Platinum Prices Fluctuated, Spot Market Was Relatively Active with Discounts Continuing to Narrow [SMM Daily Review]

Published: May 19, 2026 12:07

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Platinum prices fluctuated intraday, dipping after a slightly higher open in the morning session before seeing a weak rebound toward the close. Ultimately, the most-traded GFEX platinum contract closed the morning session at 491.4 yuan/gram, up 0.22%. The SGE Pt9995–GFEX PT2606 spread remained inverted, with the price difference holding at 5–10 yuan/gram. Spot side, mainstream spot platinum premiums continued to narrow compared to the previous trading day. Morning mainstream quotations from traders ranged from parity to a 3 yuan/gram discount to GFEX PT2606, with some platinum warrants sold at a slight premium. Transaction side, according to SMM, morning offers at a 1–3 yuan/gram discount to GFEX saw good turnover, with lower-end quotes quickly locked in by the market. As futures prices declined subsequently, higher-end quotes also saw transactions. With recent futures declines boosting downstream inquiries, the market generally reported that upstream shipments were limited due to low absolute prices, and some traders opted to wait for delivery, leaving spot cargo relatively tight. Overall, the spot market was fairly active today.

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