The quick read: what happened today?
Platinum is slightly lower on the session, while palladium is sharply higher, as the PGM complex continues to trade a push-pull between macro headwinds (USD/yields) and tight physical narratives / supply risk.
Today’s spot snapshot (USD/oz)
- Platinum: $2,052.48/oz (JM Bullion “as of Feb 16, 2026 at 05:00 PM ET”).
- Palladium: $1,768.00/oz (JM Bullion “as of Feb 16, 2026 at 04:47 PM ET”).
Infographic note: the % moves shown are vs the reference timestamps printed on the JM Bullion pages (platinum vs 12:00 AM ET; palladium vs Feb 15 late quote).
6 drivers behind today’s platinum move (down modestly)
1) Macro pressure is back in the driver’s seat
Recent market commentary has explicitly tied platinum pullbacks to a stronger dollar and higher yields (often driven by “rate cuts later” narratives), which tends to dampen precious-metals inflows.
2) Profit-taking after a fast run
Platinum has been trading at historically elevated levels in 2026, and the market is prone to “two steps forward, one step back” days as traders lock in gains after sharp rallies. (That consolidation theme also shows up in broader 2026 PGM outlooks.)
3) South Africa supply risk still matters—but it doesn’t bid every day
South Africa remains central to the platinum supply story, and the sector continues to face major cost/operational pressures (including power costs). That risk can keep a floor under the market over time, but day-to-day price action still swings with macro.
4) “Balanced-to-slight-surplus” expectations can cap aggressive upside on quiet days
WPIC-linked coverage has highlighted that 2026 could shift toward a more balanced platinum market (even if above-ground stocks remain a longer-term concern). That kind of framing can limit chase buying on softer sessions.
5) Recycling response is a natural pressure valve
Higher prices tend to incentivize recycling flows, which can reduce near-term tightness and cool rallies—especially during consolidation phases.
6) Trade/tariff uncertainty keeps volatility elevated
Multiple 2026 outlooks point to trade-related uncertainty as a recurring volatility input for PGMs (including platinum).
4 drivers behind today’s palladium move (up strongly)
1) Palladium is “headline sensitive” and prone to sharp squeezes
Palladium is historically one of the most volatile major metals. When liquidity is thin or positioning is crowded, it can jump fast—even if the longer-term fundamental narrative is mixed.
2) Recycling is the swing factor—and the market watches it closely
WPIC-linked commentary notes that expectations for palladium moving into surplus often hinge on recycling growth; if recycling doesn’t ramp as expected (or timing slips), the market can reprice quickly.
3) “Surplus talk” doesn’t eliminate short-term tightness risk
Even in a market that many forecast as looser on average, short-run physical tightness can still appear via supply-chain frictions, demand surprises, or flow-driven moves (ETFs/derivatives).
4) Demand is still heavily autocatalyst-linked
Auto catalysts remain a major palladium end-use, so anything that shifts expectations around gasoline/hybrid production can move prices quickly.
Bottom line
On Feb 16, 2026, the tape reads: platinum $2,052/oz (soft) and palladium $1,768/oz (strong).
Today’s split—platinum drifting while palladium pops—fits a market where macro (USD/yields) sets the daily mood, but PGM-specific supply/recycling dynamics can still produce sudden, outsized moves.
