Platinum Soars to 11-Year High as Supply Fears and Substitution Demand Ignite Rally

Economic

Commodity

Summary:

Platinum prices surged to $1,390.98 per ounce, the highest since 2014, as supply constraints and rising investor demand—especially from China—combined with substitution effects from palladium...

Supply-Side Stress and Chinese Demand Drive Platinum Higher

Platinum prices have surged 2.7% to their highest level in more than a decade, climbing to $1,390.98 an ounce in Singapore trading on Thursday. The move follows mounting concerns over a widening supply deficit, exacerbated by renewed Chinese investor interest and increased demand for jewelry replacements.

Justin Lin, an analyst at Global X ETFs, noted that the uptick in Chinese platinum consumption has intensified concerns about constrained mine supply, pushing speculative buyers into the market. This new demand surge comes at a time when platinum output remains limited due to structural issues in South Africa, the world’s leading producer, and broader geopolitical disruptions in global mining operations.

Palladium Benefits From Platinum’s Rally

Palladium prices followed platinum higher, gaining as much as 5% before settling with a 3.3% rise to $1,103.20. The two metals are chemically similar and often interchangeable in the production of catalytic converters for internal combustion engines. As platinum becomes relatively more expensive, some speculative buying in palladium has emerged in anticipation of demand substitution.

This relationship reinforces a cyclical pattern between the two metals. When platinum’s supply tightens, industrial users and investors often shift allocations to palladium, and vice versa, depending on pricing spreads and availability.

Precious Metals Remain Firm Amid Global Uncertainty

Gold also edged higher, up 0.4% to $3,345.63 per ounce, while silver added 0.2%. The broader precious metals complex is benefiting from investor hedging as geopolitical risks remain unresolved. Although President Trump announced that U.S.–Iran negotiations are scheduled for next week and that the conflict with Israel is “effectively over,” the ambiguity of his warning that fighting “could maybe start soon” continues to keep safe-haven assets in focus.

At the same time, the Federal Reserve's monetary stance is drawing scrutiny. Chair Jerome Powell acknowledged uncertainty over the inflationary impact of the administration’s tariffs, while markets anticipate that continued muted price pressures could accelerate a rate-cutting cycle. The Bloomberg Dollar Spot Index fell 0.4%, supporting dollar-denominated commodities.

Gold’s Rally Slows, Investors Rotate to Cheaper Alternatives

Gold has gained more than 25% year-to-date, buoyed by central bank purchases and anticipation of monetary easing. However, its rally has plateaued in recent weeks, leading some investors to rotate into undervalued metals like platinum and silver. With platinum still trading at a notable discount to gold, the metal has attracted renewed portfolio diversification interest, particularly from institutional buyers.

Meanwhile, political developments could reshape monetary leadership in the United States. According to a Wall Street Journal report, President Trump is considering replacing Jerome Powell as Fed Chair by September or October, citing frustration with the pace of interest rate cuts. Any confirmation of this shift would further influence precious metals, which typically thrive under dovish monetary conditions.

The combination of constrained supply, strong Chinese buying, and substitution dynamics with palladium has created a bullish backdrop for platinum. While geopolitical factors and rate expectations continue to drive broad precious metals sentiment, platinum’s recent breakout appears rooted in fundamental scarcity. If supply constraints persist and global monetary easing materializes, platinum could sustain its upward trajectory into the second half of 2025.

Source: Bloomberg

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Glendon

Cryptocurrency

Ethereum (ETH) staking has hit a new all-time high, with over 33.9 million ETH locked as of June 24, 2025. This surge comes as Ethereum simultaneously posted a 9% weekly gain, closing at $2,428.41 amid $3.3 billion in net inflows.

Staking Growth Confirms Deepening Market Commitment

The momentum across Ethereum is currently bullish, fueled by rising participation in staking and increasing demand-side flows. This growth is visible in the uninterrupted staking curve that began in December 2020, gaining strength particularly after the 12 million mark was crossed in mid-2022.

According to CryptoBullet, staked ETH began under 5 million in January 2021 but climbed steadily despite market volatility and macro headwinds. From Epoch 6843 to Epoch 362559, staked ETH advanced through every phase, pushing above 33.9 million in June 2025.

The current staking growth appears independent of an Ethereum staking ETF, which could further escalate locked volume. Notably, no prolonged downtrend has occurred over the years, signaling persistent validator confidence in Ethereum's Proof-of-Stake framework.

Price Action Validates On-Chain Optimism

Recent movements in the sector have reshaped priorities, with Ethereum gaining 9.01% on the week and closing firmly above $2,400. The move followed a rebound off the $1,600 zone earlier this month, which has historically acted as a strong technical support.

Source: TradingView

Ethereum's weekly chart shows a low of $2,188.00 and a high of $2,482.04, reflecting strong buying from intraday dips. The latest price action indicates ETH is forming a higher low on the weekly chart, with a potential path toward $2,800 resistance.

Volume hit 1.64 million ETH on Binance this week, confirming faith in the rally. This volume pop is in line with growing staking, further supporting the thesis that ETH holders are deploying capital into long positions instead of exiting the market.

Net Inflows Fuel Ecosystem Expansion

Simultaneously, other market indicators suggest a different trend beneath the surface-Ethereum led all assets with $3.3 billion in net inflows. According to data from Artemis, Ethereum captured the largest share of $5.3 billion in net flows across the crypto sector.

Source: Artemis

Bitcoin was in second place at $1.9 billion, with Solana and Arbitrum coming third and fourth, with $628.5 million and $539.5 million, respectively. The other $360.3 million of ETH inflows was deployed into Ethereum-based protocols for use in DeFi, staking platforms, and stablecoin liquidity pools.

Ethereum’s sustained capital magnetism underscores its current dominance. When staking grows and price rises in tandem, the market takes notice. And when Ethereum absorbs over 60% of crypto inflows, the ecosystem speaks for itself.

Source: CryptoSlate

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Gerik

Economic

Strategic Expansion Aims to Globalize China’s Gold Market

In a landmark development, the Shanghai Gold Exchange has extended its footprint beyond mainland China by launching its first offshore gold vault in Hong Kong, alongside the debut of two new yuan-settled gold contracts. The vault, operated by the Hong Kong unit of Bank of China Ltd., is part of a broader push to internationalize China’s financial infrastructure and amplify the use of the yuan in global commodities markets.

Trading under the new contracts begins this Thursday, and participants can choose between cash settlement or physical delivery at the Hong Kong vault. To incentivize market participation, the exchange has waived all vault-related fees through the end of 2025.

Reinforcing Yuan’s Global Role and China’s Commodity Ambitions

As the world’s largest producer and consumer of gold, China has long sought a greater voice in gold pricing—traditionally dominated by U.S. dollar-denominated contracts on platforms such as COMEX and the London Bullion Market. The introduction of offshore yuan-settled gold trading is a strategic tool in Beijing’s broader de-dollarization campaign.

Doris Bao, founder of Gold Harvest Consulting and an advisor to the London Bullion Market Association, emphasized that the move allows China to import gold using yuan rather than dollars, enhancing liquidity in offshore yuan markets and creating a parallel channel for international bullion trade. "This marks a pivotal step in China's efforts to anchor global commodity pricing to the yuan," she said.

Hong Kong as the Gateway to China’s Gold and Finance Ecosystem

Positioning the vault in Hong Kong serves multiple purposes. As a global banking hub with strong regulatory ties and established financial infrastructure, Hong Kong offers a bridge between international investors and China’s gold market. It also aligns with the city’s strategic ambitions to evolve into a regional commodities powerhouse, complementing other initiatives across logistics, warehousing, and financial trading.

Joshua Rotbart, managing partner at J. Rotbart & Co., noted that while the new facility increases accessibility and confidence for international players, questions around regulatory openness and cross-border transparency still linger. “To truly compete with London and New York, the exchange must ensure global investors can operate with the same ease and legal protections,” he remarked.

Broader Context: Gold’s Resurgence and China's Reserve Strategy

The timing of the offshore expansion coincides with a historic rally in gold prices, which have more than doubled since 2020. With COMEX gold futures currently trading near $3,357 per ounce, investor demand for bullion as a safe-haven asset remains robust.

China’s central bank has been one of the largest institutional gold buyers in recent years. The strategic accumulation of gold reserves aligns with efforts to diversify away from U.S. dollar exposure, especially amid rising geopolitical and financial fragmentation. Gold now plays a central role in Beijing’s reserve diversification policy, and expanding yuan-based infrastructure around gold enhances this monetary insulation.

Building a Global Gold Ecosystem on Chinese Terms

The SGE’s offshore move underscores China’s long-term ambition to build a parallel global financial system where the yuan plays a dominant role—not just in settlement, but also in commodity pricing and capital flows. While London remains the epicenter of global gold trade, the opening of a yuan-denominated offshore vault in Hong Kong marks the beginning of a potential shift in power dynamics.

As participation grows and regulatory hurdles are addressed, China’s offshore gold infrastructure could become a critical lever in reshaping how commodities are traded and settled in a multipolar financial world.

Source: Bloomberg

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Olivia Brooks

Cryptocurrency

Bitcoin's price soared to $108.2K as traders abandoned fear-driven lows and rushed into $120K+ breakout speculation.

Social volume data shows how quickly sentiment flipped from war-driven panic to euphoric calls for new Bitcoin highs.

June 25 marked a powerful shift in crowd behavior, with high-volume chatter focused on $120K–$160K Bitcoin price targets.

Bitcoin surged to $108.2K after news of a ceasefire between Israel and Iran sent widespread optimism in the market, fueling the price rally as traders emotionally responded to macro triggers in a switch from fear to instant euphoria.

Sentiment Shift Drives Breakout Momentum

The market's general sentiment is still firmly bullish, with BTC breaking above $108K after a week of consolidation. Speculative gossip soon reversed from collapse chatter to manic targets for the upside, reflective of extreme emotional responses to global news. This move is one of the most volatile reversals in trader sentiment this month.

According to data shared by Santiment, low-end Bitcoin price mentions ($30K–$70K) spiked heavily on June 22. This reaction reflected traders' anxiety as war tensions escalated, prompting talk of deep price retracements. The sharp rise in bearish sentiment dominated conversations and dragged social dominance down.

The panic was short-lived. By June 25, conversations had flipped entirely toward bullish targets ranging between $120K and $160K. In a post by Santiment, the data showed massive engagement around high-end price calls, indicating a dramatic change in trader outlook.

Optimism Grows as Ceasefire Holds Firm

As ceasefire reports circulated globally, the Bitcoin market rallied sharply. Traders responded by ditching bearish targets and fueling speculation of a run toward $120K. The crowd's mindset, previously defensive, turned aggressively bullish with remarkable speed.

The shift wasn’t just in price targets-it showed up in the dominance line too. When bearish calls peaked, social dominance dipped. But when optimism returned, that line climbed again, mirroring a sudden surge in speculative confidence.

June 25 recorded the most significant spike in $120K+ call volume since early June. According to a report by Santiment, traders weren’t just betting on a recovery-they were anticipating new highs. This dramatic switch revealed how external events can instantly alter crypto investor psychology.

Social Metrics Reflect Fear and Greed Cycles

Social volumes across both bearish and bullish spectrums mirrored intense emotional cycles among market participants. Traders reacted instantly to war-related news, swinging between fear of collapse and dreams of breakout highs.

As bearish sentiment dropped post-June 23, bullish calls began dominating social platforms. The reaction was not just speculative-it fueled trading behavior. The $108K level became the focal point of renewed conviction and crowd-driven speculation. Bitcoin remains hyper-sensitive to macro events, as seen in this recent sentiment whiplash. The data confirms that fear and greed continue to rule market behavior in high-stakes environments.

The post Bitcoin Hits $108.2K After $120K+ Price Speculation Dominates Social Buzz appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.

Source: CryptoSlate

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Michelle

Political

The People's Liberation Army "shows zero tolerance to Taiwan independence separatist activities", a Chinese defence ministry spokesperson said on Thursday when asked about recent speeches made by Taiwan's President Lai Ching-te.

The PLA will enhance combat readiness to firmly safeguard national sovereignty and territorial integrity, spokesperson Zhang Xiaogang told a regular press conference.

"The Lai authorities keep pushing Taiwan into a dangerous situation of war; they are the cause of harming the livelihood of the Taiwanese people," Zhang said, adding that Lai's comments showed his "ill intentions".

Lai on Sunday began a series of 10 speeches on "uniting the country", saying that democratically-ruled Taiwan was "of course a country" and that China had no legal or historical right to claim it.

Beijing and Taipei have clashed over their competing interpretations of history in an escalating war of words over what Beijing views as provocations from Taiwan's government, saying it was impossible to "invade" what was already Chinese land.

Beijing has never renounced the use of force to bring the island under its control and has a particular dislike for Lai, describing him as a "separatist". Taiwan strongly objects to China's sovereignty claims and says it is up to the island's people to decide their future.

Tensions between China and Taiwan, including several rounds of Chinese war games, have grown over the last five years and now include daily air and naval deployments near the island.

The last Chinese war games in April and October were widely seen by regional military attaches as a test of a possible blockade of Taiwan.

The U.S. and its regional allies are watching closely, with some officials saying that China's deployments and its military modernisation have raised the possibility Beijing may one day make good on its threats to take Taiwan by force.

Source: Reuters

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Gerik

Economic

Commodity

Tight Ex-U.S. Supply Drives Copper Toward August High

Copper continued its bullish run, rising 0.6% to $9,767.50 per ton on the London Metal Exchange (LME) early Thursday, extending a five-day rally. Goldman Sachs now forecasts that copper will hit its annual high of around $10,050 per ton in August, driven primarily by tightening inventories outside the United States and aggressive forward-buying behavior in the American market.

Despite a headline global surplus, the distribution of copper stocks has become geographically skewed. Goldman’s analysts, including Eoin Dinsmore, pointed to a squeeze in the ex-U.S. market where traders are witnessing shrinking availability. Spot contracts on the LME have surged in premium to next-day futures, with the tom/next spread jumping to $40 per ton, a sign of acute short-term demand pressure.

Tariff Speculation and Regional Divergence

The divergence in regional supply conditions stems from an anticipated 25% U.S. tariff on imported copper set for implementation by September. In preparation, traders and manufacturers have frontloaded copper imports into the U.S., depleting inventory from other global hubs. This dynamic has triggered spot market stress in Europe and Asia, amplifying volatility even as global mine output remains broadly stable.

Goldman anticipates copper to begin easing later in the year once the tariff is implemented and buying stabilizes. They project the metal could settle at around $9,700 per ton by December, reflecting a modest correction from the expected August peak.

Resilient Chinese Demand Bolsters Market Confidence

Chinese manufacturing sentiment and copper consumption remain unexpectedly strong, according to Goldman’s report. While Beijing has yet to roll out aggressive stimulus, indicators suggest industrial activity has not contracted significantly. This has helped underpin demand in the world’s largest copper-consuming nation, limiting the downside risk for prices despite broader macro uncertainty.

Zinc mirrored copper’s strength, gaining as much as 1.1% to reach $2,735 per ton — its highest level in a month — amid firming industrial inputs demand. Iron ore futures also advanced, with Singapore contracts up 0.6% to $93.30 per ton. In China, iron ore contracts in Dalian rose, though steel futures were largely unchanged in Shanghai, suggesting stabilized expectations for short-term construction demand.

Copper’s latest rally is a function of both physical market tightness and speculative positioning, especially in the face of trade policy uncertainty. Goldman Sachs’ outlook highlights the unusual situation of a global surplus coinciding with regional shortages and extreme short-term premiums. While prices may continue climbing through August, market participants should brace for a potential rebalancing in the final quarter of 2025 as U.S. tariffs crystallize and inventory redistribution normalizes.

Source: Bloomberg

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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Glendon

Political

Hungarian Prime Minister Viktor Orbán is leading an effort to ensure Ukraine, which is currently at war with Russia, does not join the European Union due to the high potential for a conflict that could spread to all of Europe.

In this regard, he is now confronting Ukrainian President Volodymyr Zelensky directly on X on the issue.

“President (Zelensky), with all due respect: the European Union was founded to bring peace and prosperity to its member states. Accepting a country that is at war with Russia would immediately drag the EU into a direct conflict. It is unfair to expect any member state to take this risk,” wrote Orbán.

Orbán had responded to a post from Zelensky, in which the Ukrainian leader thanked EU leadership after a meeting, stating that they discussed, among other things, Ukraine’s ascension into the EU.

Citing his meeting with EU commission President Ursula von der Leyen, NATO Secretary General Mark Rutte, and European Council President António Costa, Zelensky called out Hungary.

“It is important that the leaders of the member states reach a common decision to open the first negotiation cluster. It is unfair when a single party blocks the Union’s decision. We also discussed in detail additional sanctions against the Russian Federation and the preparation of the EU’s 18th sanctions package.

This package must significantly increase pressure on Russia’s energy and banking sectors, as well as on the shadow fleet.

The key element here must be a strong price cap on Russian oil, and we count on the appropriate decisions. I thank the leaders for their support. Every step of assistance means lives saved,” he wrote.

Zelensky desires an accelerated process to gain EU membership, despite his country being the most corrupt country in Europe — a finding noted even before the war.

The rebuilding of Ukraine is expected to cost hundreds of billions of euros.

Currently, the country has no democracy or free press, as all elections have been suspended during the war.

Perhaps of greatest concern is that even if Ukraine is admitted to the EU during a ceasefire, hostilities could start again, which could drag Europe further into a new war.