Platinum futures traded around $2,000 an ounce, sustaining its recovery from a four-week low hit on April 29, supported by broader strength in precious metals amid renewed diplomatic signals in the Middle East war. Attention is focused on US plans to escort vessels not involved in the conflict out of the Strait of Hormuz, alongside indications of progress in negotiations with Iran. Still, the prolonged conflict has kept energy prices and inflation risks elevated, reinforcing expectations that major central banks may need to maintain tighter monetary policy for longer. Meanwhile, the platinum market remains structurally tight, with output concentrated in South Africa and Russia, making production highly vulnerable to disruption. In South Africa, aging mines, high power costs, and only gradual gains from new projects like Platreef continue to limit growth, while Russia is expected to see lower output due to sanctions-related constraints.

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