Precious metals market saw deep long-short battle platinum price was in the doldrums intraday, spot market consumption was weak [SMM Daily Review]

Published: Jul 13, 2026 12:06

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Platinum prices were in the doldrums today. Recently, the precious metals market has been deeply wrestling with two main themes: US Fed monetary policy expectations and the US-Iran situation. Market focus this week is on Tuesday night's US CPI data and Thursday night's US retail sales data. In the morning session, the most-traded platinum contract PT2608 on GFEX closed at 395.15 yuan/g, down 2.19%. The inverted spread between the best ask price for platinum 9995 on the SGE and GFEX PT2608 stayed around 6 yuan/g. In the spot market, mainstream quotations for spot platinum were at a discount of 1 yuan/g to a premium of 1 yuan/g against the PT2608 contract. The mainstream quotation discount was basically flat compared to the previous trading day, with supplier quotes still mainly at parity or slight premiums against the most-traded GFEX contract. Downstream buyers made just-in-time procurement after negotiation, and overall consumption in the spot market remained sluggish.

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