Platinum under pressure and lower in morning trading; spot market discount narrows with normal transactions [SMM Daily Review]

Published: Sep 24, 2026 12:08 (GMT+8)

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Platinum futures prices fell today. Geopolitically, the three-hour US-Iran talks revealed substantial differences, with Iran's harsh conditions leaving prospects for de-escalation unclear. On the macro data front, the US services PMI for September rose to a near five-year high, while the manufacturing PMI climbed to a more than four-year high, fueling market concerns about consecutive Fed rate hikes. In morning trading, the most-traded GFEX platinum contract PT2612 closed at 431.6 yuan/g, down 2.91%. The price spread between the best ask price for SGE platinum 9995 and the GFEX PT2612 contract narrowed to around 3 yuan/g.

In the spot market, mainstream quotations from platinum traders were concentrated at discounts of 2 yuan/g to 0.5 yuan/g against the PT2612 contract, with overall discounts narrowing from the previous trading day. As futures prices declined, downstream inquiries were moderate, and transactions at mid-to-low quotations were active. With the holiday atmosphere building, some traders showed low willingness to sell and chose to hold prices firm, leading to a slight widening in quoted price spreads. Overall, trading activity in the platinum spot market was normal today.

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