Platinum Prices Experienced Significant Correction, Spot Market Trading Normal [SMM Daily Review]

Today, precious metal prices retreated from highs. The most-traded PT2606 contract on the Guangzhou Futures Exchange closed the morning session at 646 yuan/gram, down 9.63%. Domestic spot platinum quotations against the GFEX PT2606 contract were at discounts of 8-12 yuan/gram, or at discounts of 11-15 yuan/gram against the SGE sell 1 contract. An inversion occurred between SGE sell 1 and PT2606, with the discount narrowing slightly compared to yesterday. According to SMM, some suppliers actively quoted discounts of 8-12 yuan/gram against the GFEX PT2606 contract. Market support still primarily came from speculative demand, while some end-users made small, necessary stockpiling purchases. However, procurement volume remained very limited as prices stayed high. Overall spot market trading was normal.