Core Insights - Platinum prices have surpassed $2000 per ounce for the first time since 2008, with a year-to-date increase of over 120% [1] Supply and Demand Dynamics - The significant rise in platinum prices is closely linked to changes in market supply and demand structures [1] - The World Platinum Investment Council forecasts a supply shortage in the global platinum market for the third consecutive year in 2025, with a shortfall of approximately 22 tons [1] - South Africa, a major producer of platinum, faces structural challenges such as aging mines and power shortages, which limit production capacity [1] Industrial Demand - Platinum's industrial properties support its demand, particularly in automotive catalytic converters and the hydrogen energy sector [1] - The ongoing global green transition enhances the market's interest in platinum's applications in fuel cells and electrolysis for hydrogen production [1] - High gold prices this year have also increased platinum's attractiveness as an alternative precious metal [1] Market Developments - The Guangzhou Futures Exchange launched platinum and palladium futures contracts on November 27, which is seen as a move to improve the domestic derivatives system and provide risk management tools for industry chain enterprises [1]