Valterra Platinum

Positioned to win as the PGM cycle evolves

- By Anchor Investment Team

Since its demerger from Anglo American in 2025, Valterra has emerged as a frontrunner, poised to capitalise on the evolving PGM cycle.

A market in transition

The platinum group metals (PGM) basket has rebased higher in 2025, but this upswing has been fuelled more by speculative positioning, shifting policy expectations, and perceived scarcity than by a broad-based demand recovery.

With margins normalising from the lows of 2023, it is tempting to assume the rally has run its course—yet the market remains in flux. Speculative flows continue to exert an outsized influence on prices, with US-led exchange-traded fund (ETF) inflows and futures activity amplifying both liquidity and tightness.

Palladium's rebound has coincided with a c. 40% surge in ETF holdings, while platinum has seen more volatile flows, despite substantial US inflows of 335 000 oz. The introduction of Guangzhou Futures Exchange (GFEX) futures may further accelerate price discovery and volatility.

Beneath this speculative layer, auto demand (from internal combustion engine [ICE] and hybrid vehicles) has proven more resilient than expected, with key markets still up around 2% YTD.