Platinum prices consolidated on a subdued note today, as market caution ahead of non-farm payrolls data, combined with hawkish signals released by US Fed officials, suppressed the sustained upward momentum of precious metals. In the morning session, the most-traded GFEX platinum contract PT2610 closed at 431 yuan/g, down 1.71%. The inverted price spread between the Shanghai Gold Exchange platinum 9995 best ask price and GFEX PT2610 narrowed to around 2 yuan/g. Spot side, mainstream quotations for platinum were at a discount of 3.5 to 2.5 yuan/g against the PT2610 contract. As downstream consumption willingness was limited amid recent futures price rises, the mainstream quotation discount was basically flat compared with yesterday, with a large price spread between bids and offers. Traders' warehouse warrant offers were relatively firm, concentrated near a discount of 2 yuan/g against the most-traded GFEX contract. Overall, platinum spot market consumption remained sluggish today.

As of now, the FOB price of Indonesian MHP nickel is $15,273/mt Ni, and the FOB price of Indonesian MHP cobalt is $47,840/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) is 82.5-83.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 90. The FOB price of Indonesian high-grade nickel matte is $15,700/mt Ni.

[SMM Daily Review: Silver Prices Retreat from Highs Ahead of Non-Farm Payrolls Data, Market Awaits Data Guidance] SMM, August 7 – Hawkish comments and job market resilience weighed on silver prices, with the market focused on tonight's non-farm payrolls data. Spot cargo transactions remained weak, the spot-futures price spread was in a stalemate, and traders showed low willingness to offer.

Platinum prices continued to hold up well today. Data showed that the US ADP employment change for July was 44,000, below market expectations of 70,000, with the prior figure at 98,000. Spot gold broke above the $4,300/oz mark for the first time since June 18. In the morning session, GFEX's most-traded platinum futures contract PT2610 settled at 435.05 yuan/g, up 1.05%. The inverted spread between the best ask price of SGE platinum 9995 and GFEX PT2610 narrowed to around 3 yuan/g. In the spot market, mainstream platinum quotations were at discounts of 4-2 yuan/g against the PT2610 contract. As futures continued to rise, downstream buying interest remained low, causing mainstream quotation discounts to widen slightly, and the bid-ask spread widened simultaneously. Traders' warehouse warrant offers were relatively firm, concentrated near a discount of 2.5 yuan/g to GFEX's most-traded contract. Overall, trading in the platinum spot market remained sluggish today.

[SMM Daily Review: Weaker ADP Data Boosts Silver Prices; Spot Demand and Trading Sluggish] SMM, August 6 – The US ADP employment hit a new low for the year, expectations for interest rate cuts intensified, and silver prices rebounded. Spot market silver prices rose, suppressing purchase willingness. Transactions were concentrated near parity, and demand remained sluggish.

[SMM Daily Review: Aug 5 Spot Lithium Carbonate Prices Consolidate Higher] Today, SMM battery-grade lithium carbonate spot price consolidated higher compared to the previous trading day. The lithium carbonate 2609 contract opened lower at 139,700 yuan/mt, briefly dipped to 138,300 yuan/mt after opening and then found support, with bulls stepping in to push prices to consolidate and rebound; in the morning session, prices fluctuated on the strong side in the 140,000-142,000 yuan/mt range, and the center gradually moved higher despite some back-and-forth; near midday, bulls and bears consolidated in a tug-of-war in the 141,500-142,500 yuan/mt range; in the afternoon, bulls continued to push, and prices consolidated higher; near the close, concentrated capital inflows drove prices quickly up to 144,300 yuan/mt, hitting an intraday high, then pulled back slightly on some profit-taking, settling around 143,200 yuan/mt, finally closing up 2.61% at 143,200 yuan/mt. Open interest decreased by 9,640 lots. In the spot market, downstream buyers purchased as needed on dips. Some downstream buyers saw increased spot order demand as upstream lithium chemical plants' maintenance reduced long-term contract volumes; upstream lithium chemical plants remained cautious in selling spot cargoes, with those having maintenance plans focusing on securing long-term contract supplies this month, while some lithium chemical plants showed signs of loosening their intent to hold prices firm. Overall, market inquiries and actual transactions were relatively stable.

Platinum prices surged sharply today. News front, the US Department of Commerce released an announcement on August 4 planning to add 14 downstream derivative products of steel, aluminum, and copper into the scope of Section 232 tariff control. Although the document did not directly mention platinum group metals, the market interpreted it as a signal of continuous escalation of US trade tariff policy tools. Coupled with US Treasury Secretary Bessent's statement on August 4 that the US and Iran were expected to reach an agreement on August 4 or 5 to reopen the Strait of Hormuz, international oil prices pulled back significantly, inflation expectations eased, leading to a pullback in expectations for US Fed interest rate hikes, and the precious metals sector as a whole got a boost. In early trading, the most-traded platinum contract PT2610 on GFEX closed at 432.5 yuan/g, surging 7.04%. The inverted spread between the best ask price of Platinum 9995 on the Shanghai Gold Exchange and GFEX PT2610 remained around 6 yuan/g. Spot market, mainstream quotations for platinum were at a discount of 3.5 yuan/g to 2 yuan/g against the PT2610 contract. Although the mainstream quotation premiums/discounts did not change significantly with the sharp rally in futures, downstream purchase willingness was extremely low, and the bid-ask spread widened. Suppliers, with limited willingness to sell at large discounts, opted to hold prices firm in their offers. Overall, trading in the platinum spot market was very sluggish today.

[SMM Daily Review: US-Iran Strait Standoff, Silver Prices Move Sideways] SMM Aug 5 – Easing US-Iran geopolitical tensions, along with the US dollar halting its decline, led to a slight rebound in silver prices, but strong economic data capped upside room. Spot demand remained sluggish, with transactions at parity and orders sluggish.

[SMM Daily Review: Spot Lithium Carbonate Prices Unchanged on August 4] Today, SMM battery-grade spot lithium carbonate prices remained flat from the previous working day. The lithium carbonate 2609 contract opened lower at 138,800 yuan/mt today, fluctuated lower and quickly dipped, hitting a low of 137,300 yuan/mt. Subsequently, bulls stepped in, pushing prices to rebound quickly, and in the morning session, prices shot up to around 141,400 yuan/mt. Around midday, bulls and bears wrestled repeatedly in the 139,500–141,400 yuan/mt range, during which prices shot up to 141,400 yuan/mt twice but were met with selling pressure from bears each time. In the afternoon, prices pulled back amid consolidation, and in late trading, moved sideways within the 139,300–139,500 yuan/mt range. It eventually closed up 0.84% at 139,400 yuan/mt, with open interest declining by 8,337 lots. In the spot market, downstream material plants made just-in-time procurement on price dips. Inquiries were relatively active, but actual transactions showed a slowdown. Upstream spot orders continued to hold prices firm, and at the beginning of the month, deliveries were mainly based on long-term contracts. Overall, market transactions were relatively sluggish.

[SMM Daily Review: US-Iran Strait Games Tug-of-War, Silver Prices Move Sideways] SMM August 4 – The US and Iran hold different positions on the reopening of the Strait of Hormuz, leading to mixed bullish and bearish factors in precious metals. South Korea's central bank gold purchases provide medium and long-term support. Spot cargo offers are firm at the beginning of the month, with transactions remaining at parity, while weak demand persists.