Recent physically settled platinum contracts in Guangzhou, persistent supply deficits and regional warehousing shifts have tightened physical availability and pushed prices higher. Investors should watch Chinese futures flows, WPIC deficit updates, and lease-rate signals for near-term price direction.

A close look at last week’s decisive platinum news: the World Platinum Investment Council’s shift to a small 2026 surplus, Canada’s rising producer prices affecting PGMs, and Fed-driven precious-metal strength that lifted platinum. These concrete developments have immediate implications for pricing, physical tightness, and investor flows.

Platinum pulled back to about $1,550/oz after a mid-October high near $1,722/oz amid macro shifts. At the same time China moved to register platinum futures, analysts raised 2026 price forecasts, and supply shortfalls—led by South African production declines—remain a core support. This article synthesizes last-week developments that directly affect pricing and investor decisions.

A tightening platinum supply—driven by lower mine output and weak recycling—met shifting investor sentiment last week. WPIC’s large deficit projection, easing U.S.–China trade tensions and rising jewelry and investment demand produced sharp price swings and left investors focused on inventories, auto demand, and recycling as the next catalysts.