Platinum price consolidated on a subdued note intraday, with subdued spot market consumption [SMM Daily Review]

Published: Jul 20, 2026 12:07

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Platinum prices consolidated on a subdued note today. Last week, US CPI data recorded a MoM decline, but Fed Chairman Warsh revealed a tough stance of zero tolerance towards high inflation during his congressional testimony. The hawkish remarks significantly scaled back the market’s dovish expectations, posing a key headwind to the rise in precious metals. Meanwhile, the renewed escalation of geopolitical tensions between the US and Iran pushed up oil prices, which further slowed the pace of the expected policy pivot retreat, continuing to drag on precious metals prices. In the morning session, the most-traded GFEX platinum contract PT2608 settled at 395.5 yuan/g, down 0.33%. The inverted price spread between the best offer price for SGE platinum 9995 and GFEX PT2608 was maintained at around 5 yuan/g. In the spot market, mainstream quotations for platinum were from parity to a premium of 1 yuan/g against the PT2608 contract, with relatively small changes in premiums/discounts from the previous trading day, or offered at a discount of around 3 yuan/g against the GFEX October contract. The price spread between the GFEX platinum October and August contracts narrowed today, and downstream buyers made small-volume purchases based on orders. Overall, trading in the spot platinum market was subdued today.

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