新能源金属“新贵”来了 证监会同意广期所铂、钯期货和期权注册

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of platinum and palladium futures and options on the Guangzhou Futures Exchange, which is expected to enhance risk management tools for related industries and promote green development [1][2]. Group 1: Market Dynamics - Platinum and palladium are crucial raw materials for green industries, including automotive exhaust treatment and renewable energy sectors like wind and hydrogen [1][2]. - Platinum futures prices have surged approximately 75% year-to-date, significantly outpacing the 45% increase in COMEX gold futures [1]. - In Q1 of this year, China's platinum investment demand skyrocketed, with a 140% year-on-year increase in demand for investment platinum bars under 500 grams, reaching a historic high of 1 ton [1]. Group 2: Industrial Usage - Approximately 60% of platinum and 80% of palladium in China are utilized in the production of automotive catalytic converters and other green-related industries [2]. - The volatility of platinum and palladium prices has exceeded 20 percentage points annually over the past five years, leading to a heightened demand from industry chain enterprises for futures to manage pricing and risk [2]. Group 3: Global Market Outlook - The global platinum market is expected to face a shortage of 26.4 tons by 2025, with total demand projected to decline by 4% to 244.8 tons [2]. - Industrial demand is anticipated to be the largest drag on total platinum demand by 2025, while jewelry demand is expected to grow by 11% and investment demand by 2% [2]. Group 4: Central Bank Interest - Platinum is emerging as a focus for central bank reserve asset diversification amid increasing geopolitical uncertainties and challenges to the dollar credit system [3]. - The listing of platinum and palladium futures is expected to enable Chinese industries to participate more actively in global pricing, enhancing the international influence of China's platinum and palladium prices [3].