Platinum continues its weak trend, spot market consumption recovers somewhat [SMM Daily Review]

Published: Sep 01, 2026 12:08 (GMT+8)

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Platinum extended its weak trend today. Geopolitical fluctuations between the US and Iran, combined with hawkish remarks from the US Fed, led the market to reprice rate hike expectations, with the probability of a September hike rebounding to above 60%. Futures are expected to swing wildly in the short term. In the morning session, the most-traded GFEX platinum contract PT2610 closed at 441.7 yuan/g, down 1.04%. The price spread between the best ask for SGE platinum 9995 and the GFEX PT2610 contract widened to around 4 yuan/g.
In the spot market, mainstream quotations for platinum stood at a discount of 3-2.5 yuan/g against the PT2610 contract. As futures declined over the past two days, downstream purchasing sentiment recovered. Mainstream quotations saw moderate trading in the morning session, with traded discounts narrowing slightly from yesterday. Overall, spot platinum market trading recovered somewhat today.

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