Palladium Slides to $1,255.30/oz on Weak Demand and Supply Risks

[SMM Flash] Pandora, the world’s largest jeweller, is continuing its strategy of replacing some sterling-silver jewellery with platinum-plated alternatives, despite silver prices falling sharply from their January peak above $120/oz to below $65/oz in August. CEO Berta de Pablos-Barbier told CNBC that the move is part of efforts to diversify the company’s material portfolio, reduce exposure to volatile precious-metal prices and support profit margins. Pandora shares have rebounded around 55% over the past three months, supported by the company’s recent performance. The continued shift towards platinum-plated jewellery could provide a positive demand signal for platinum from the retail sector. Pandora has hedged 90–100% of its 2027 silver requirements at around $65/oz and raised its 2026 organic growth guidance to 0–3%, from -1% to 2% previously. The company also increased its full-year operating profit margin guidance to 22–23%, highlighting its focus on maintaining margins while diversifying its use of precious metals.

[SMM Flash] Platinum prices remained under pressure on August 14, with the metal approaching the initial downside target of $1,685/oz as bearish momentum continued to dominate. Prices stabilised around $1,715/oz, prompting some sideways movement, although the broader technical picture remained weak. The market is currently trading below the key $1,785/oz resistance level, which continues to cap any recovery attempts. A sustained move below this resistance could increase the likelihood of further declines towards the next target near $1,642/oz. For August 14, the expected trading range was $1,650–$1,740/oz, with the near-term outlook remaining bearish. The price direction will likely depend on whether platinum can regain momentum above the $1,785/oz resistance or continues to trade below this level