Group 1 - The spot platinum price has increased by 3%, reaching $1,302.78 per ounce [1]

Core Insights - Platinum prices have surged significantly, with a cumulative increase of over 36% since the beginning of the year, outpacing gold's price rise [1] - In the Shenzhen Shui Bei market, there is a noticeable demand for platinum jewelry, with many jewelers from across the country coming to purchase [1] - The increase in platinum purchases is attributed to consumers shifting their preferences from gold to platinum due to rising gold prices, leading to a supply shortage for certain platinum jewelry items [1]

铂金价格创2014年以来新高，因供应紧张。 ...

Group 1 - The core point of the article is that spot platinum prices have increased by 5% [1] - The current price of spot platinum is reported at $1326.45 per ounce [1]

铂金价格近期不断上涨，单月上涨超过60元/克，涨幅接近30%。记者近日实地探访了深圳水贝贵金属 交易市场，从商家处了解到，目前水贝市场的铂金板料十分紧缺，拿货需要支付每克10元左右的溢价。 （一财） ...

Group 1 - The platinum market has experienced a significant surge, with prices increasing by 31% over four weeks since mid-May [1] - Many jewelry stores are adjusting their sales strategies, expanding platinum displays and increasing inventory due to rising consumer interest [1][3] - Platinum is now being promoted as a more affordable alternative to gold, with its price being approximately 40% of gold's price, leading to a shift in consumer purchasing behavior [3] Group 2 - The global platinum market has faced a supply shortage for three consecutive years, with a reported shortfall of 25 tons in the first quarter of 2025, marking the largest seasonal deficit in six years [5][6] - The price of platinum reached a nearly ten-year high of $1285.58 per ounce on June 11, driven by supply-demand dynamics and strong investment sentiment [5][6] - Despite the current market enthusiasm, some institutions express caution regarding the sustainability of price increases, citing potential risks from hydrogen technology commercialization and recovery in South African mining [6]

Group 1 - The core viewpoint of the articles highlights the significant surge in platinum prices, which have recently surpassed $1,200 per ounce, marking a nearly ten-year high, with a rise of over 30% in the last two months [1][3] - The increase in platinum prices is attributed to a decline in the US dollar index and a substantial rise in gold prices, leading to a compensatory increase in platinum [3] - The World Platinum Investment Council (WPIC) reports a projected 10% year-on-year increase in global platinum demand to 71 tons by Q1 2025, driven primarily by strong investment demand [3] Group 2 - Approximately 70% to 80% of platinum consumption is driven by industrial demand, making its price sensitive to industrial cycles and technological changes [3] - A 10% decrease in total platinum supply to 45 tons in Q1 2025 has resulted in a 25-ton shortfall, the largest single-season deficit in six years [3] - Investors are advised to approach platinum investments with caution, as the current market may experience significant volatility, with potential price fluctuations between $900 and $1,200 per ounce [4]

Summary of Platinum Market Insights Industry Overview - The platinum market is experiencing significant changes, with global production expected to decline from 227 tons in 2024 to 218 tons in 2025, a decrease of 4% [11] - South Africa, the largest producer, is facing production challenges due to power system failures and policy changes, leading to a drop in output from 130 tons in 2024 to 120 tons in 2025 [11][12] - The global platinum supply is under pressure, with a projected supply gap of 26 tons this year, reducing surface inventory to 79 tons, sufficient for only three to four months of demand [20] Key Points and Arguments - **Price Dynamics**: Platinum prices have surged, with London spot prices exceeding $1,170 per ounce and Shanghai Gold Exchange prices reaching 277 RMB per gram, marking a 20% increase year-to-date [1][3] - **Supply and Demand Imbalance**: In Q1 2025, global platinum production fell by 10% to 45 tons, while demand rose by 10% to 71 tons, leading to a critical inventory situation [1][4] - **Cost Structure**: The cash cost of platinum production is approximately $850 per ounce, with full sustaining costs averaging $1,050 per ounce. South African deep mines have cash costs as high as $1,150 [7][8] - **Technological Innovations**: Potential breakthroughs in hydrogen pump technology and MIT's ionic liquid recovery technology could reshape demand dynamics, significantly increasing recovery rates and reducing platinum usage in fuel cells [18][19] Additional Important Insights - **Investment Trends**: The global platinum investment scale has surpassed $520 million, with significant growth potential compared to gold. Demand is primarily driven by hydrogen energy policies in China and industrial applications [17] - **Geopolitical Risks**: Geopolitical factors, such as South African policy instability and sanctions on Russia, are contributing to supply chain uncertainties and price volatility [21] - **Demand Drivers**: Key demand sectors include automotive catalysts, hydrogen energy, industrial manufacturing, jewelry, and investment. The hydrogen sector is expected to grow by 40%, driven by policy and technological advancements [15][16] - **Recycling Challenges**: Although recycling volumes are expected to increase slightly, they remain insufficient to offset declines in mined supply, primarily due to a shortage of scrap catalytic converters [12][13] Conclusion The platinum market is navigating through a complex landscape characterized by declining production, rising prices, and evolving demand dynamics. Investors should closely monitor geopolitical developments, technological advancements, and shifts in supply and demand to identify potential opportunities and risks in this sector.

市场认为，此轮铂金的上涨是技术性的补涨，白银和铂金通常与黄金同步交易，过去12个月黄金累计涨幅超40%，而经过近几个交易日的大涨，白银与铂金 累计涨幅双双提升至25%左右。 新智派新质生产力会客厅联合创始发起人袁帅向《证券日报》记者表示，从市场情绪和资金流向角度来看，一些投资者可能认为铂金具有更高的投资潜力， 资金的流入为铂金价格上涨提供了动力。 6月9日，盘中现货铂金价格涨超4%，最高触及1221.48美元/盎司，创逾3年以来的新高。截至记者发稿时，现货铂金价格有所回落，但其年内累计涨幅达 34.37%，超过现货黄金年内累计涨幅。 与此同时，铂金的供应短缺也是推动铂金价格上涨的主要因素之一。世界铂金投资协会（WPIC）发布的最新报告显示，2025年一季度，全球铂金需求同比 增长10%至71吨，这一增长主要归因于强劲的投资需求。而投资需求的增长有效抵消了汽车及工业领域需求的下滑。 | | | | 贡金属 | | | | --- | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | | 现货铂金(美元/盎司) | 1214.72 | ...

智通财经APP获悉，受到中国珠宝商与投资者们对铂金的需求意外激增，使得上月中国整体铂金进口量 达到一年以来最高水平，这种兼具避险与首饰制造属性的贵金属近年来价格长期萎靡，但随着同属避险 与装饰金属的黄金猛涨至3500美元创下历史最高点，铂金有望接力黄金迎来新一轮强劲涨势。 在黄金价格暴涨且波动范围剧烈之际，铂金因价格长期相对稳定而更具投资与首饰购买吸引力。至少消 费端与珠宝商们转向铂金首饰的核心原因在于去年黄金类珠宝销量开始下滑——主要由于黄金价格高昂 且波动性较大，长期经营黄金珠宝的商家们纷纷转向铂金类首饰产品，欲购买首饰的消费者也愈发青睐 铂金，交易员们也将避险目光投向这种更廉价的贵金属。此外，铂金需求的不断增长可能会耗尽已经在 不断减少的铂金库存，预计整个六月和七月市场仍将保持紧张进而推动铂金价格大涨，今年迄今为止铂 金价格已上涨 10%。 根据周二公布的一项统计数据，全球最大规模铂金消费国中国在4月份进口了11.5吨该金属。Bloomberg Intelligence的分析师团队预计，铂金——除用于珠宝首饰以及避险投资外，还广泛应用于汽车催化转换 器和实验室设备，在本十年的余下时间里(即2030年之前 ...