WPIC – Platinum Perspectives, Feb 2026

The report analyzes platinum price movements and market fundamentals in early 2026.

It highlights a record price rally with a 25% surge over three weeks, reaching an all-time high of US$2,923/oz on 26 January 2026, alongside ongoing platinum shortages evidenced by high lease rates and strong OTC backwardation. The report details three phases driving the rally from 2025 to 2026, influenced by Chinese demand, US trade policies, and geopolitical risks, while also emphasizing the impact of gold prices and the US dollar to South African rand exchange rate on platinum pricing.