Key Points
- Platinum futures jumped to $1,954 per ounce (January delivery) on NYMEX.
- The spot price rose above $1,900 per ounce, the highest since July 2008.
- The EU is relaxing its ban, which would have ended the sale of internal combustion engine vehicles by 2035.
NYMEX platinum futures (@PL.1) for January 2026 delivery climbed to $1,954 per ounce.
The spot price rose to a 17-year high at $1,906 per ounce, the highest since July 2008.
Announced today, after massive pressure from European auto makers, the EU is relaxing its ban on combustion engine vehicles that would have ended the sale of them by 2035. Bottom line, hybrids are winning vs full EVs and ICE vehicles still sell because that is what the market wants. It’s also the main reason why we own platinum as hybrids use more platinum per car than an ICE vehicle and where full EVs use none. (The Boock Report)
Conclusion
Hybrid vehicle sales are growing rapidly relative to full battery-electric vehicles (BEVs), and news that the EU is relaxing its ban on internal combustion engine vehicles (by 2035) will likely further boost demand for platinum.
Acknowledgments
- Peter Boockvar, The Boock Report: Another failure of government industrial policy
- CNBC: Platinum Futures
- KITCO: Platinum 24-Hour Spot Price (Bid)
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.