US Treasury yields shot up, precious metals futures came under pressure, and spot platinum market consumption was weak [SMM Daily Review]

Published: Aug 19, 2026 12:02 (GMT+8)

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Platinum prices traded in the doldrums today. The long-end U.S. Treasury yields shot up significantly, with the 10-year yield rising to around 4.74% and the 30-year yield touching 5.33%, reaching a level not seen since 2007. Precious metals futures fell under pressure. In the morning session, the most-traded GFEX platinum contract PT2610 closed at 425.3 yuan/g, down 2.44%. The price spread between the best ask of SGE platinum 9995 and the GFEX PT2610 contract remained around 3 yuan/g.
Spot side, mainstream quotations for platinum were at a discount of 2.5-1.5 yuan/g against the PT2610 contract. Suppliers' offer discounts narrowed only slightly from the previous trading day. Some downstream enterprises had already completed stockpiling yesterday, as futures prices fell. Today, although futures continued under pressure, consumption was weak. Suppliers' shipments of high-priced goods faced obstacles, warehouse warrant premiums were on the high side, and mainstream quotations were mostly around a discount of 1.5 yuan/g against the most-traded contract. Overall, trading in the platinum spot market today was relatively sluggish.

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