U.S.-Iran Tensions Fluctuated, Platinum Prices Oscillated Intraday, Spot Consumption Remained Weak [SMM Daily Review]

Published: May 11, 2026 12:06

Save

As the U.S.-Iran situation continued to fluctuate and negotiation prospects deteriorated again, platinum prices oscillated intraday. In the morning session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 514.7 yuan/gram, up slightly by 0.14%, and the inversion between the SGE Pt9995 and the GFEX PT2606 contract ended. Spot side, mainstream quotations for spot platinum premiums remained largely unchanged from the previous trading day. In the morning session, traders' mainstream quotations were at a discount of 2-4 yuan/gram against the GFEX PT2606 contract. After the impact of the invoicing rectification, most traders have resumed normal quotations. Transaction side, according to SMM, downstream consumption remained relatively weak, with only some enterprises making just-in-time procurement through price negotiation. The morning mainstream quotations at a discount of 2-4 yuan/gram against the GFEX contract were difficult to transact, and overall spot market trading remained 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