Middle East geopolitical tensions eased, platinum price stopped falling and rebounded, and spot market premiums remained flat [SMM Daily Review]

Published: Jul 10, 2026 12:08

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With the easing of US-Iran tensions yesterday, oil prices pulled back in response and inflation and rate hike expectations also cooled. Today, platinum futures prices stopped falling and rebounded, recovering yesterday's losses. In the morning session, the most-traded GFEX platinum futures contract PT2608 closed at 405.7 yuan/g, up 2.53%. The inverted spread between the SGE Pt9995 ask price and the GFEX PT2608 contract held near 5 yuan/g. In the spot market, mainstream platinum quotations ranged from a discount of 0.5 yuan/g to a premium of 1 yuan/g against the PT2608 contract, with the discount level basically flat compared with the previous trading day. Suppliers' quotes remained mostly at parity or at a slight premium to the most-traded GFEX contract. Downstream buyers negotiated prices and made just-in-time procurement, with overall transactions lighter than yesterday.

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