Platinum Prices Held Up Well Intraday, Traders Actively Inquired About Platinum Warrants [SMM Daily Review]

Published: Jun 1, 2026 12:01

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Platinum prices held up well today. Recent precious metals trading logic remained focused on the recurring US-Iran geopolitical conflicts, US Fed monetary policy expectations, AI economy boosting risk appetite, inflation expectations, and weakening strategic premiums. In the morning session, the most-traded GFEX platinum contract PT2608 closed at 477.6 yuan/gram, up 0.97%. The price spread between SGE platinum 9995 best offer and GFEX PT2608 remained inverted at around 6 yuan/gram, with no transactions recorded for SGE platinum 9995 in the morning session. Spot market, mainstream quotations for spot platinum were at a discount of 4 yuan/gram to parity against the PT2608 contract. Suppliers holding warrant-based spot cargo tended to quote at the higher end, with elevated absolute prices making it difficult to close deals at high-end quotations. Some suppliers reported that registered warrants were absorbing a large volume of spot cargo, resulting in premiums on spot market prices and wide bid-ask price spreads. Transaction side, according to SMM, downstream enterprises made small purchases for rigid demand, while trading firms engaging in both spot and futures market actively inquired about platinum and palladium warrants due to current price spread between futures contracts opportunities. Overall, the spot platinum market showed relatively high activity today.

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