Platinum prices increased significantly during the day, with moderate trading volume in the spot market [SMM Daily Review].

Last night, the NYMEX platinum most-traded contract surged significantly, with the NYMEX platinum 2604 contract ultimately settling at $2,705.1 per ounce, up 6.61%. Today, the most-traded contract on the Guangzhou Futures Exchange, PT2606, closed the morning session at 716.25 yuan per gram, rising 2.25%. Domestic spot platinum quotations against the GFEX PT2606 contract were at discounts of 12-16 yuan per gram, or against the SGE sell1 at discounts of 3-7 yuan per gram; the discounts increased slightly compared to yesterday. According to SMM, the continued rally in precious metals sustained market enthusiasm, with some traders actively inquiring about prices and some end-user enterprises conducting necessary stockpiling based on rigid demand. Overall trading activity in the spot market was moderate.