[SMM Precious Metals Express]

Zimbabwe is accelerating the extension of its platinum group metals industry from mining and smelting to downstream refining, aiming to retain more domestic value before platinum, palladium, rhodium and other metals are exported. Under Zimbabwe’s National Development Strategy 2 (NDS2), between 2026 and 2030, the government will encourage producers to shift from current exports dominated by concentrates and matte. The roadmap includes removing base metals to produce PGM-rich residues, and eventually achieving separation and refining of individual platinum group metals.

Platinum and palladium both closed lower this week, with relatively large declines. The US-Iran standoff pushed oil prices higher and reignited rate hike expectations, while US Treasury yields broke above 5.25% and the dollar strengthened, sending platinum and palladium down for two consecutive days. On Wednesday, Williams said there was no rush to act, cooling rate hike expectations and driving a rebound from oversold levels. Going forward, attention will turn to tonight's PCE data, nonfarm payrolls, and progress in US-Iran talks.