Upside room for precious metals is limited, and consumption in the platinum spot market is weak [SMM daily review]

Published: Jun 30, 2026 12:07

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Platinum prices drifted lower today. With ongoing uncertainties surrounding the U.S.-Iran situation and repeated swings in market rate hike expectations, precious metals futures are likely to continue swinging wildly, limiting upside room. In early trading, the most-traded GFEX platinum contract PT2608 closed at 388.9 yuan/g, down 3.29%. The inverted spread between the SGE Pt9995 best ask price and GFEX PT2608 narrowed to around 4 yuan/g. In the spot market, mainstream quotations for platinum ranged from a discount of 1 yuan/g to a premium of 1 yuan/g against the PT2608 contract. Mainstream quotations against the contract were basically flat compared to the previous trading day, with most traders quoting at parity with the most-traded contract but seeing difficulty in closing deals. A small portion of spot platinum with current-month invoices was quoted at a modest premium. Most upstream enterprises showed limited willingness to sell due to low absolute prices, while downstream demand was limited and the wait-and-see sentiment was strong. Overall, platinum trading was relatively sluggish today.

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.

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