US Fed Rate Stance Divergence Widens, Spot Market Remains Sluggish [SMM Daily Review]

The latest official data shows that Zimbabwe's mineral exports surged by 84%, with platinum group metals (PGMs) remaining the largest pillar. In H1 2026, Zimbabwe's mineral export revenue reached a record $2.532 billion, a sharp 84% increase compared to the $1.376 billion in the same period last year, demonstrating the momentum of its rapidly expanding mining export and processing industries. Among them, PGMs accounted for 33.93%, still the largest source of export revenue, while PGM concentrates contributed 13.73%. It is noteworthy that Zimbabwe is no longer content with merely exporting raw ore, and is gradually moving toward processing, value addition, and industry chain extension. As global demand for PGMs and critical minerals for renewable energy continues to rise, Zimbabwe is accele

[SMM Precious Metal Express] The July FOMC voted 9-3 to hold the federal funds rate at 3.50%-3.75%, with all three dissents favoring a 25bp hike — the first time since 2016 that three dissenting votes occurred at the same meeting. Following the decision, the dollar index briefly fell below 101 before closing down 0.59% at 100.81. Precious metals rebounded after dipping during the session, with spot gold closing at $4,066.38/oz, up 0.94%, and silver at $57.65/oz, up 0.92%.

[SMM Express] Sibanye-Stillwater reported that its Stillwater and East Boulder platinum group metal (PGM) operations in Montana returned to profitability during the second half of 2025 following restructuring measures implemented in response to weaker PGM prices. The company has launched an optimisation programme aimed at reducing all-in sustaining costs to approximately US$1,000 per 2E ounce over the next two to three years. The strategy includes evaluating higher levels of mechanisation at both underground mines to improve productivity and strengthen long-term competitiveness. While the Stillwater West section remains on care and maintenance following restructuring in 2024, mining continues at the remaining operating sections supported by integrated processing facilities. According to the latest operational update, the US PGM operations reported 2E PGM Mineral Reserves of 19.4 million ounces and Mineral Resources of 80.9 million ounces as at the end of 2025. The optimisation programme highlights the continued focus of PGM producers on improving operational efficiency and cost competitiveness amid ongoing market volatility and evolving demand fundamentals.