Platinum Prices Fluctuated and Consolidated, Trading Was Thin in the Spot Market [SMM Daily Review]

Platinum prices fluctuated downward intraday, with the most-traded contract PT2606 on the GFEX closing at 602.95 yuan/gram in the morning session, down 2.18%. Spot side, domestic platinum spot quotations against the GFEX pt2606 contract were at discounts of 15-19 yuan/gram, or against the GES seller 1 at discounts of 5-9 yuan/gram with limited transactions, while premiums against international platinum were 5-10 yuan/gram. According to SMM's multi-channel research, the spot market remains mainly supported by investment demand, while end-user purchase willingness is low and purchasing is generally cautious; some traders reported large price spreads between offers and bids, with substantial purchases facing severe price pressure, and traders showed low willingness to sell at large discounts, making transactions relatively difficult, resulting in overall thin market turnover.