Precious metals futures plummet, platinum spot market sees increased inquiries and active trading [SMM Daily Review]

Published: Sep 2, 2026 11:32

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Precious metals futures fell sharply today. Hawkish remarks by Warsh pushed up expectations for US Fed interest rate hikes, while the escalating US-Iran conflict drove oil prices surging and US Treasury yields higher, putting precious metals futures under renewed macro pressure in the short term. In early trading, the most-traded GFEX platinum contract PT2610 closed at 424.4 yuan/g, down 4.20%. The best ask price for SGE platinum 9995 maintained a price spread of around 4 yuan/g against the GFEX PT2610 contract.
In the spot market, mainstream quotations for platinum stood at a discount of 2.5-2 yuan/g against the PT2610 contract. As futures fell sharply, downstream inquiries increased notably, suppliers actively offered, and trading sentiment was relatively active. However, due to strong spot supply, the discount in transactions did not narrow significantly. Overall, trading activity in the platinum spot market heated up today.

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