Platinum and palladium both slipped on 28-29 September as broader precious metals came under pressure from firm US rate expectations. Against that backdrop, Sibanye-Stillwater added a new secondary share listing, China's Guangzhou Futures Exchange opened its platinum and palladium contracts to foreign investors, and a Bushveld developer reported a wider annual loss as its feasibility study continues.
Top stories#
Sibanye-Stillwater to add A2X secondary listing from October 6#
Sibanye-Stillwater said on 29 September that regulators had approved its ordinary shares for trading on South Africa's A2X exchange from 6 October, adding a new venue alongside its existing primary listing on the JSE and its secondary American depositary shares on the New York Stock Exchange, which are unaffected by the change. The company said the listing is meant to widen investor access and choice and could support trading liquidity, and confirmed no new shares will be issued and its total share capital will not change. Business Day reported the group's stated aim was "supporting liquidity in the company's shares". A2X already carries secondary listings for other large South African names, including AngloGold Ashanti, Glencore and Pan African Resources, according to Business Day.
China's GFEX opens platinum and palladium futures to foreign investors#
Shanghai Metals Market reported on 28 September that platinum and palladium futures and options contracts on China's Guangzhou Futures Exchange (GFEX) had opened to qualified foreign investors, with the contracts, launched in November 2025, expected to draw overseas participation that could boost liquidity and strengthen China's role in global price formation. Previewing the change on 25 September, Mining Weekly reported that GFEX had aligned the contracts' technical specifications and sourcing rules with the London Platinum and Palladium Market, positioning the exchange alongside the CME, LBMA and Osaka Exchange, and quoted World Platinum Investment Council research director Edward Sterck saying the move should benefit "the global liquidity environment" by opening arbitrage opportunities between GFEX and other trading centers. For a market where WPIC now forecasts a 2026 surplus, a more liquid futures venue in the world's largest PGM-consuming country is a structural development worth tracking in the months ahead.
Southern Palladium's annual loss widens as Bengwenyama study continues#
Southern Palladium, developer of the 70%-owned Bengwenyama PGM project in South Africa's Bushveld Complex, said on 28 September that its operating loss widened to A$10.47 million in the year to 30 June 2026, from A$4.78 million a year earlier, while cash and short-term deposits rose to A$18.88 million from A$9.92 million, Shanghai Metals Market reported. SMM noted that the project's existing mining right and completed prefeasibility study do not amount to construction or production, and that further study results, funding and construction decisions will determine when the deposit becomes a source of supply. The wider loss reflects continued technical spending on the definitive feasibility study rather than any change to the project's underlying resource.
Prices and market context#
Umicore's 10am reference price put platinum at $1,751.00/oz on 28 September, down from its average so far this month of $1,802.00/oz, while palladium fell to $1,222.00/oz on the same date against a month-to-date average of $1,322.26/oz, according to Umicore Precious Metals Management. Separately, Shanghai Metals Market cited Reuters data on 29 September showing spot platinum down 1.3% at $1,697.71/oz and palladium down 0.8% at $1,205.27/oz, with gold trading near its lowest level in more than seven weeks as investors priced in a longer period of elevated US interest rates. The gap between the Umicore and spot series is a reminder that platinum and palladium quotes differ by benchmark, timing and venue; both point the same direction this week, which is down.
Platinum remains well below its 26 January 2026 record of $2,923/oz (WPIC). The World Platinum Investment Council's Platinum Quarterly for Q2 2026, published 9 September, revised its 2026 forecast to a 265 koz surplus after a 297 koz deficit forecast in Q1, while still flagging a 2025 deficit of more than 1 Moz and above-ground stocks equivalent to roughly 3.4 months of demand by the end of 2026. That combination of thin visible stocks and a newly forecast surplus helps explain why prices remain volatile even as the multi-year deficit narrative fades. Readers can track live spot levels on our platinum price page and palladium price page, and see the year's full move on the platinum price chart.
For background on how PGM autocatalyst demand and Bushveld supply interact with prices, see our explainers on PGMs in autocatalysts and platinum mining in the Bushveld Complex. Investors comparing exposure to producers can consult our Sibanye-Stillwater production and mines page and our platinum stocks overview.
What to watch#
- 6 October 2026: Sibanye-Stillwater's ordinary shares begin trading on South Africa's A2X exchange, alongside its existing JSE and NYSE listings.
- Ongoing: Southern Palladium's definitive feasibility study for the Bengwenyama project, which will determine the project's funding and construction timeline.
- Ongoing into Q4 2026: Early trading volumes on GFEX's newly internationalized platinum and palladium futures and options contracts, and any resulting arbitrage activity against CME and LBMA/OTC benchmarks.
Sources: Miningmx (https://www.miningmx.com/trending/67595-sibanye-stillwater-adds-a2x-secondary-listing/); Business Day (https://www.businessday.co.za/companies/company-strategy/2026-09-29-sibanye-stillwater-to-list-on-a2x-in-october/); Mining Weekly (https://www.miningweekly.com/article/big-boost-for-platinum-palladium-as-china-exchange-internationalises-trading-2026-09-25); Shanghai Metals Market (https://news.metal.com/newscontent/104139510-southern-palladiums-annual-loss-widens-as-bengwenyama-study-continues); Umicore Precious Metals Management Platinum (https://pmm.umicore.com/en/prices/platinum/); Umicore Precious Metals Management Palladium (https://pmm.umicore.com/en/prices/palladium/)