Platinum Prices Remained Under Pressure, Spot Market Discounts Narrowed as Holiday Atmosphere Grew [SMM Daily Review]

Published: Apr 29, 2026 12:18

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Futures platinum prices continued under pressure today. In the daytime session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 491.7 yuan/gram, down 1.07%. The SGE Pt9995 versus GFEX PT2606 spread remained inverted. Spot side, mainstream spot quotations' discounts continued to narrow slightly compared to the previous trading day. In the daytime session, mainstream quotations from spot platinum traders were at a discount of 1-3 yuan/gram to PT2606. Recently, tax authorities launched a special campaign to regulate invoice practices, strictly controlling enterprise invoicing limits. However, as platinum and palladium trade volumes were relatively low in value, the market impact was relatively small compared to other products. Only some traders suspended precious metals quotations due to impacts on their main business, and a small number of spot cargoes with invoices dated this month were quoted at higher prices. Transaction side, according to SMM, daytime session transactions at the mainstream discount of 1-3 yuan/gram were hindered. Market purchase intention prices were around a 4 yuan/gram discount to GFEX. Downstream enterprises made rigid-demand bargain purchases. The overall market was in a strong holiday atmosphere, and consumption remained sluggish.

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