US Fed officials turn hawkish again, platinum futures move sideways, spot market trading average [SMM Daily Review]

Published: Sep 22, 2026 13:55 (GMT+8)

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Platinum consolidated in a narrow range today. On the macro front, US Fed officials turned hawkish again, signaling that further rate hikes may be needed to curb inflation, mainly because demand-side resilience remains intact, and the commodity price rally has spread from crude oil to a broader range of categories, potentially hindering the pullback in inflation.

In early trading, the most-traded GFEX platinum contract PT2612 closed at 440.35 yuan/g, down 0.73%. The best ask price for SGE Pt 9995 traded around a price spread of 4 yuan/g versus the GFEX PT2612 contract. In the spot market, mainstream quotations from platinum traders were mostly near parity against the PT2610 contract or at a discount of 2.5 yuan/g versus PT2612. The overall discount narrowed slightly from the previous trading day. Most downstream users had adequate stockpiles and limited purchasing demand, mainly making small-volume purchases through negotiation. Overall, spot platinum market trading was moderate today.

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