Platinum, palladium price forecasts cut by BMI as car sales shrink and South African supply recovers
Sibanye-Stillwater is restructuring a loss-making shaft, faces a strike at its Montana palladium mines, while the WPIC says above-ground platinum stocks will cover just 3.4 months of demand by year-end.
BMI has lowered its platinum and palladium price forecasts for 2026 due to weaker car sales projections and a quicker-than-anticipated growth in South African mine output. Despite these revisions, the research firm still anticipates both metals to end the year in deficit, with platinum continuing to outperform its counterpart over the next decade.
The updated forecast shows platinum at an average of $1,900 per ounce this year, down from $2,000, and palladium at $1,400, from $1,500. The metal prices have since recovered, with platinum near $1,850 and palladium at $1,360 as of the report's writing. This price adjustment is primarily attributed to a 40 basis point increase in the 10-year US Treasury yield over the past month.
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