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

Save

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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

US June CPI Slows to 3.5%, Pushing Back Fed Rate Hike Expectations

【SMM Precious Metal Express】US June CPI slowed to 3.5% year-on-year, below the 3.8% estimate and the prior 4.2%, while the monthly reading fell 0.4%—the first negative print in six years. Following the data, traders pushed back Fed rate hike expectations to October, with rate futures pricing in approximately 30 basis points of tightening by year-end, down 9 basis points from yesterday.

1 hour ago

Fed Chair Warsh Pledges to End High Inflation, Monitors AI Impacts; Further Hearings and Beige Book Ahead

【SMM Precious Metal Express】Fed Chair Warsh testified before the House, pledging to "end the era of high inflation," noting close monitoring of AI impacts, and stating that any balance sheet adjustments will be adequately previewed. He will attend further hearings today at 22:00, with the Fed's Beige Book set for release at 2:00 tomorrow.

1 hour ago

US-Iran Tensions Escalate: Naval Blockade, New Strikes, and Threats of War

【SMM Precious Metal Express】US-Iran tensions continue to escalate: US military confirmed a naval blockade on Iran resumed at 4:00 am; US forces launched a new round of strikes on Iran at 15:00 ET; Iran stated the US has entered a "formal state of war." Trump said that without a deal, he will strike Iranian power plants next week.

1 hour ago