Platinum Prices Continued to Rise, Wait-and-See Sentiment Dominated Spot Market [SMM Daily Review]

Published: May 7, 2026 11:53

Save

With continued signals about ending the Iran conflict, platinum futures prices continued to surge today. During the morning session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 519.05 yuan/gram, up 3.21%, and the inversion between SGE Pt9995 and GFEX PT2606 ended. Spot side, mainstream spot premiums widened slightly compared to the previous trading day. During the morning session, mainstream quotations from spot platinum traders were at a discount of 3-4 yuan/gram against the GFEX PT2606 contract, with some enterprises not participating in market quotations due to invoicing rectification or temporarily having no spot inventory. Transaction side, according to SMM, downstream purchase willingness was low amid the sharp rise in futures, with buyers taking a cautious wait-and-see approach. Morning mainstream quotations at a discount of 3-4 yuan/gram against GFEX saw few transactions, and overall spot market trading remained sluggish.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

56 mins ago

Silver Futures Continued to Surge While Spot Market Consumption Remained Sluggish [SMM Daily Review]

56 mins ago

20 hours ago

Bank of America stands firm on 12-month $6,000 gold

Gold has been pulled in two directions in recent weeks. On one side, rising oil prices and escalating geopolitical tensions have strengthened the metal’s safe-haven appeal.

20 hours ago

22 hours ago

Gold – In the Shadow of the Oil Price Shock

Starting from the new all-time high of USD 5,602 on January 29, the gold price has now been in a correction phase for over three months, characterized so far by two sharp downward waves, two recovery waves, and most recently by another downward wave since mid-April.

22 hours ago