Platinum Drifted Higher Intraday, Spot Market Consumption Weak [SMM Daily Review]

Published: Jun 29, 2026 12:01

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Platinum prices drifted higher today. Geopolitically, the U.S.-Iran situation eased first but then became volatile again, causing market sentiment to waver. On the macro data front, U.S. Q1 GDP data showed concerns about the consumption recovery, providing some support for precious metals, which rebounded slightly. In morning trading, the most-traded GFEX platinum contract PT2608 closed at 404.85 yuan/g, up 2.77%, while the inverted spread between the sell-one price of Pt 9995 on the Shanghai Gold Exchange and GFEX PT2608 remained around 5 yuan/g. In the spot market, mainstream platinum prices were quoted at a discount of 1 yuan/g to parity against the PT2608 contract, with the discount in mainstream quotations widening slightly from the previous trading day. Most traders still quoted around parity against the most-traded contract, but transactions were rather difficult to complete. Most upstream enterprises had limited willingness to sell due to low absolute prices, while downstream consumption was low and wait-and-see sentiment was strong. Overall, platinum transactions were somewhat sluggish today.

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