate increase in three years. From a fundamental perspective, the backdrop remained broadly supportive. The WPIC projects a 5% rise in industrial platinum demand in 2026, partly underpinned by investment in AI-related infrastructure, even as automotive demand is forecast to decline by 4%.

Although the market is expected to post a surplus of around 265,000 ounces in 2026, the WPIC anticipates that above-ground stocks will remain relatively tight, at the equivalent of only about 3.4 months of global demand, following the substantial deficits recorded in previous years.