Non-farm payrolls data intensifies market tug-of-war between longs and shorts; spot market discounts persist with sluggish trading [SMM Daily Review]

Platinum futures consolidated today. US August non-farm payrolls data recorded 162,000, far exceeding market expectations, with June and July revised up by a combined 55,000. After the data release, the probability of a September rate hike rose again to around 60%; but at the same time, Trump stated that "growth will not cause inflation, and the US should maintain the lowest interest rates in the world," intensifying the tug-of-war between longs and shorts in the market.
In early trading, the most-traded GFEX platinum contract PT2610 closed at 442.9 yuan/g, down slightly by 0.18%; the price spread between the best ask price for SGE platinum 9995 and the GFEX PT2610 contract remained around 3 yuan/g. In the spot market, mainstream quotations for platinum were at a discount of 3 yuan/g to 2 yuan/g against the PT2610 contract, with relatively small changes in premiums. Wait-and-see sentiment was strong in the market, and downstream buyers made cautious purchases on an as-needed basis. Overall, platinum market trading was sluggish today.