Precious metals consolidate on a subdued note after interest rate decision; spot market sees tight supply with normal trading [SMM Daily Review]

Platinum consolidated on a subdued note today. Overnight, the US Fed delivered a 25bp rate hike, lifting the target range to 3.75%-4.00%, in line with market expectations. Waller's remarks were generally hawkish but did not exceed the most pessimistic expectations, emphasizing sticky inflation while not committing to a clear pace of future hikes. Market funds remained broadly cautious, and precious metals futures consolidated.
In early trading, the most-traded GFEX platinum contract PT2612 closed at 437.4 yuan/g, down 0.30%. The best ask price for SGE Pt9995 maintained a price spread of around 6 yuan/g against the GFEX PT2610 contract. In the spot market, mainstream quotations for platinum ingots were concentrated near parity against the PT2610 contract, while platinum powder was quoted at a discount of around 0.5 yuan/g. Discounted platinum ingot supply was relatively scarce. Some physical-futures traders, due to lower funding costs, took delivery of platinum warrants near parity against PT26210. Mainstream quotation discounts continued to narrow from yesterday, with suppliers holding prices firm and quotation spreads relatively small. Some traders exited the spot market and suspended quotations after clearing inventory, while downstream buyers purchased at a normal pace based on orders. Overall, platinum spot market activity was normal today.