Platinum Prices Stop Falling and Rebound, Spot Market Trading Remains Sluggish [SMM Daily Review]

Published: Apr 27, 2026 12:07

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Platinum futures prices edged up during today's daytime session. The most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 509 yuan/gram in the morning session, up 1.21%. The Shanghai Gold Exchange (SGE) Pt9995 remained in persistent backwardation against the GFEX PT2606 contract. Spot side, mainstream spot quotations showed discounts largely unchanged from the previous trading day. Morning mainstream quotations from spot platinum traders were at a discount of 4–5 yuan/gram to PT2606. Recently, tax authorities launched a special campaign to rectify invoice-related economic irregularities, imposing strict controls on enterprise invoicing limits. However, since platinum and palladium trade volumes are relatively small, the impact of the invoicing crackdown on prices has not been significant so far. Transaction side, according to SMM, a small volume of deals were concluded near the mainstream quotation of 5 yuan/gram discount during the morning session. Some suppliers held prices firm for sales due to delivery intentions or shipments with invoices dated this month, while arbitrage traders generally targeted purchase prices near a 6 yuan/gram discount to the GFEX contract. Meanwhile, overall downstream consumption remained weak, with some enterprises making small negotiated purchases based on order conditions. The spot market was generally sluggish in terms of transactions.

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