Geopolitical Conflicts Recurred and Platinum Prices Pulled Back, Downstream Consumption Remained Lackluster [SMM Daily Review]

Published: May 8, 2026 11:53

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Last night, the U.S. and Iran exchanged fire again in the Strait of Hormuz. Amid recurring geopolitical conflicts, platinum futures prices pulled back today. During the daytime session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 511.7 yuan/gram, down 1.50%, and the SGE Pt9995 versus GFEX PT2606 spread inverted. Spot side, mainstream quotations for spot platinum premiums remained largely unchanged from the previous trading day. During the daytime session, traders' mainstream quotations were at a discount of 2–4 yuan/gram to the GFEX PT2606 contract, and the ongoing invoicing rectification continued to affect some traders' precious metals quotations. Transaction side, according to SMM, downstream purchase willingness was very low with few inquiries. During the daytime session, transactions at the mainstream quotations of a 2–4 yuan/gram discount to the GFEX contract were scarce. Some traders reported that even with wider discounts, transactions remained difficult, and overall spot market trading was extremely sluggish.

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