Non-farm payrolls data push up platinum prices, while spot market consumption remains sluggish [SMM Daily Review]

Published: Jul 3, 2026 12:19

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Platinum prices continued to rise sharply today. U.S. June nonfarm payrolls increased by 57,000, significantly below market expectations of a 110,000 gain, while April payrolls were revised down to 148,000 from 179,000 and May payrolls to 129,000 from 172,000. Following the data release, expectations for US Fed interest rate hikes, already dampened by Warsh's public remarks the day before yesterday, cooled further, and precious metals surged. In early trading, the most-traded platinum contract on GFEX, PT2608, closed at 412.6 yuan/g, up 3.81%, while the inverted spread between the SGE Pt9995 ask price and GFEX PT2608 held at 4 yuan/g. In the spot market, mainstream platinum quotations were at discounts of 1 yuan/g to parity against the PT2608 contract. As futures prices rose continuously, the discount of mainstream quotations widened slightly from the previous trading day. Downstream demand was weak and wait-and-see sentiment was strong, leaving overall platinum trading sluggish today.

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