Group 1 - The platinum market is experiencing unprecedented tightness due to tariff concerns and speculative buying, leading to significant flows of platinum from London and Zurich to U.S. and Chinese warehouses [1] - After a record increase last month, spot prices have reached new highs, with one-month implied borrowing costs for platinum hitting the highest level since data collection began in 2002 [1] - The influx of over 500,000 ounces of platinum into U.S. warehouses earlier this year was driven by tariff-related premiums, mirroring trends seen in the copper market [1] Group 2 - Despite a slight price retreat, market tensions remain unresolved, with spot premium structures strengthening as buyers pay significantly higher prices for immediate supply compared to future contracts [5] - The rise in leasing rates is partly attributed to industry users questioning the sustainability of the recent price surge, which has seen platinum prices soar nearly 60% year-to-date [7] - The World Platinum Investment Council anticipates a supply deficit of nearly 1 million ounces this year, further depleting already limited ground inventories [7]

Core Viewpoint - Speculative buying has driven platinum prices to a more than ten-year high, supported by increased imports from China, ongoing supply concerns, high leasing rates, and consumers turning to cheaper alternatives due to high gold prices [1] Group 1: Market Dynamics - Platinum prices reached their highest level since September 2014, driven by speculative buying [1] - Increased imports from China have contributed to the rising demand for platinum [1] - Ongoing supply concerns continue to support the upward trend in platinum prices [1] Group 2: Investment Sentiment - High leasing rates are influencing market behavior and contributing to price increases [1] - The high price of gold is prompting consumers to seek out platinum as a more affordable alternative [1] - The market fundamentals for platinum remain unchanged, with a potential for further buying if key technical levels, such as $1,000, are breached [1]