Platinum Prices Surged Intraday, Spot Market Remained Sluggish with Thin Trading [SMM Daily Review]

Published: May 6, 2026 11:53

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Futures platinum prices rose sharply today during the daytime session. The most-traded PT2606 contract on the Guangzhou Futures Exchange closed at 505.4 yuan/gram in the morning session, up 4.14%, ending the inversion between SGE Platinum 9995 and GFEX PT2606. Spot side, mainstream quotations for spot premiums were basically flat compared to the last trading day before the holiday. In the morning session, spot platinum traders' mainstream quotations were at a discount of 2-3 yuan/gram to GFEX PT2606. Some enterprises still refrained from participating in market quotations due to invoicing rectification reasons. Transaction side, according to SMM, it was difficult to close deals at the morning session quotation of a 2 yuan/gram discount to GFEX. As futures prices continued to rise during the morning session, some enterprises chose to lower their premiums. Downstream enterprises generally had low purchase willingness due to the sharp rise in futures prices and mostly adopted a wait-and-see approach. Overall spot market transactions were sluggish.

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