It was a quiet day for PGM corporate news, but a notable one for prices. Palladium touched its weakest level in a year on Tuesday, 3 November 2026, and platinum extended its pullback from January's record, even as the two metals' underlying supply stories stayed effectively unchanged.
Top stories#
Palladium falls to a one-year low#
Palladium dropped to $946.50 per troy ounce on 3 November 2026, according to Trading Economics' CFD-tracking series, which also showed the metal down 2.27% from the previous day and down 19.65% over the past month and 32.32% over the past year. MM News, reporting from New York the same day, separately put the metal's decline at 1.4% and its price near $953.64 per ounce, a modestly different reading that nonetheless confirms the day's broad weakness. The slide keeps palladium under pressure from a well-documented trend: weaker gasoline-vehicle output and hybrid substitution have been eating into catalytic-converter demand.
Platinum extends its retreat from January's record#
Platinum fell to $1,435.40 per troy ounce on 3 November, down 1.31% on the day, with Trading Economics data showing the metal down 16.73% over the past month and 5.68% over the past year. That leaves platinum well below its all-time high of $2,923/oz, reached on 26 January 2026 according to the World Platinum Investment Council. MM News reported that silver and platinum both fell alongside palladium that day, while gold itself eased after a stronger prior session.
Prices and market context#
WPIC's Platinum Quarterly for Q2 2026, published 9 September 2026, forecasts a 265 koz platinum surplus for 2026, a reversal from the 297 koz deficit projected in the Q1 2026 edition, after revising the 2025 deficit to more than 1 million ounces; above-ground platinum stocks are estimated at roughly 3.4 months of demand by the end of 2026 on that basis. That balance sits in the background of Tuesday's price move, though the day's decline itself was not tied by any source opened for this report to a specific new catalyst.
Elsewhere in the PGM developer space, Southern Palladium said on 13 October 2026 that an updated prefeasibility study lifted the post-tax net present value of its 70%-owned Bengwenyama PGM-chrome project, on the Bushveld Complex's Eastern Limb, to US$1,961 million from US$857 million, with the post-tax internal rate of return rising to 39.1% from 26.4%. A definitive feasibility study and project funding remain outstanding.
Readers can track live levels on DailyPlatinum's platinum price page and platinum price chart, and on the palladium price page. For project economics tied to the rhodium-heavy 6E basket, see DailyPlatinum's pages on Platinum Group Metals Ltd and Zimplats. Scrap market participants can find background on DailyPlatinum's catalytic converter scrap prices page.
What to watch#
- Heraeus Precious Forecast's next full-year update is expected in November 2026, continuing the house's established November cadence.
- Southern Palladium's definitive feasibility study for Bengwenyama remains outstanding following the October PFS update, with funding arrangements still to be finalized.
- Whether palladium's one-year low marks a floor or a new leg down will depend on Russian and South African mine supply trends flagged in DailyPlatinum's coverage earlier this week.
Sources: Trading Economics (Palladium) – tradingeconomics.com/commodity/palladium; Trading Economics (Platinum) – tradingeconomics.com/commodity/platinum; MM News – mmnews.tv; Kalkine – kalkine.com.au (Southern Palladium Updated PFS)