プラチナは希少な貴金属で、自動車用触媒コンバーター、電子機器、宝飾品などに広く使用されています。産業需要と投資需要が価格を牽引し、供給が限られているため価格変動性が高くなります。
Platinum is a rare precious metal, considerably scarcer in the earth's crust than gold, priced in dollars per troy ounce through the London spot market and NYMEX futures on CME Group. Its largest source of demand is automotive catalytic converters, with jewelry and industrial catalysts in chemicals and refining also significant. Supply is heavily concentrated, with South Africa accounting for the large majority of mined output. That concentration means South African power shortages or labor disputes can move the price.
Although platinum is a precious metal, so much of its demand is tied to the auto industry that it trades with a strong industrial character. It has been especially linked to diesel vehicles, whose catalytic converters use platinum intensively, so the decline of diesel's market share is viewed as a structural shift in demand. Historically platinum traded above gold for long stretches, but since the mid-2010s it has persistently traded below it, reversing the traditional relationship. The gold-platinum ratio is used as a reference for judging platinum's relative valuation against gold.
Key drivers include global vehicle production, the stringency of emissions regulations, South African supply conditions, and substitution with palladium. When palladium becomes expensive, automakers have an incentive to shift catalyst loadings toward platinum, which supports platinum demand. Platinum's role as a catalyst in hydrogen fuel cells has also drawn attention as a potential long-term demand source. Gold prices, palladium prices, auto sales data, and the dollar index are the usual companion indicators.