Platinum Price Moves Sideways, Spot Market Trading Subdued [SMM Daily Review]

Published: Jun 11, 2026 14:01

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Platinum prices moved sideways during the day, as US May CPI data released last night rose 4.2% YoY (the highest in three years) and 0.5% MoM (in line with expectations). Together with the significantly intensifying US-Iran situation and US military strikes on Iran for two consecutive days, the US Fed is expected to find it difficult to release dovish signals in the near term. In early trading, the most-traded GFEX platinum futures contract PT2608 closed at 412.95 yuan/g, down 0.77%. The negative price spread between the SGE Pt9995 best sell price and GFEX PT2608 narrowed to around 3 yuan/g. On the spot front, mainstream platinum quotations stood at a discount of 2 yuan/g against the PT2608 contract to parity. Mainstream quotation discounts widened slightly compared to yesterday. According to SMM, most suppliers chose to quote at a discount of 1 yuan/g to the GFEX 2608 contract to parity, but downstream bargaining sentiment was strong, making transactions quite difficult. This was mainly due to abundant market shipments and sufficient downstream stockpiles amid the recent continuous decline in platinum prices, leading to cautious procurement sentiment. Strong near-month import data kept domestic platinum and palladium spot supply relatively ample. Suppliers sold actively, while some traders reported that transactions could only be concluded after adjusting prices to a discount of 2 yuan/g against the GFEX contract. Overall, spot platinum market transactions were subdued today.

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