Platinum Prices in the Doldrums Intraday, Spot Discounts Narrowed [SMM Daily Review]

Published: Apr 28, 2026 12:13

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Platinum futures fluctuated downward today. During the morning session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 500.4 yuan/gram, down 1.27%. The SGE Pt9995 versus GFEX PT2606 spread remained inverted by 2-3 yuan/gram. Spot side, mainstream spot quotations narrowed slightly in discount compared to the previous trading day. During the morning session, spot platinum traders' mainstream quotations were at a discount of 3-4 yuan/gram to PT2606. Recently, tax authorities launched a special campaign to regulate invoice-related economic activities, strictly controlling enterprise invoicing quotas. However, as platinum and palladium trade volumes were relatively low, this had not yet been reflected in spot prices, with only some traders suspending precious metals quotations due to impacts on their main business. Transaction side, according to SMM, morning mainstream quotations of 3-4 yuan/gram discount were difficult to transact. Some suppliers held prices firm for sales due to delivery intentions or shipments with invoices dated this month, while market purchase intention prices were around a 5 yuan/gram discount to GFEX. Downstream enterprises made small negotiated purchases based on order conditions, and sluggish spot market consumption remained unchanged.

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