Platinum Prices Hold Up Well Intraday, Spot Market Premiums Steady [SMM Daily Review]

Published: Jul 21, 2026 12:06

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Platinum prices held up well today, with precious metals futures seeing a technical rebound after being in the doldrums for consecutive sessions. However, lacking macro-driven catalysts, upside room is expected to be limited. In July, the platinum-palladium 232 window will open. If the US imposes tariffs on platinum and palladium after the 180-day negotiation period, it will lend support to prices in the short term. In early trading, the most-traded GFEX platinum futures contract PT2608 closed at 396.95 yuan/g, up 1.03%. The inverted spread between the selling price of SGE platinum 9995 and PT2608 held at around 5 yuan/g. On the spot side, mainstream quotations were at parity to a premium of 1 yuan/g against the PT2608 contract, with premiums basically flat from the previous trading day. Today, the spread between the October and August GFEX platinum futures contracts widened slightly. In early trading, spot platinum suppliers mostly offered premiums of 0.5–1 yuan/g against the most-traded GFEX contract. Later, as futures rose, some suppliers adjusted offers to near parity and deals were concluded, while downstream buyers made small purchases based on orders. Overall, spot platinum trading was normal today.

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