The quick read: what happened today?
Both platinum and palladium are down around ~2% today as the PGM complex takes a breather. The main pressure points are macro (USD/yields, “risk-off” tone) plus thin liquidity from Asia around Lunar New Year, which can amplify moves.
Today’s pricing snapshot (USD/oz)
- Platinum: $2,027.30/oz (JM Bullion “as of Feb 17, 2026 at 03:21 PM ET”).
- Palladium: $1,715.83/oz (JM Bullion “as of Feb 17, 2026 at 02:52 PM ET”).
Today’s move (benchmark %):
- Platinum: -2.02% on Feb 17 (Trading Economics CFD benchmark).
- Palladium: -2.01% on Feb 17 (Trading Economics CFD benchmark).
Why the price levels can differ by source: JM Bullion shows a live spot quote snapshot, while Trading Economics references a CFD benchmark print—both are useful, but they won’t always match tick-for-tick.
6 reasons platinum is lower today
1) Macro headwinds are back: USD + yield pressure
Platinum often trades with the broader precious-metals complex when the dollar strengthens and yields firm, pulling speculative money out of metals.
2) “Risk-off” tape hits the whole metals board
When investors de-risk, industrial-leaning precious metals (like platinum) can get sold alongside copper and other cyclicals. Marketwide selling showed up across metals today.
3) Thin holiday liquidity can exaggerate the move
With China largely offline for Lunar New Year, liquidity drops—and price moves can look bigger than the underlying fundamental shift.
4) Profit-taking after an outsized 2026 run
Platinum is still dramatically higher vs. last year (per Trading Economics), so pullbacks like today can be plain old profit-taking.
5) “Tightness” is real, but it doesn’t bid every session
Even if the longer-term story stays constructive, day-to-day action can be driven by macro and positioning first, fundamentals second.
6) Cross-metal rotation within PGMs
Traders frequently rotate between platinum and palladium depending on auto-demand/substitution narratives and relative value—creating days where both drop, but one drops harder.
5 reasons palladium is lower today
1) Palladium is volatile by nature—and sells off fast in risk-off moments
Palladium has a history of sharp moves (up or down) when the market shifts from “chase” to “de-risk.”
2) Macro + holiday liquidity are a double hit
Same two forces as platinum—stronger USD / risk-off plus reduced Asian liquidity—tend to weigh disproportionately on thinner markets like palladium.
3) The market is still debating the demand path (auto vs. EV mix)
Palladium’s largest demand channel remains autocatalysts, so any wobble in “gasoline/hybrid” expectations can pressure pricing quickly.
4) “Surplus/deficit” narratives can flip sentiment quickly
Even when longer-term supply/demand forecasts look supportive at times, near-term price action can swing on changing expectations for recycling and industrial demand.
5) Recent strength invites mean reversion
After a strong prior-session pop (Trading Economics notes a sizeable gain on Feb 16), today’s drop reads like mean reversion as traders fade the rally.
Bottom line
On Feb 17, 2026, platinum and palladium are both weaker, with benchmark pricing down about ~2% on the day.
The dominant “today” drivers are macro (USD/yields, risk appetite) and thin holiday liquidity, with PGM-specific fundamentals acting more like the background score than the lead instrument.
