[SMM Daily Review: Tightening Resource Supply, Nickel Iron Market Still Has Upside Room] On June 17, the upstream sentiment factor for SMM high-grade NPI stood at 2.77, up 0.02 DoD, and the downstream sentiment factor for high-grade NPI was 1.9, up 0.03 DoD.

Platinum prices held up well during the day. The US-Iran memorandum of understanding was finalized and is planned to be formally signed on June 19. The market focused on the uncertainty before the signing, as well as the Fed's interest rate decision and press conference in the early hours of Thursday. In the early session, the most-traded GFEX platinum contract PT2608 closed at 442.7 yuan/g, up 1.59%. The inverted spread between the best ask price for SGE Pt9995 and GFEX PT2608 widened to 5-7 yuan/g. In the spot market, the mainstream quotation for platinum was at a discount of 3 yuan/g to 1 yuan/g against the PT2608 contract. The discount on mainstream quotations was basically flat compared with the previous trading day, but downstream enterprises had sufficient stockpiles and a strong wait-and-see sentiment. Some enterprises pushed for lower prices for rigid demand. The price spread of offers in the spot market was large, and transactions at the high end of mainstream quotations were very difficult. Overall, platinum trading remained sluggish today.

[SMM Daily Review: Silver Prices Rise for Four Straight Days, Spot Premiums Steady, Trading Weak] SMM June 17: The second phase of the US-Iran agreement was implemented, crude oil plunged, dragging down commodities, while gold's consecutive gains provided support. Spot premiums held steady, consumption was weak, and the market awaited guidance from the US Fed's interest rate decision.

[SMM Daily Review: Multi-Grade Batch Deals Conclude, Nickel Iron Prices Strengthen in Tiers] June 15 news: SMM high-grade NPI upstream sentiment factor was 2.75, up 0.01 MoM, while the high-grade NPI downstream sentiment factor was 1.87, up 0.03 MoM.

Platinum prices were in the doldrums intraday, with market concerns primarily arising from the uncertainties before the formal signing of the U.S.-Iran agreement on the 19th and the ambiguity from the Israeli side, and platinum futures gave up some of yesterday's gains. In the morning session, the most-traded GFEX platinum contract PT2608 closed at 435.6 yuan/g, down 1.44%, and the inverted spread between the sell-one price of SGE platinum 9995 and GFEX PT2608 widened to 3-6 yuan/g. Spot side, mainstream platinum quotations were at a discount of 3 yuan/g to parity against the PT2608 contract, with the discount basically flat from the previous trading day, but transactions clearly favored the low end of quotations. According to SMM, with the recent rebound in platinum prices, the offer spread in the platinum spot market was wide, making it very difficult to transact at the high end of mainstream quotations. Downstream enterprises had ample stockpiles and subdued procurement sentiment, with overall transactions being lackluster.

[SMM Daily Review: Silver Price Technical Rebound Continues, Spot Premiums Stable, Trading Weak] SMM, June 16 – The US-Iran deal landed, and market focus shifted to the US Fed's policy, with silver prices rising for three consecutive days. Spot premiums were stable, but consumption was weak and trading was thin.

[SMM Daily Review: Tight Supply Bolsters Willingness to Hold Prices Firm, NPI Price Center Rises] June 15 — SMM's high-grade NPI upstream sentiment factor was 2.74, up 0.01 MoM, and the downstream sentiment factor was 1.84, up 0.02 MoM.

[SMM Daily Review: US-Iran Peace Talks Conclude, Silver Prices Surge, Spot Premiums Widen but Transactions Remain Weak] SMM, June 15: The US and Iran reached a memorandum of understanding, geopolitical risk premiums pulled back, and silver opened up more than 6%. In the spot market, sentiment to hold prices firm and hold back from selling strengthened, premiums widened with the high end expanding, but actual transactions remained weak.

Platinum prices stopped falling and rebounded intraday. On the geopolitical front, the US announced the cancellation of military operations, and as the US and Iran sent signals of easing tensions, precious metals, which had been under pressure and plummeted recently, rebounded collectively. In morning trading, the most-traded GFEX platinum futures contract PT2608 settled at 433 yuan/g, up 3.99%. The inverted spread between the SGE Pt9995 ask price and GFEX PT2608 held near 3 yuan/g. In the spot market, mainstream platinum quotations were at a discount of 3 yuan/g to parity against the PT2608 contract, and as futures rebounded, the discount in mainstream quotations widened slightly from the previous day. According to SMM, most suppliers offered at a discount of 2 yuan/g to parity against the GFEX 2608 contract, but downstream enterprises showed strong bargaining sentiment, making transactions difficult. Some traders reported that with platinum prices rebounding and downstream enterprises having sufficient stockpiles, trading was poor today. Overall, spot platinum market trading was sluggish today.

[SMM Daily Review: Futures Rebound Lifts Sentiment; Local NPI Trading Volume Picks Up] Jun 12 (SMM) — The SMM high-grade NPI upstream sentiment factor was 2.73, up 0.01 MoM, while the downstream sentiment factor was 1.82, also up 0.01 MoM.