Today, platinum continued its strong performance, with three major variables—government bond repurchase, inflation pressure, and US Fed rate hikes—interacting and jointly affecting precious metals futures. Short-term prices are expected to consolidate with wild swings. In the morning daytime session, the most-traded PT2610 platinum futures contract at GFEX closed at 458.65 yuan/g, up 3.58%; the ask price of platinum 9995 at the SGE and the price spread with the GFEX PT2610 contract remained near 3 yuan/g.
On the spot side, mainstream quotations for platinum were at a discount of 4-2.5 yuan/g against the PT2610 contract. Suppliers' quoted discounts widened further from the previous trading day. Following the sharp rise in futures over the past two days, large-discount cargoes emerged in the market, concentrated around a discount of 4 yuan/g against the most-traded contract. The high end of mainstream quotations was hard to trade, and trading firms generally had limited willingness to sell. Downstream enterprises were mostly wait-and-see, with consumption being weak. Overall, the wait-and-see sentiment in today's platinum spot market was heavy, and trading activity was poor.
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