Platinum Price Moves Sideways, Spot Market Trading Subdued [SMM Daily Review]

Published: Jun 11, 2026 14:01

Save

Platinum prices moved sideways during the day, as US May CPI data released last night rose 4.2% YoY (the highest in three years) and 0.5% MoM (in line with expectations). Together with the significantly intensifying US-Iran situation and US military strikes on Iran for two consecutive days, the US Fed is expected to find it difficult to release dovish signals in the near term. In early trading, the most-traded GFEX platinum futures contract PT2608 closed at 412.95 yuan/g, down 0.77%. The negative price spread between the SGE Pt9995 best sell price and GFEX PT2608 narrowed to around 3 yuan/g. On the spot front, mainstream platinum quotations stood at a discount of 2 yuan/g against the PT2608 contract to parity. Mainstream quotation discounts widened slightly compared to yesterday. According to SMM, most suppliers chose to quote at a discount of 1 yuan/g to the GFEX 2608 contract to parity, but downstream bargaining sentiment was strong, making transactions quite difficult. This was mainly due to abundant market shipments and sufficient downstream stockpiles amid the recent continuous decline in platinum prices, leading to cautious procurement sentiment. Strong near-month import data kept domestic platinum and palladium spot supply relatively ample. Suppliers sold actively, while some traders reported that transactions could only be concluded after adjusting prices to a discount of 2 yuan/g against the GFEX contract. Overall, spot platinum market transactions were subdued today.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.hoursAgo

Platinum prices were in the doldrums intraday, and spot platinum offers showed wide price spreads, making trading difficult [SMM daily review]

Common.Time.hoursAgo

[SMM Precious Metal Express] Singapore Exchange to Launch OTC Gold Clearing, Boosting Global Market Infrastructure

[SMM Precious Metal Express] Singapore Exchange announced it will establish an OTC gold clearing system and plans to launch central bank vault custody services by October, accelerating global gold market infrastructure development. This move is expected to enhance Singapore's position as an international gold trading hub, providing more comprehensive clearing and custody infrastructure for the precious metals market.

Common.Time.hoursAgo

US-Iran Deal Reopens Strait, Oil Prices Drop, Precious Metals Rise Amid Fed Policy Focus

[SMM Precious Metal Express] The US-Iran agreement has been finalized, with the Strait of Hormuz set to reopen on Friday, sending oil prices sharply lower. However, precious metals rose instead of fell, as market focus shifted from geopolitical risks to Federal Reserve policy expectations. The US dollar index edged up to 99.67, while Treasury yields remained elevated. Precious metals climbed for a third consecutive day, indicating continued inflows of safe-haven capital.

Common.Time.hoursAgo