Platinum and palladium both closed lower this week; as the holiday approaches, the spot market is steeped in a holiday atmosphere【SMM Platinum and Palladium Weekly Review】 - Shanghai Metals Market

AI desk brief

Platinum and palladium both ended the week lower after a sharp midweek selloff driven by higher oil, sticky-inflation/rate-hike fears, a firmer dollar above 101 and the 10-year Treasury yield moving toward 5.2%/above 5.25%. PT2612 traded 408.90-428.15 yuan/g and closed at 420.20 yuan/g; PD2612 ranged 283.80-297.60 yuan/g and finished at 292.20 yuan/g, with both rebounding modestly as October hike odds eased after Williams said there was no need to rush.

COMEX inventory data remain bifurcated: platinum registered stocks fell to about 179,000 oz, down 6.4% over 30 days and at a 9-month low, while palladium registered stocks stayed elevated at 196,800 oz with ample warehouse buffer. Import data show August 2026 inflows of unwrought platinum at 8.11 mt (+11.55% YoY) and palladium at 3.35 mt (+73.58% YoY), while London 1-month lease rates stayed low, underscoring loose spot liquidity despite ETF accumulation and some downstream bargain buying.