LBMA Forecast Survey Highlights Platinum’s Strong 2025 Performance and Bullish 2026 Outlook

[SMM Flash] The US Export-Import Bank (EXIM) is providing $58 million in financing for three critical-mineral projects, including $25 million for Global Advanced Metals to expand tantalum and niobium processing in Pennsylvania, as Washington moves to reduce dependence on foreign supply chains. The financing was announced on August 7 alongside a critical-minerals meeting hosted by US President Donald Trump. Global Advanced Metals operates a major tantalum and niobium processing facility in Boyertown, Pennsylvania, producing tantalum capacitor powders as well as tantalum, niobium and alloy products. The company sources the metals from Australia before processing them in the US. The investment is strategically significant because the US currently does not mine tantalum or niobium domestically, leaving downstream industries reliant on imports. This move could strengthen demand for reliable and traceable columbite-tantalite and other Ta-Nb feedstock, while encouraging greater diversification away from concentrated supply chains. The move also reflects growing US efforts to secure critical-mineral supply chains through domestic processing and allied sources.

[SMM Flash] Palladium outperformed analyst expectations in 2025 despite widespread concerns over oversupply and weakening demand, according to the latest LBMA Annual Precious Metals Forecast Survey. The metal averaged USD 1,150.29/oz, compared with the winning average forecast of USD 1,090/oz. Palladium began the year at USD 921/oz and ended at USD 1,660/oz, reaching a high of USD 1,837/oz on 23 December. Concerns over Russian supply, slower-than-expected electric vehicle adoption supporting hybrid demand and broader precious-metals momentum contributed to the stronger-than-expected performance. The 2025 rally highlights the difficulty of forecasting palladium as shifts in vehicle technology, supply expectations and investor sentiment can rapidly alter market conditions. Analysts had entered the year expecting oversupply and weaker demand to constrain prices, but supply risks and stronger hybrid demand provided significant upside. For 2026, individual average-price forecasts range from approximately USD 1,400/oz to USD 2,087/oz, pointing to continued elevated but volatile prices.