Platinum Price Consolidates, Spot Market Consumption Remains Sluggish [SMM Daily Review]

Published: Jul 23, 2026 12:03

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Platinum prices consolidated at highs today as Trump planned to impose new tariff policies on dozens of countries globally, sustaining long-standing trade friction uncertainty and keeping market sentiment torn. During the morning session, the most-traded GFEX platinum contract PT2610 closed at 413.4 yuan/g, edging down 0.10%. The inverted spread between the best ask price of SGE platinum 9995 and GFEX PT2610 held around 1 yuan/g. In the spot market, mainstream quotations for platinum ranged from a discount of 1 yuan/g to a premium of 0.5 yuan/g against the PT2608 contract. The premium in mainstream quotations was basically flat from the previous trading day. Suppliers' warehouse warrant quotations were mainly at parity or slight premiums to the GFEX most-traded contract. Spot transactions leaned toward small discounts. Some traders, attracted by inter-contract spread opportunities, inquired about taking warrants. Downstream buyers negotiated purchases based on orders, with a heavy wait-and-see sentiment. Overall, spot platinum consumption was still muted today.

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