Platinum prices rebounded slightly today. Macro front, central banks in multiple countries shifted toward hawkish policies, and the US April PCE price index annual rate rose significantly. As of 10:15 this morning, GFEX PT2606 closed at 467.55 yuan/gram in the morning session, up 1.16%, while the most-traded contract PT2608 closed at 473.55 yuan/gram, up 1.55%. The inverted price spread between the SGE Platinum 9995 best offer price and GFEX PT2606 remained around 15 yuan/gram. Spot market, warrant-based spot cargo suppliers generally quoted at relatively high levels, with mainstream quotations at a discount of 4 yuan/gram to parity against the PT2608 contract. Absolute prices were on the high side, and some suppliers reported that registered warrants were currently siphoning a large volume of spot cargo, leading to a premium on spot prices in the market. Transaction side, according to SMM, downstream enterprises maintained just-in-time procurement, while trading firms engaging in both spot and futures market actively inquired about platinum and palladium warrants due to current price spread opportunities between futures contracts. Overall, the platinum spot market was relatively active today.

Platinum prices fell sharply under pressure today. On the macro front, geopolitical tensions in the Middle East flared up again as the U.S. military launched a new round of strikes on military facilities inside Iran. In the morning session, GFEX PT2606 closed at 456.95 yuan/gram, down 4.11%, while the most-traded contract PT2608 closed at 462.05 yuan/gram, down 3.78%. The inverted price spread between the SGE Pt9995 best offer price and GFEX PT2606 widened to around 20 yuan/gram. Spot side, mainstream quotations for spot platinum premiums rose compared to the previous trading day. In the morning session, traders' mainstream quotations for non-delivery brand platinum were around parity with GFEX PT2606, while mainstream quotations for deliverable platinum ingots were at a premium of 1–2 yuan/gram over PT2606. Warrant spot suppliers generally quoted higher prices, and some enterprises quoted relatively high absolute prices against the PT2608 contract. Transaction side, according to SMM, downstream enterprises purchased as needed as futures dropped sharply, and trading firms engaging in both spot and futures market actively inquired about platinum and palladium warrants given current price spread opportunities between futures contracts. Overall, spot platinum market transactions were normal today.

Platinum prices were in the doldrums today. Macro side, Iran said the US blatantly violated the ceasefire agreement and it would respond accordingly. In morning trading, GFEX PT2606 closed at 478.85 yuan/gram, down 1.12%, while the most-traded contract PT2608 closed at 482.80 yuan/gram, down 1.15%. The inverted price spread between SGE platinum 9995 ask price and GFEX PT2606 widened, remaining at 8-10 yuan/gram. Spot side, mainstream quotation premiums for spot platinum were basically flat compared with the previous trading day. In morning trading, traders' mainstream quotations for non-delivery brand platinum were at parity to a discount of 2 yuan/gram against GFEX PT2606, while mainstream quotations for deliverable platinum ingots were at a slight premium to parity against PT2606. Quotations from warrant spot suppliers were generally higher. In terms of transactions, according to SMM, downstream enterprises purchased as needed based on orders, 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 activity in the spot platinum market was normal today.

Platinum prices edged down today. On the macro front, rising expectations for US-Iran peace talks combined with heightened expectations for US Fed interest rate hikes driven by the Fed's hawkish stance continued to guide precious metals into volatile trading. In the morning session, GFEX PT2606 closed at 484.4 yuan/gram, down 0.66%, and the most-traded contract PT2608 closed at 489.1 yuan/gram, down 0.44%. The SGE Pt9995 best offer price remained in persistent inversion against GFEX PT2606, with the price spread staying around 5 yuan/gram. Spot side, mainstream quotations for spot platinum premiums were basically flat compared to the previous trading day. In the morning session, mainstream quotations from traders for non-delivery brand platinum were at parity to a discount of 2 yuan/gram against GFEX PT2606. Transaction side, according to SMM, some downstream buyers made rigid-demand bargain purchases in the morning session. Some suppliers reported small volumes of spot cargo transacted at a discount of 2 yuan/gram. Registered warrant shipment prices were generally higher. 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. The price difference between non-delivery spot platinum and registrable warrant spot cargo in the spot market gradually widened. Overall, consumption in the spot platinum market was normal today.

Platinum prices were in the doldrums today. Precious metals futures fluctuated around expectations of Voss's inauguration and a US-Iran ceasefire. In the morning session, GFEX PT2606 closed at 485.65 yuan/gram, down slightly by 0.20%, and the most-traded PT2608 contract closed at 489.5 yuan/gram, down 0.10%. The SGE Pt9995 best offer price remained persistently inverted against GFEX PT2606, with the price spread maintained at around 5-10 yuan/gram. Spot side, mainstream quotations for spot platinum premiums were basically flat compared to the previous trading day. In the morning session, traders' mainstream quotations were at parity to a discount of 2 yuan/gram against GFEX PT2606. Transaction side, according to SMM, in the morning session suppliers found it difficult to transact at parity to a discount of 1 yuan/gram against the most-traded GFEX platinum contract. Downstream buyers purchased on rigid demand with price negotiations, and some suppliers reported small volumes transacted at a discount of 2 yuan/gram for spot cargo. Most suppliers had limited room for negotiation due to the approaching delivery period, and registered warrants were generally offered at relatively high shipments prices. Overall, the spot platinum market saw subdued consumption today.

Platinum prices held up well today, with market logic still revolving around developments in US-Iran tensions and expectations for US Fed interest rate hikes. Ultimately, the most-traded platinum contract on GFEX closed the morning session at 485.95 yuan/gram, edging up 0.34%. The SGE Pt9995 best offer price remained persistently inverted against GFEX PT2606, with the price spread maintained at around 5 yuan/gram. There were no transactions for SGE Pt9995 during the morning session. Spot side, mainstream quotations for spot platinum premiums were basically flat compared to the previous trading day. Morning mainstream quotations from traders were at parity to a discount of 2 yuan/gram against GFEX PT2606. Transaction side, according to SMM, morning transactions from suppliers at mainstream quotations of parity to a discount of 2 yuan/gram against the most-traded GFEX platinum contract faced resistance. Downstream consumption was sluggish, with some downstream enterprises reporting sufficient stockpiling levels and weak procurement sentiment, while most suppliers also had limited room for price negotiation due to the approaching delivery period. Overall, spot market activity was relatively low today.