Platinum price was under pressure and plunged, while spot market consumption showed no significant improvement [SMM Daily Review]

Published: Jun 22, 2026 15:12

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With renewed divergence in the U.S.-Iran situation, Iran announced over the weekend the closure of the Strait of Hormuz, putting precious metals futures under renewed pressure. In morning trading, the most-traded platinum contract PT2608 on the GFEX settled at 414 yuan/g, down 4.77%. The inverted price spread between the best-selling price of Pt9995 on the Shanghai Gold Exchange and the GFEX PT2608 narrowed to around 4 yuan/g. In the spot market, mainstream quotations for platinum stood at discounts of 2 yuan/g to parity against the PT2608 contract. Despite a sharp drop in platinum futures, spot discounts narrowed only slightly. Most traders quoted at the higher end of the range but generally reported difficulty in closing deals. Downstream enterprises mainly engaged in rigid-demand stockpiling, with a strong wait-and-see sentiment prevailing. Some suppliers indicated no significant improvement in spot market consumption. Overall, platinum trading activity remained sluggish for the day.

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