Platinum Prices Under Pressure with Sharp Decline, Lower Absolute Prices Fail to Significantly Boost Downstream Consumption [SMM Daily Review]

Published: May 15, 2026 11:56

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Platinum prices came under pressure and fell sharply intraday. In the morning session, the most-traded GFEX platinum contract PT2606 hit a lowest price of 500.05 yuan/gram, down over 6%, and ultimately closed the morning session at 504.45 yuan/gram, down 5.47%. The SGE Platinum 9995 vs. GFEX PT2606 remained in inversion, with the price spread maintained at around 5 yuan/gram. 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 3-5 yuan/gram to GFEX PT2606, with some platinum warrants held firm for sale, and warrant quotations mostly at a discount of around 1 yuan/gram to PT2606. Transaction side, according to SMM, the sharp decline in futures did not significantly boost downstream purchase willingness. Although inquiries increased, most enterprises indicated they were mainly taking a wait-and-see approach. Morning session transactions at the mainstream quotations of 3-5 yuan/gram discount to GFEX were few, with only some downstream enterprises making bargain purchases based on rigid demand. Overall activity in the spot market remained relatively low.

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