Non-farm payrolls data was strong, platinum prices dropped sharply intraday, spot market trading was active [SMM Daily Comment]

Published: Jun 8, 2026 15:03

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Platinum prices plunged today. The US-Iran conflict situation remains volatile. Data-wise, strong US non-farm payrolls data last Friday night drove a sharp rise in expectations for US Fed rate hikes, and the Fed is not expected to release dovish signals in the near term. In early trading, the most-traded GFEX platinum contract PT2608 settled at 437.55 yuan/g, down 5.43%. The inverted spread between the SGE Pt9995 best ask price and the GFEX PT2608 stayed around 6 yuan/g. In the spot market, mainstream platinum quotations were at a discount of 1 yuan/g to a premium of 1 yuan/g against the PT2608 contract. According to SMM, most suppliers chose to quote at parity against the GFEX 2608 contract. Strong import data in recent months has left domestic spot supply of platinum and palladium relatively ample, with suppliers actively selling and downstream buyers actively inquiring as absolute prices continued to decline. Overall, the platinum spot market was active in trading today.

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