Oil Price Surge Puts Precious Metals Futures under Pressure, Spot Market Consumption Normal [SMM Daily Review]

Published: Jul 24, 2026 11:45

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Platinum prices fell sharply today. Escalating US-Iran and Russia-Ukraine conflicts triggered a continued surge in oil prices, with international crude settling significantly higher, fueling market expectations for a September rate hike. Precious metals futures remained under pressure from interest rate headwinds, and market sentiment was repeatedly pulled back and forth. In early trading, the most-traded PT2610 platinum futures contract on the GFEX settled at 391.65 yuan/g, down 4.94%, while the inverted spread between the best ask price for Pt9995 on the Shanghai Gold Exchange and the GFEX PT2610 contract widened to around 6 yuan/g. Spot side, mainstream quotations for platinum were from parity to a premium of 1 yuan/g against the PT2608 contract. As the futures market plunged during the day, the premium in mainstream quotations rose compared to the previous trading day. Warrant quotations from suppliers’ warehouses were mainly at a small premium against the GFEX August contract. Spot transactions tended to be near parity against the August contract. Some traders followed opportunities from the price spread between futures contracts to inquire about taking delivery of warrants, while downstream buyers negotiated prices and purchased based on their orders. Overall, platinum spot market consumption was normal today.

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