Platinum prices took another hit,driven by tensions between U.S. and Iran,liquidity worries,and fear that U.S. consumer price index (CPI) could come in higher than expected. This has cooled any hopes for dovish hints from the Fed soon.
Morning trading saw GFEX platinum contract PT2608 settle at 411.8 yuan/gram,down 5.43%. The gap between best ask price of SGE platinum 9995 and GFEX PT2608 stayed inverted at about 8 yuan/gram .
In spot market,platinum quotes shifted between 1 yuan discount/gram and 1 yuan premium/gram compared to PT2608 contract . Despite falling futures prices,premiums and discounts on mainstream quotes held steady . Most suppliers kept quotes in line with GFEX 2608 contract,but real deals at this level were tough. Too much supply,not enough demand. Buyers cautious,already stocked up after recent drops.
Strong import numbers have kept China's spot platinum and palladium supply pretty flush. Sellers busy cutting deals,some adjusting quotes to 1 yuan discount against GFEX to ease sales. Spot market saw moderate activity today,but there's nervousness among buyers about more price falls…
