Platinum Prices Fluctuate Downward, Spot Market Trading Moderate [SMM Daily Review]

On January 21, platinum futures dropped slightly intraday, with the most-traded contract PT2606 on the Guangzhou Futures Exchange closing at 633.85 yuan/gram, down 0.92%. The spot platinum quotations against the most-traded contract PT2606 were at discounts of 10-15 yuan/gram, or at discounts of 12-17 yuan/gram against the gold exchange's selling price, with premiums and discounts basically flat compared to the previous day. According to SMM surveys, the spot market is still mainly supported by investment demand, while end-user purchase willingness is not high and purchasing is relatively cautious; some traders still report that the price spread between offers and bids is relatively large, and pushing for lower prices for large-volume purchases is severe, with overall market transactions being moderate.