Platinum prices have seen a significant rise this week, reaching $2,067.50 per troy ounce on February 13, 2026, marking an increase of 2.28% from the previous day. This surge comes amid ongoing power issues in South Africa, a key global supplier of platinum group metals (PGMs), which have caused intermittent disruptions in production. According to Trading Economics, these supply constraints have amplified concerns among investors and industry stakeholders, driving prices up.
Market Action: Price Movements and Key Levels
In the past month, platinum prices have experienced a fluctuating trend, with a monthly decline of 13.34% as of February 13, 2026. Despite this, the year-over-year change shows a substantial increase of 106.81%. This week’s uptick in prices can be attributed to South Africa’s power crisis, which has hindered mining operations, thereby tightening supply in the market. Fortune reported that platinum prices were at $2,162.67 per ounce on February 11, reflecting a volatile market environment.
Analysis: Drivers of the Price Surge
The primary driver behind the recent rise in platinum prices is the ongoing power crisis in South Africa. The country’s energy infrastructure has been under strain, leading to frequent power outages that disrupt mining activities. This has caused concern among investors about the stability of supply, subsequently pushing prices higher. Additionally, the recent reversal of the European Union’s 2035 internal combustion engine ban supports long-term demand for PGMs, which are essential in automotive catalysts.
Furthermore, while automotive catalyst demand has been soft, potentially due to a shift towards electric vehicles, this has been offset by expectations of increased demand from the hydrogen economy. Platinum is a critical component in hydrogen fuel cells, and as the world pivots towards more sustainable energy sources, this could bolster demand for the metal.
Context: The Bigger Picture
The platinum market’s dynamics are influenced by several factors, including geopolitical tensions, technological advancements, and changes in regulatory policies. The current supply disruptions in South Africa highlight the vulnerability of the platinum supply chain to regional issues. Historically, such disruptions have led to price volatility, as seen in the current market.
Moreover, the global shift towards cleaner energy and the development of the hydrogen economy present both challenges and opportunities for the platinum market. As countries invest in hydrogen infrastructure, the demand for platinum could see a significant boost, potentially stabilizing prices in the long term.
Outlook: What to Watch For Next
Investors and industry stakeholders should closely monitor developments in South Africa’s energy sector and any potential resolutions to the power crisis. Additionally, the evolving regulatory landscape, particularly in the automotive industry, will be crucial in determining future demand for PGMs. Analysts will also be keeping an eye on advancements in hydrogen technology, as these could further influence market dynamics.
While past performance is not indicative of future results, the current market conditions suggest that platinum prices may remain volatile in the short term due to supply uncertainties. However, the long-term outlook could be more positive if demand drivers such as the hydrogen economy gain momentum.
Please note that this analysis is for informational purposes only and should not be considered financial advice. Always consult with a financial advisor before making investment decisions.
According to Trading Economics, the market will likely continue to react to any new developments in South Africa and the global energy transition.
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Investment Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. The content should not be construed as a recommendation to buy, sell, or hold any security or commodity. Past performance is not indicative of future results. Mining investments carry significant risks, including the potential loss of principal. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. MineListings.com and its authors may hold positions in securities mentioned in this article.
