Platinum Surges on Supply Deficit Amid Global Risk Sentiment

Global risk sentiment took a hit as US Treasury yields surged, driven by concerns over the expanding US fiscal deficit. The weaker dollar, despite rising yields, reflected a shift in confidence, leading investors towards safe-haven assets like gold and the Swiss Franc.

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Platinum emerged as the standout performer of the week, surging over 10% to hit a one-year high. This rally was supported by momentum buyers amid a tightening supply outlook, contrasting with crude oil which surrendered an Israel-Iran risk premium on speculation of increased production by key OPEC+ members.

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The grains sector experienced a boost from weather risks, prompting speculators to reduce bearish bets, notably in corn and wheat. The positive start to the week in global financial markets, following a US-China trade war truce, was overshadowed by concerns over the escalating US fiscal deficit, pushing the 30-year US Treasury yield to its highest level since 2023.

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The dollar faced pressure despite high Treasury yields, signaling a loss of confidence in the US as a risk-free investment. Gold rallied on debt-related concerns and reports of potential military actions, while platinum’s surge was driven by a projected supply deficit and rising demand in China.

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The Bloomberg Commodity Index, tracking 24 major commodities, showed a 1.3% increase this week, supported by gains in gold and grains. Industrial metals posted modest gains, while energy sector losses were offset by soft commodity price declines.

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Platinum, often overshadowed by other metals, surged on expectations of a supply deficit and rising demand in China. The gold-to-platinum price ratio narrowed, signaling increased interest in platinum. Despite the recent rally, a sustained breakout above key levels is needed for a confirmed trend reversal.

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Gold’s rebound on fiscal concerns highlighted its role as a hedge against deteriorating government creditworthiness. Crude oil markets stabilized within a volatile range, influenced by geopolitical tensions and expectations of increased OPEC+ production.

Grains saw their first weekly gain in six weeks, with wheat leading the rally due to global supply concerns. Speculative short selling contributed to a sustained downtrend in wheat futures, but adverse weather conditions and strong export demand are reshaping the sector’s outlook.

The commodities market remains dynamic, influenced by geopolitical events, supply-demand dynamics, and investor sentiment. As uncertainties persist, investors are closely monitoring key indicators and trends to navigate the evolving landscape of commodity trading.

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Platinum Surges on Supply Deficit Amid Global Risk Sentiment

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