Platinum Prices Continue to Soar, Spot Market Trading Remains Thin [SMM Daily Review]

Platinum prices surged again today, with the most-traded PT2606 contract on the Guangzhou Futures Exchange closing the morning session at 742.3 yuan/gram, up 9.33%. Domestic spot platinum quotations against the GFEX PT2606 contract were at discounts of 8-12 yuan/gram, or against the SGE sell-side quotations at discounts of 1-5 yuan/gram, with premiums and discounts showing no significant change. According to SMM, some traders reported that although futures surged, the spot-futures price spread did not widen. Coupled with concerns over pre-holiday funding costs and sales pressure, purchase willingness notably declined. Meanwhile, end-users showed low purchase willingness at high price levels, with a strong wait-and-see sentiment, leading to overall thin market transactions.