Precious Metals Continued Volatile Trading, Platinum Spot Market Transactions Were Normal [SMM Daily Review]

Published: Jun 2, 2026 12:09

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Platinum prices continued to fluctuate today. Regarding the US-Iran conflict, Iran announced the suspension of all indirect negotiations with the US. Data-wise, the US May manufacturing PMI came in at 54, hitting a three-year high. During the morning session, the most-traded GFEX platinum PT2608 contract closed at 480.05 yuan/gram, up 0.71%. The inverted price spread between the SGE platinum 9995 best offer price and the GFEX PT2608 remained around 6 yuan/gram. Spot market, mainstream quotations for spot platinum were at a discount of 4 yuan/gram to parity against the PT2608 contract. Most suppliers of warrant-based spot cargo quoted at the higher end, with elevated absolute prices, making transactions at higher-end quotations difficult. Suppliers generally reported that registered warrants were absorbing a large volume of spot cargo, resulting in premiums on spot prices and wide price spreads in the market. Transaction side, according to SMM, downstream enterprises negotiated purchases based on orders, and overall transactions in the spot platinum market were normal today.

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