Precious metals futures surge, platinum spot market consumption remains subdued [SMM Daily Review]

Published: Jul 22, 2026 12:09

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Platinum prices rose sharply today, as Trump’s new tariffs on dozens of countries heightened global trade tariff uncertainty and, combined with Iran’s proposal of a 10-day ceasefire, precious metals futures rebounded across the board. In early trading, the most-traded PT2610 platinum futures contract on the GFEX closed at 416.35 yuan/g, up 4.20%, while the inversion spread between the best ask price for platinum 9995 on the Shanghai Gold Exchange and the most-traded PT2610 contract on the GFEX remained around 1 yuan/g. In the spot market, mainstream platinum quotations ranged from a discount of 1 yuan/g to a premium of 0.5 yuan/g against the PT2608 contract, with the premium edging down from the previous trading day. The price spread between the GFEX platinum October and August contracts widened today. Quotations for warrants from suppliers’ warehouses were mainly at parity or a slight premium against the most-traded GFEX contract. Spot transactions leaned toward a slight discount. Some traders, looking to capitalize on the spread opportunity, inquired about taking on warrants, while downstream users showed strong wait-and-see sentiment amid the futures price rise. Overall, the platinum spot market saw muted consumption today.

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