Platinum price was in the doldrums, spot market trading turned light [SMM Daily Review]

Published: Jun 9, 2026 11:55

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Platinum prices were in the doldrums today. On the US-Iran conflict front, the situation remained volatile; on the data front, the strong US non-farm payrolls data released last Friday evening drove expectations for US Fed interest rate hikes sharply higher, and the market expects the Fed to have difficulty releasing dovish signals in the near term. In morning trading, the most-traded platinum PT2608 futures contract on GFEX closed at 432.95 yuan/g, down 0.99%, while the inverted spread between the SGE platinum 9995 best ask price and GFEX PT2608 hovered around 8 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. According to SMM, most suppliers quoted near parity against the GFEX 2608 contract. Strong import data in recent months kept spot platinum and palladium supply in China relatively ample, and suppliers actively sold. As downstream enterprises purchased more amid the recent continuous decline in platinum prices, most companies indicated they had already stockpiled sufficient quantities, and procurement volumes for platinum and palladium this week decreased WoW. Overall, transactions in the spot platinum market turned subdued today.

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