Platinum Edges Lower in Early Trading, Mainstream Quotations in Spot Market Struggle to Conclude Deals [SMM Daily Review]

Platinum edged lower in early trading today. On the macro front, US CPI rose 0.4% MoM (vs. 0.3% expected); core CPI rose 0.3% MoM (vs. 0.2% expected), marking the third consecutive month at 0.3%, with broad-based gains. As YoY CPI data was unavailable this time, the market took its cue from the MoM figures. In early trading, the most-traded GFEX platinum contract PT2612 settled at 380.95 yuan/g, down 0.88%. The price spread between the best ask for SGE Pt9995 and the GFEX PT2612 contract remained around 5 yuan/g.

In the spot market, mainstream platinum quotations remained around parity to 1 yuan/g against the PT2612 contract. Some suppliers reported that discounted platinum cargoes have recently emerged in the Shenzhen market, continuing to pressure spot market premiums, with mainstream quotations struggling to find transactions. Meanwhile, downstream purchasing remained cautious, with no notable improvement in consumption. Overall, platinum spot market consumption was subdued today, and mainstream quotations faced difficulty in closing deals.