Platinum Prices in the Doldrums Intraday, Spot Market Activity Relatively High [SMM Daily Review]

Published: Jun 3, 2026 12:12

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Platinum prices were in the doldrums today. Regarding the US-Iran conflict and Middle East geopolitics, Hezbollah in Lebanon rejected Israel's partial ceasefire proposal, and Iranian media reported that US-Iran communications had been interrupted for several days. According to official disclosures, Iran struck two US military bases. In the morning session, the most-traded GFEX platinum contract PT2608 closed at 477.65 yuan/gram, down 0.82%. The inverted price spread between the SGE platinum 9995 best offer price and GFEX PT2608 remained around 6 yuan/gram. Spot market, mainstream quotations for spot platinum were at a discount of 2 yuan/gram against the PT2608 contract to parity. Most suppliers of warrant spot cargoes quoted at the higher end, but transactions at higher quotations were relatively difficult. Suppliers generally reported that registered warrants were absorbing a large volume of spot cargoes, resulting in a premium on spot prices in the market. Some suppliers reported that transaction prices were around a discount of 2 yuan/gram against the most-traded platinum contract 2608. According to SMM, downstream enterprises made normal purchases based on orders through negotiation, and trading firms engaging in both spot and futures market actively inquired as the arbitrage margin was favorable. Overall, the spot platinum market was relatively active today.

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