Geopolitical Conflicts Recurred and Platinum Prices Pulled Back, Downstream Consumption Remained Lackluster [SMM Daily Review]

Published: May 8, 2026 11:53

Save

Last night, the U.S. and Iran exchanged fire again in the Strait of Hormuz. Amid recurring geopolitical conflicts, platinum futures prices pulled back today. During the daytime session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 511.7 yuan/gram, down 1.50%, and the SGE Pt9995 versus GFEX PT2606 spread inverted. Spot side, mainstream quotations for spot platinum premiums remained largely unchanged from the previous trading day. During the daytime session, traders' mainstream quotations were at a discount of 2–4 yuan/gram to the GFEX PT2606 contract, and the ongoing invoicing rectification continued to affect some traders' precious metals quotations. Transaction side, according to SMM, downstream purchase willingness was very low with few inquiries. During the daytime session, transactions at the mainstream quotations of a 2–4 yuan/gram discount to the GFEX contract were scarce. Some traders reported that even with wider discounts, transactions remained difficult, and overall spot market trading was extremely sluggish.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Silver Prices Moved Sideways with Widening Spot-Futures Price Spread, Spot Market Trading Was Thin [SMM Daily Review]

4 hours ago

5 hours ago

Gold and silver’s historic rally could resume ‘as fog of war lifts’, market watchers say

The rally that propelled gold and silver to record-breaking highs in 2025 could pick up again if a U.S.-Iran peace deal is reached, market watchers told CNBC as prices ticked higher on Thursday.

5 hours ago

21 hours ago

Spot Market and China Inventory Brief (May 7, 2026) [SMM Silver Market Weekly Review]

This week, silver ingot market premiums remained at a slight discount. Although spot premiums did not continue to decline WoW, consumption remained relatively weak, and silver ingot social inventory continued to accumulate.

21 hours ago