Platinum futures have surpassed $2,300 per ounce, reaching an unprecedented high due to constrained supply and strong investment demand. The metal has seen an increase for ten consecutive sessions, marking its longest winning streak since 2017. It has appreciated over 150% this year, the most significant annual gain since at least 1987. Currently, over 600,000 ounces are stored in U.S. warehouses as traders anticipate the results of Washington’s Section 232 investigation, which could lead to tariffs or trade restrictions. Supply disruptions in South Africa, the leading global producer, have resulted in a third consecutive year of deficits. Industrial users are also grappling with elevated leasing costs. Meanwhile, shipment volumes to China remain strong, and optimism has been further fueled by the introduction of platinum futures on the Guangzhou Futures Exchange. Prices there have exceeded other benchmarks, sustaining the upward momentum for the metal.