Platinum prices consolidated intraday, with thin trading in the spot market [SMM Daily Review]

Published: Jul 14, 2026 12:08

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Platinum extended its consolidative run today. The US-Iran situation remained volatile, with US forces conducting airstrikes on Iran for three consecutive days, the Strait of Hormuz remaining closed, and the US Fed sending hawkish signals. Platinum and palladium showed relative resilience against declines, with concerns over Section 232 potentially providing a floor of support for prices. In early trading, the most-traded GFEX platinum contract PT2608 closed at 396.15 yuan/g, edging down 0.38%. The inverted spread between the SGE platinum 9995 best-ask price and GFEX PT2608 remained around 6 yuan/g. In the spot market, mainstream platinum quotations were at a discount of 0.5 yuan/g to a premium of 1 yuan/g against the PT2608 contract, with the discount changing little from the previous trading day. Supplier quotes were mainly at parity with or at a slight premium to the most-traded GFEX contract. However, overall feedback indicated weak consumption, with only some suppliers managing to close small-volume deals at slight premiums to the GFEX contract. Downstream buyers generally maintained a strong wait-and-see sentiment, making just-in-time purchases through price negotiations, while overall spot market consumption remained sluggish.

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