Middle East geopolitical tensions eased, platinum price stopped falling and rebounded, and spot market premiums remained flat [SMM Daily Review]

[SMM Flash] Sibanye-Stillwater is shifting towards a more domestically focused strategy, prioritising growth from its South African PGM operations while reducing exposure to overseas expansion. Newly appointed CEO Richard Stewart is targeting contiguous expansion across the company’s Rustenburg and Kroondal assets, supported by greater mechanisation. PGM production is currently expected to decline from 1.7 million oz/year to around 1.2 million oz/year by 2030, but planned projects could lift output to approximately 1.5 million oz/year, with potential to reach 1.8 million oz/year if market conditions support further investment. The strategy also places greater emphasis on chrome as a standalone commercial business, rather than solely a PGM by-product. Sibanye-Stillwater produced around 2.3 million tonnes of chrome in 2025, equivalent to roughly 10% of South Africa’s output, and sees potential to increase production towards 4 million tonnes annually. The company estimates R25–26 billion in total spending is required for its planned projects, with the strategy aimed at strengthening cash generation and reducing risk by concentrating investment in assets and jurisdictions where it has established operational expertise.

[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