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 for 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

28 mins ago

Middle East Tensions Escalate, Coupled with Inflation Exceeding Expectations, Silver Prices Fall Under Pressure [SMM Daily Review]

[SMM Daily Commentary: Middle East Tensions Escalate and Inflation Exceeds Expectations, Silver Prices Fall Under Pressure] SMM, July 13 – Iran has closed the Strait of Hormuz, heightening geopolitical risks; the US Fed report shows accelerating inflation, strengthening rate hike expectations, and precious metals are under pressure. Spot market demand is sluggish, with transactions tending toward parity.

28 mins ago

29 mins ago

Middle East Tensions Rise: Iran Closes Strait, US Conducts Airstrikes

【SMM Precious Metal Express】Middle East tensions have escalated sharply. Iran's Revolutionary Guard announced the closure of the Strait of Hormuz, while the US military stated the southern route remains "open." The US carried out four rounds of airstrikes on Iran within a week, and Iran claimed to have destroyed multiple US military facilities in the Middle East.

29 mins ago

30 mins ago

Fed Reports Inflation Surge, Pledges to Use All Tools for Stability

【SMM Precious Metal Express】The Fed's semi-annual monetary policy report showed that inflation accelerated further in the spring, with headline PCE rising to 4.1% year-on-year, driven primarily by tariffs, energy, and AI demand. The Fed stated it is prepared to use all available tools to achieve its dual mandate.

30 mins ago