Platinum futures consolidate, spot market wait-and-see sentiment strong [SMM daily review]

Platinum consolidated in early trading today. On the macro front, hawkish remarks from US officials, combined with a sharp sell-off in the US tech sector, triggered a liquidity shock, capping the rebound momentum in precious metals. The market is focused on the US October non-farm payrolls data due this week, while also monitoring progress in the US-Iran Doha talks and the policy direction of Trump under a divided government. In early trading, the most-traded GFEX platinum contract PT2612 settled at 369.45 yuan/g, down 0.28%. The price spread between the best ask price for SGE platinum 9995 and the GFEX PT2612 contract narrowed to around 5 yuan/g.

In the spot market, mainstream quotations from suppliers were around parity to 1 yuan/g against the PT2612 contract, with spot premiums basically flat from the previous trading day. After yesterday's sharp rebound in platinum futures, most downstream buyers remained cautious and on the sidelines, purchasing only small volumes as needed. Overall, spot premiums in the platinum spot market held steady today, with thin trading.