Platinum price consolidated on a strong note intraday, spot market saw more quotations but consumption remained poor [SMM Daily Review]

Published: Aug 24, 2026 12:11

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Platinum drifted higher today, with three major variables—government bond repo, inflation pressure, and the US Fed's rate hike—interacting and jointly impacting precious metals futures. In the short term, prices are expected to consolidate further. In early trading, the most-traded PT2610 futures contract on GFEX settled at 463.75 yuan/g, up 1.37%. The price spread between the ask price of platinum 9995 on the Shanghai Gold Exchange and the PT2610 contract on GFEX remained around 3 yuan/g.

On the spot side, mainstream quotations for platinum were at a discount of 4–2.5 yuan/g against the PT2610 contract. Suppliers' quoted discounts were basically flat from the previous trading day. As futures continued to rise, deeply discounted cargo emerged in the market. Meanwhile, approaching the unified cancellation of platinum and palladium warehouse warrants, more quotations appeared from futures-spot arbitrageurs. However, it was difficult to trade at the high end of mainstream quotations. Downstream enterprises mainly adopted a wait-and-see approach, making just-in-time procurement based on orders. Overall, platinum spot consumption was sluggish today.

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