India’s KABIL Eyes Colombian Critical-Minerals Opportunities as Supply Diversification Expands

[SMM Flash] Platinum could continue to outperform palladium over the longer term despite near-term pressure from a stronger US dollar and elevated Treasury yields, according to a September 2 analysis by FX Empire. Platinum had fallen towards $1,725/oz while palladium traded near $1,290/oz, with the analyst identifying $1,650–1,700/oz as an important platinum support zone and around $1,200/oz as key support for palladium. The analysis attributed near-term pressure on both metals partly to higher interest-rate expectations. FX Empire argued that platinum retains stronger medium-to-long-term fundamentals because of constrained supply and potential new industrial demand. The analysis cited expectations for continued platinum and palladium market deficits alongside potential platinum demand from hydrogen-truck adoption. Palladium's longer-term outlook was described as more dependent on petrol and hybrid vehicle demand as battery-electric vehicle penetration increases. These price levels and relative-performance expectations represent analyst technical analysis and commentary rather than confirmed market forecasts.

[SMM Flash] Sibanye-Stillwater has commenced formal consultations over the proposed restructuring of the Kwezi shaft at its Rustenburg PGM operations in South Africa, as the underground operation approaches the end of its economic life. The company said mining has reached the limits of the shaft’s approved mining-right area and economically mineable reserves are being depleted. The Section 189A process could potentially affect 781 employees and 333 contractor employees, representing 1,114 people in total. The consultation does not yet constitute a confirmed shaft closure or final retrenchment decision. However, the development highlights the depletion pressure facing mature South African PGM operations despite the recent recovery in platinum-group-metal prices. If restructuring ultimately results in closure or materially reduced activity at Kwezi, the shaft’s future contribution to Sibanye-Stillwater’s Rustenburg PGM production would decline, although the company has not yet disclosed a specific production-loss estimate.

On September 9, the World Platinum Investment Council (WPIC) released its Q2 2026 platinum report and updated its full-year 2026 forecast. The report shows that the platinum market posted a quarterly surplus for the second consecutive quarter in Q2, at 8 mt. Total supply was basically flat YoY at 59 mt (+1%); total demand fell 16% YoY (-10 mt) to 52 mt. Platinum ETF outflows of 7 mt led to net investment disinvestment of 4 mt.