The quick read: what happened?
Platinum is slightly lower today, while palladium is slightly higher as traders digest an outsized run in PGMs and react to a tug-of-war between macro (USD, yields, risk appetite) and fundamentals (auto demand, recycling flows, supply risk).
Today’s spot snapshot (USD/oz)
- Platinum: $2,066.74/oz ( -$6.82, -0.33% ) (JM Bullion)
- Palladium: $1,710.76/oz ( +$1.40, +0.08% ) (JM Bullion)
5 key drivers behind today’s move
1) A “reset” phase after a big PGM rally
A lot of 2026 price action has the look of consolidation after a powerful run. Industry commentary has explicitly flagged a period of “reset and consolidation” after sharp gains across precious metals/PGMs. (Heraeus Precious Metals)
2) Macro cross-currents: dollar + real-rate expectations still matter
Even for industrial-heavy metals like platinum and palladium, USD direction and real-rate expectations can swing day-to-day flows—especially when positioning is crowded and markets are volatile (a pattern you’ve seen across the precious-metals complex recently). (Natural Resource Stocks)
3) Automotive demand is diverging (and it shows up differently in each metal)
Palladium is more exposed to the gasoline autocatalyst cycle, and multiple industry outlooks point to softening auto-related demand as EV share rises—supporting the idea of a wider palladium surplus over time. (Heraeus Precious Metals)
Platinum faces similar structural questions, but is often framed as tighter on balance (even if deficits narrow). (Heraeus Precious Metals)
4) Recycling supply can be a quiet “pressure valve”
When prices jump, recycling tends to respond, and that additional secondary supply can cool rallies or cap near-term upside—another theme highlighted in forward-looking PGM commentary. (Heraeus Precious Metals)
5) Supply-risk premium hasn’t vanished (it’s just not always priced every day)
Platinum market narratives still reference multi-year deficits and shrinking above-ground buffers, which can keep a bid under the market even on down days—especially when headlines revive supply disruption fears. (Platinum Investment Council)
What to watch next (quick checklist)
- Whether platinum holds the $2,000-ish psychological area during the next risk-off wobble (key for “trend vs. consolidation” behavior) (Platinum Investment Council)
- If palladium can build on stabilization after a weak month (or slips back into “sell the rallies” mode) (Trading Economics)
- U.S. dollar and rate expectations into the next major macro prints (Heraeus Precious Metals)
- Signs of auto-demand weakness vs. substitution effects between platinum/palladium (Heraeus Precious Metals)
- Any escalation in tariff / trade uncertainty around PGMs (a recurring theme in 2026 outlook commentary) (Heraeus Precious Metals)
Bottom line
On Feb 15, 2026, platinum ($2,066.74/oz) is modestly lower and palladium ($1,710.76/oz) is modestly higher, reflecting choppy consolidation rather than a clean new trend. The big forces remain the same: macro signals (USD/rates) set the tone short term, while auto demand, recycling flows, and supply risk determine how durable any move becomes. (JM Bullion)
