Platinum Prices Fell Sharply under Pressure Today, Spot Market Premiums Raised [SMM Daily Review]

Published: May 28, 2026 12:03

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Platinum prices fell sharply under pressure today. On the macro front, geopolitical tensions in the Middle East flared up again as the U.S. military launched a new round of strikes on military facilities inside Iran. In the morning session, GFEX PT2606 closed at 456.95 yuan/gram, down 4.11%, while the most-traded contract PT2608 closed at 462.05 yuan/gram, down 3.78%. The inverted price spread between the SGE Pt9995 best offer price and GFEX PT2606 widened to around 20 yuan/gram. Spot side, mainstream quotations for spot platinum premiums rose compared to the previous trading day. In the morning session, traders' mainstream quotations for non-delivery brand platinum were around parity with GFEX PT2606, while mainstream quotations for deliverable platinum ingots were at a premium of 1–2 yuan/gram over PT2606. Warrant spot suppliers generally quoted higher prices, and some enterprises quoted relatively high absolute prices against the PT2608 contract. Transaction side, according to SMM, downstream enterprises purchased as needed as futures dropped sharply, and trading firms engaging in both spot and futures market actively inquired about platinum and palladium warrants given current price spread opportunities between futures contracts. Overall, spot platinum market transactions were normal today.

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