Platinum futures fluctuated relatively small intraday, spot market trading was sluggish [SMM daily review]

Published: Sep 23, 2026 11:50 (GMT+8)

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Platinum futures consolidated on a strong note today. Geopolitically, expectations for US-Iran peace talks heated up, with the US and Iran holding a three-hour meeting. Trump said the talks achieved positive results and believed a deal could be reached after the midterm elections. Iran confirmed the meeting and set lifting the maritime blockade, unfreezing assets, and ending the war as conditions for reopening the Strait of Hormuz.

In morning trading, the most-traded GFEX platinum contract PT2612 closed at 442.1 yuan/g, up 0.98%. The price spread between the best ask for SGE platinum 9995 and the GFEX PT2612 contract held near 4 yuan/g. In the spot market, mainstream quotations from platinum traders were mostly on par with to a premium of 0.5 yuan/g against the PT2610 contract, or at a discount of 2.5 yuan/g against PT2612. Overall discounts were basically unchanged from the previous trading day. Trader quote spreads were narrow, most downstream purchasing sentiment was ordinary, and the market was dominated by just-in-time procurement. Overall, spot platinum market trading was sluggish today.

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