The quick read: what happened today?
After yesterday’s “metals meltdown” vibe, the precious-metals complex is attempting a rebound today—helping lift PGMs. Platinum is leading the bounce, while palladium is grinding higher more modestly.
Today’s spot snapshot (USD/oz)
- Platinum: $2,091.40/oz (JM Bullion “as of Feb 18, 2026 at 02:46 PM ET”).
- Palladium: $1,736.00/oz (JM Bullion “as of Feb 18, 2026 at 02:16 PM ET”).
Move vs the prior JM Bullion snapshot shown on the pages:
- Platinum: +$52.00 (+2.55%) vs $2,039.40 (Feb 17 snapshot).
- Palladium: +$20.17 (+1.18%) vs $1,715.83 (Feb 17 snapshot).
(For a benchmark “daily %,” Trading Economics shows platinum up +2.14% on Feb 18.)
6 reasons platinum is higher today
1) Rebound day after the selloff
Yesterday’s slide was tied to USD strength, geopolitical uncertainty, and thin liquidity from China’s Lunar New Year holiday, which pressured metals broadly (including platinum). Today’s move looks like a classic snapback after that risk-off flush.
2) Gold’s bounce is helping lift the whole complex
Gold is trying to reclaim $5,000 today after bouncing off weekly lows, and that shift in tone tends to spill into platinum (especially when the move is driven by short-term positioning).
3) Macro “rate direction” still rules the tape
Markets are still trading around “what happens next with rates,” and even small changes in rate expectations can flip flows between cash/short-duration and metals.
4) PGM dislocations + trade dispute narratives are keeping a bid underneath
BofA has explicitly pointed to trade-dispute dislocations and tightness supporting PGMs (especially platinum), a theme that makes dip-buying more likely after sharp down days.
5) Tight supply narratives haven’t gone away
Even with violent day-to-day swings, major industry outlooks still frame platinum as a market that can remain well supported through 2026 (even if it “resets” after a big run).
6) Technical/flow-driven buying after a big move
When a market is trending and then dumps quickly (like yesterday), systematic and discretionary traders often “buy the rebound” once selling pressure fades—especially in relatively thinner markets like PGMs.
5 reasons palladium is higher today (but less explosive than platinum)
1) Sympathetic lift from the precious-metals rebound
Palladium tends to follow broad risk appetite in the metals space on rebound days, even when its own fundamentals are mixed.
2) Hybrid/ICE autocatalyst demand is still a pillar
Trading Economics’ palladium commentary continues to highlight the push-pull of EV share vs hybrid vehicle catalyst demand—supportive enough that the market often responds quickly when sentiment improves.
3) Recycling assumptions are a swing factor
WPIC-linked discussion (via Nasdaq) emphasizes that the “palladium surplus” story hinges on recycling growth—if that’s questioned, prices can stay firmer on rebounds.
4) Palladium is volatile—small triggers can move it
Even modest shifts in liquidity/positioning can show up as noticeable price changes.
5) “Forecasts raised” narrative supports dip buyers
Reuters-linked reporting has noted analysts lifting 2026 price forecasts for both platinum and palladium after the strong prior-year rally—again, a psychological tailwind for rebound buying.
Bottom line
Feb 18, 2026: platinum is $2,091/oz and palladium is $1,736/oz, with both up vs yesterday’s JM Bullion snapshot.
Today’s story is mostly a post-selloff rebound + macro (rates/USD) tone, layered on top of PGM-specific tightness and trade-flow narratives.
