Precious Metals Continue to Hold Up Well, Spot Platinum Trading Remains Sluggish [SMM Daily Review]

Valterra Platinum’s first half of 2026 was shaped more by market prices than by production growth. Earnings increased fourfold to R33.4 billion, while metal production from its mines rose only modestly. The difference was driven by stronger PGM prices and the release of previously processed metal from the company’s pipeline. Amandelbult’s recovery was a major contributor to the improvement, while China became a significantly larger market.

[SMM Express] Researchers have identified that trace palladium impurities, rather than platinum itself, may be responsible for high catalytic activity observed in several platinum-based systems, highlighting the importance of accurate PGM identification in catalyst development. The study, “Pitfalls in Platinum Catalysis..” investigated platinum catalysts used in important carbonylation reactions. Through inductively coupled plasma (ICP) analysis and controlled experiments with ultrapure platinum, researchers found that palladium contamination at levels as low as 10 parts per million (ppm) was sufficient to drive the targeted transformations, while pure platinum demonstrated significantly lower catalytic efficiency. The findings challenge previous assumptions regarding platinum’s role in these reactions and highlight the need for rigorous metal purity verification when evaluating noble metal catalysts. Palladium-based catalysts remain widely used in industrial carbonylation processes, including the production of methyl propionate for methacrylate polymer applications, due to their high activity and selectivity. The study does not indicate an immediate change in platinum or palladium market fundamentals. However, it reinforces palladium’s significant catalytic capability and may influence future research into PGM catalyst optimisation. As industries continue to seek cost-effective and efficient alternatives given palladium price volatility, understanding of platinum and palladium performance could affect long-term catalyst selection strategies.

The most-traded GFEX palladium futures contract, PD2610, rose 8% intraday to close at 329.65 yuan/g, up 8.51%.