Platinum Price Surged to a New High, Premiums and Discounts in the Spot Market Basically Flat [SMM Daily Review]

Platinum prices surged to a new high today, with the most-traded PT2606 contract on the Guangzhou Futures Exchange closing the morning session at 676 yuan/gram, up 8.80%, while the sell-1 PT2606 contract on the Gold Exchange remained inverted. Domestic spot platinum quotations against the GFEX PT2606 contract were at discounts of 10-14 yuan/gram, or discounts of 13-17 yuan/gram against the Gold Exchange's sell-1 contract, with premiums and discounts basically flat from the previous day. According to SMM's multi-channel research, the spot market is still mainly supported by investment demand, with end-users showing low purchase willingness at high levels and a strong wait-and-see sentiment; some traders actively inquired about prices, but actual transactions were limited due to no significant change in the spot-futures price spread, and some suppliers had low selling intentions, holding back goods and waiting, resulting in moderate overall market transactions.