Platinum Prices Plunge Again, Spot Market Transactions Moderate, and Downstream Fear Sentiment Gradually Emerges [SMM Daily Review]

Published: Jun 10, 2026 12:00

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Platinum prices slumped intraday again, dragged down by the whipsawed US-Iran situation, liquidity concerns, and worries about US CPI exceeding expectations tonight—leaving the US Fed unlikely to release dovish signals in the near term. During the morning session, the most-traded GFEX platinum contract PT2608 closed at 411.8 yuan/g, down 5.43%, while the inverted spread between the best ask price of SGE platinum 9995 and GFEX PT2608 held around 8 yuan/g. In the spot market, mainstream quotations for platinum were at a discount of 1 yuan/g to a premium of 1 yuan/g against the PT2608 contract; although platinum futures tumbled, the premiums/discounts on mainstream quotes were basically flat from yesterday. According to SMM, most suppliers chose to quote at parity with the GFEX 2608 contract, but deals at parity were hard to conclude, mainly because there were plentiful shipments in the market and downstream buyers, having purchased actively as platinum prices fell recently, had already built sufficient stockpiles, leading to cautious sentiment and fear of further price declines. Strong import data in recent months left spot platinum and palladium in China relatively ample; suppliers were selling actively, and some traders reported that adjusting quotes to a discount of 1 yuan/g against GFEX led to smooth transactions. Overall, spot platinum market turnover was moderate today, with some downstream fear of falling prices gradually emerging.

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