Platinum prices rebounded strongly intraday, spot market consumption remains sluggish [SMM Daily Review]

Published: Jul 2, 2026 12:03

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Platinum prices rebounded strongly today. US ADP employment data and manufacturing PMI data both fell short of expectations, and Kevin Warsh said in a public speech in Sintra on Wednesday evening that upside risks to inflation had eased, cooling market expectations for rate hikes. During morning trading, the most-traded GFEX platinum contract PT2608 closed at 401.6 yuan/g, up 5.12%. The inverted spread between the best ask price of Shanghai Gold Exchange's Pt9995 and GFEX PT2608 remained at 4–6 yuan/g. Spot side, mainstream platinum quotations were at a discount of 0.5 yuan/g to a premium of 0.5 yuan/g against the PT2608 contract, with the discount level unchanged from the previous trading day. Most traders' quotes still leaned toward parity with the most-traded contract. Downstream consumption was weak and wait-and-see sentiment was strong as platinum prices rose markedly intraday. Overall, turnover in the platinum market remained sluggish today.

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