Platinum futures maintain fluctuating trend, spot market discount cargo hard to find [SMM daily review]

Published: Sep 18, 2026 12:29

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Platinum consolidated with an upward bias today. The market digested the US Fed's rate hike and hawkish stance relatively quickly, with US Treasury yields pulling back sharply. Alongside easing geopolitical tensions, expectations of Saudi supply recovery drove oil prices to retreat from highs, and precious metals futures were broadly firm.

In early trading, the most-traded GFEX platinum contract PT2612 closed at 438.6 yuan/g, up 0.38%. The price spread between the SGE platinum 9995 best ask price and the GFEX PT2610 contract remained around 6 yuan/g. In the spot market, mainstream quotations for platinum ingots were concentrated near parity against the PT2610 contract. Discounted spot platinum cargoes were scarce, and downstream buyers negotiated purchases normally based on orders. Some spot-futures traders, benefiting from lower funding costs, took delivery of platinum warrants near parity against PT26210. Mainstream quotations were basically flat compared with yesterday's discounts, suppliers held prices firm while quotation spreads were relatively small, and some traders exited the spot market and suspended quotations. Overall, spot platinum market transactions were normal today.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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