Platinum Prices Plunge Sharply, Spot Market Trading Remains Sluggish [SMM Daily Review]

During the day, platinum prices continued to retreat. Domestic spot platinum prices against the GFEX pt2606 contract narrowed to a discount of 25-30 yuan/gram, against the SGE sell1 contract to a discount of 2-6 yuan/gram, and the premium against international platinum prices also decreased. Many traders showed reduced willingness to sell, with some suspending platinum quotations ahead of the New Year's Day holiday. Influenced by weak precious metals investment sentiment recently, transactions in the spot market were mainly driven by investment demand. End-user just-in-time procurement remained relatively cautious, with some end-users reducing their single procurement volume, leading to overall sluggish market transactions.