Multiple factors resonate, platinum futures plunge, spot market trading active [SMM Daily Review]

Platinum prices plunged today, as a confluence of macro tightening pressures hammered the precious metals complex. Last night's US PPI came in above expectations, signaling renewed inflationary resilience on the production side. The market raised the probability of further Fed rate hikes, pushing real US Treasury yields higher. Meanwhile, the ECB delivered its rate hike as expected, reinforcing the global tightening outlook. At the same time, copper, which had previously led the gains, was among the first to pull back, as tariff-trade expectations showed signs of loosening, directly weighing on sentiment across the entire nonferrous metals sector. In early trading, the most-traded GFEX platinum contract PT2610 closed at 432.95 yuan/g, down 5.50%. The price spread between the best ask price for SGE platinum 9995 and the GFEX PT2610 contract held near 8 yuan/g.
In the spot market, mainstream platinum quotations stood at a discount of 1.5 yuan/g to 1 yuan/g against the PT2610 contract. The mainstream quotation discount narrowed notably from yesterday. As futures prices fell sharply, downstream buyers actively sought quotes, and trading firms engaging in both spot and futures market moved to sell, significantly boosting market activity. Mainstream quotations saw strong transaction volumes. Overall, platinum market trading was very active today.