Platinum futures surged past $2,300 per ounce, hitting a record high, driven by tight supply and strong investment demand. The metal has now risen for a 10th consecutive session, its longest streak since 2017, and has gained over 150% this year, marking the largest annual advance since at least 1987. More than 600,000 ounces are held in US warehouses as traders await the outcome of Washington’s Section 232 probe, which could impose tariffs or trade restrictions, while supply disruptions in South Africa, the world’s largest producer, have contributed to a third consecutive annual deficit. Industrial users also face high leasing costs, while shipments to China remain robust, and optimism has been bolstered by the launch of platinum futures on the Guangzhou Futures Exchange, where prices have risen above other benchmarks, supporting continued upward pressure on the metal.
