Upside room for precious metals is limited, and consumption in the platinum spot market is weak [SMM daily review]

Published: Jun 30, 2026 12:07

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Platinum prices drifted lower today. With ongoing uncertainties surrounding the U.S.-Iran situation and repeated swings in market rate hike expectations, precious metals futures are likely to continue swinging wildly, limiting upside room. In early trading, the most-traded GFEX platinum contract PT2608 closed at 388.9 yuan/g, down 3.29%. The inverted spread between the SGE Pt9995 best ask price and GFEX PT2608 narrowed to around 4 yuan/g. In the spot market, mainstream quotations for platinum ranged from a discount of 1 yuan/g to a premium of 1 yuan/g against the PT2608 contract. Mainstream quotations against the contract were basically flat compared to the previous trading day, with most traders quoting at parity with the most-traded contract but seeing difficulty in closing deals. A small portion of spot platinum with current-month invoices was quoted at a modest premium. Most upstream enterprises showed limited willingness to sell due to low absolute prices, while downstream demand was limited and the wait-and-see sentiment was strong. Overall, platinum trading was relatively sluggish today.

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