Tianjin launches second-highest smog alert on Feb 28

Platinum and palladium prices opened lower with a gap this week, consolidated at lows, and moved sideways after the rate hike landed, with both metals closing lower for the week. In the spot market, after futures opened sharply lower early in the week, spot platinum and palladium discounts narrowed notably. Orders from most downstream buyers recovered, as they actively inquired and purchased near short-term price lows following the futures market. Cargoes at deep discounts were cleared, and suppliers held prices firm on shipments. In the near term, platinum and palladium are likely to consolidate on a subdued note. Going forward, close attention should be paid to US Fed officials' remarks, US September inflation and employment data, and the policy path from the meeting.

**SMM News, September 17:** Overnight, Federal Reserve members voted unanimously in favor of an interest rate hike, a rare outcome, and further consecutive rate hikes remain possible. Precious metals have been under sustained downward pressure on the back of the rate hike news, triggering a sudden pullback in rhodium prices following their earlier rally. Some market participants noted that selling liquidity has dried up markedly over the past two days, and forced liquidation at lower prices has caused rhodium to fall sharply.