Platinum futures drift higher; spot market trading moderate [SMM daily review]

Platinum drifted higher today. US inflation data slightly exceeded expectations, tariff policies remained uncertain, and the repeated shifts in the US-Iran situation jointly affected the precious metals futures market. However, the market has largely priced in most of the above macro expectations, with signs of marginal digestion on both bullish and bearish factors. Precious metals are expected to maintain a consolidating trend in the short term. In early trading, the most-traded GFEX platinum contract PT2610 closed at 438.1 yuan/g, up 0.94%; the best ask price of SGE platinum 9995 saw its price spread against the GFEX PT2610 contract narrow to around 6 yuan/g.
In the spot market, mainstream quotations for platinum were at a discount of 1.5 yuan/g to 0.5 yuan/g against the PT2610 contract. The change in mainstream quotation discounts from yesterday was relatively small. Last week, as futures prices declined, some downstream players stockpiled fairly sufficient inventories. Today, market purchases were mostly made on a just-in-time procurement basis according to orders. Trader quotations were relatively firm, and transactions at the low end of mainstream quotations were moderate. Overall, spot platinum market trading was normal today.