Warsh Completes First Press Conference, Platinum Intraday in the Doldrums, Spot Market Consumption Weak [SMM Daily Review]

Published: Jun 18, 2026 12:03

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Platinum prices were in the doldrums today, with the market focusing on Fed Chairman Warsh’s first press conference since taking office. The 12 members voted unanimously to keep the benchmark interest rate unchanged, an outcome in line with market expectations for weeks. Warsh stated that all policy actions ultimately take stabilizing inflation as the absolute core goal. On the Middle East geopolitical front, the US-Iran memorandum of understanding was officially signed and took effect, opening a 60-day negotiation period. In the morning session, the most-traded platinum contract PT2608 on the GFEX closed at 433.35 yuan/g, down 2.63%, while the inversion spread between the best ask price for platinum 9995 on the Shanghai Gold Exchange and the GFEX PT2608 hovered around 6 yuan/g. Spot market, mainstream platinum quotations were at a discount of 3 to 1 yuan/g against the PT2608 contract, the discount basically flat compared to the previous trading day. Downstream enterprises had ample stockpiles and strong wait-and-see sentiment, with some making rigid-demand purchases while pushing for lower prices. Bid-ask spreads in the spot market were wide, transactions at the high end of mainstream quotations were difficult, and some suppliers noted that market consumption was poor this week. Overall, platinum trading remained very sluggish today.

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