Platinum futures oversold recovery, spot market consumption healthy [SMM daily review]

Published: Oct 16, 2026 12:25 (GMT+8)

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Platinum futures saw an oversold rebound today. US September PPI data exceeded expectations, but the previous day's CPI surprise had already fully lifted expectations for US Fed interest rate hikes and completed market pricing. After the PPI release, market reaction was mediocre. Combined with Fed officials Daly and Bowman collectively releasing dovish signals, platinum and palladium futures stopped falling and rebounded. In the morning session, the most-traded GFEX platinum contract PT2612 closed at 400.55 yuan/g, up 1.78%; the price spread between the best ask for SGE Pt9995 and the GFEX PT2612 contract narrowed to around 5 yuan/g.

In the spot market, mainstream quotations from suppliers were centered around parity to a 1 yuan/g premium over PT2612. Available spot supply was tight, and supplier quotes remained firm. Discounted cargoes were hard to find, while downstream purchase willingness was good, with higher acceptance of small premium quotes. Transactions were mostly concluded at small premiums over the most-traded GFEX contract. Overall, trading in the platinum spot market was relatively active today.

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