Today's daytime session saw platinum futures prices continue to edge down. The most-traded PT2606 contract on the Guangzhou Futures Exchange closed at 483.85 yuan/gram in the morning session, down 0.81%. The SGE Pt9995 versus Guangzhou Futures Exchange PT2606 was inverted by 1-2 yuan/gram. Spot side, mainstream spot quotations showed discounts basically flat compared to the previous trading day. Morning session spot platinum trader mainstream quotations were at a discount of 1-3 yuan/gram to PT2606. Many enterprises temporarily withdrew from market quotations due to invoicing rectification and the approaching holiday. Transaction side, according to SMM, a small volume was traded at around a 3 yuan/gram discount to Guangzhou Futures Exchange contracts in the morning session. Downstream enterprises showed low purchase willingness and mostly adopted a wait-and-see approach. The overall market was dominated by a strong holiday atmosphere, with both trading and investment activity remaining subdued.

Futures platinum prices continued under pressure today. In the daytime session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 491.7 yuan/gram, down 1.07%. The SGE Pt9995 versus GFEX PT2606 spread remained inverted. Spot side, mainstream spot quotations' discounts continued to narrow slightly compared to the previous trading day. In the daytime session, mainstream quotations from spot platinum traders were at a discount of 1-3 yuan/gram to PT2606. Recently, tax authorities launched a special campaign to regulate invoice practices, strictly controlling enterprise invoicing limits. However, as platinum and palladium trade volumes were relatively low in value, the market impact was relatively small compared to other products. Only some traders suspended precious metals quotations due to impacts on their main business, and a small number of spot cargoes with invoices dated this month were quoted at higher prices. Transaction side, according to SMM, daytime session transactions at the mainstream discount of 1-3 yuan/gram were hindered. Market purchase intention prices were around a 4 yuan/gram discount to GFEX. Downstream enterprises made rigid-demand bargain purchases. The overall market was in a strong holiday atmosphere, and consumption remained sluggish.

Today, SMM quoted premiums of TD-30 to 0 yuan/kg against the SGE Ag(T+D), with an average of -15 yuan/kg. Mainstream quotation premiums were basically flat compared with yesterday. Some traders in Shanghai temporarily withdrew from offering due to invoicing rectification, and the overall market holiday atmosphere was growing stronger. In the Shanghai morning session, suppliers of national-standard silver ingots quoted premiums of -20 yuan/kg to parity against TD. Major smelter silver ingots were quoted at parity or slight premiums against TD, but transactions near parity were difficult, with low downstream acceptance. In Shenzhen, a few non-delivery brands still maintained relatively large discounts. Overall, market consumption remained sluggish.

[SMM Daily Comment: Month-End Silver Ingot Trading Sluggish, Prices in the Doldrums] SMM reported on April 28 that consumption weakened at month-end, silver ingot trading was sluggish, prices were in the doldrums, and market activity remained low.

Platinum futures fluctuated downward today. During the morning session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 500.4 yuan/gram, down 1.27%. The SGE Pt9995 versus GFEX PT2606 spread remained inverted by 2-3 yuan/gram. Spot side, mainstream spot quotations narrowed slightly in discount compared to the previous trading day. During the morning session, spot platinum traders' mainstream quotations were at a discount of 3-4 yuan/gram to PT2606. Recently, tax authorities launched a special campaign to regulate invoice-related economic activities, strictly controlling enterprise invoicing quotas. However, as platinum and palladium trade volumes were relatively low, this had not yet been reflected in spot prices, with only some traders suspending precious metals quotations due to impacts on their main business. Transaction side, according to SMM, morning mainstream quotations of 3-4 yuan/gram discount were difficult to transact. Some suppliers held prices firm for sales due to delivery intentions or shipments with invoices dated this month, while market purchase intention prices were around a 5 yuan/gram discount to GFEX. Downstream enterprises made small negotiated purchases based on order conditions, and sluggish spot market consumption remained unchanged.

Platinum futures prices edged up during today's daytime session. The most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 509 yuan/gram in the morning session, up 1.21%. The Shanghai Gold Exchange (SGE) Pt9995 remained in persistent backwardation against the GFEX PT2606 contract. Spot side, mainstream spot quotations showed discounts largely unchanged from the previous trading day. Morning mainstream quotations from spot platinum traders were at a discount of 4–5 yuan/gram to PT2606. Recently, tax authorities launched a special campaign to rectify invoice-related economic irregularities, imposing strict controls on enterprise invoicing limits. However, since platinum and palladium trade volumes are relatively small, the impact of the invoicing crackdown on prices has not been significant so far. Transaction side, according to SMM, a small volume of deals were concluded near the mainstream quotation of 5 yuan/gram discount during the morning session. Some suppliers held prices firm for sales due to delivery intentions or shipments with invoices dated this month, while arbitrage traders generally targeted purchase prices near a 6 yuan/gram discount to the GFEX contract. Meanwhile, overall downstream consumption remained weak, with some enterprises making small negotiated purchases based on order conditions. The spot market was generally sluggish in terms of transactions.

[SMM Daily Comment: Month-End Silver Ingot Market Sluggish, Price Spread Widened] SMM reported on April 27 that month-end silver ingot consumption weakened. Some suppliers held prices firm, market transactions were sluggish, and a wait-and-see approach prevailed.

Platinum prices fluctuated downward today. In the morning session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) fell by over 3%, closing at 501.3 yuan/gram, down 3.15%. The SGE Pt9995 versus GFEX PT2606 spread inverted. Spot side, mainstream spot quotations showed a narrower discount compared to the previous trading day, with morning mainstream quotations from spot platinum traders at a discount of 4–5 yuan/gram to PT2606. Transaction side, according to SMM, as futures declined in the morning session, market inquiries gradually increased. Some enterprises reported purchase interest prices at around a 6 yuan/gram discount to GFEX. Final market transactions leaned toward a discount of 5–6 yuan/gram. Downstream consumption rebounded compared to previous days, and overall spot market transactions recovered somewhat.

[SMM Daily Review: Spot Silver Discounts Narrowed, Market Trading Recovered Slightly] SMM reported on April 24 that spot silver consumption recovered slightly today, with more inquiries, firmer quotes, and transactions mainly concluded at parity.

Today, SMM's premiums against the SGE Ag(T+D) were quoted at a range of TD discount of 40-0 yuan/kg, with an average price of -20 yuan/kg. The TD-SHFE contract spot-futures price spread narrowed somewhat today. After downstream enterprises bought on dips yesterday, demand continued to pull back, and market consumption remained sluggish. Shipments of registered brand supplies were relatively limited, downstream enterprises' just-in-time procurement saw limited transactions, and bank floor bids were the mainstream choice. Quotation differences for circulating supplies varied significantly across different brands and regions. In the Shanghai market during the morning session, suppliers of national-standard silver ingots posted mainstream quotations against TD at a discount of 40-0 yuan/kg. The market was dominated by transactions at discounts, with most deals concluded around a TD discount of 20 yuan/kg. Major smelter silver ingots saw a small volume of transactions at parity, while some low-priced supplies in the Shenzhen area were offered at relatively low levels.