铂、钯期货合约设计贴近现货市场特点

Core Viewpoint - The launch of platinum and palladium futures and options contracts by the Guangxi Futures Exchange is set for November 27 and 28, 2025, respectively, with a well-designed contract structure aimed at reducing delivery costs and risks for industry players, thereby enhancing the futures market's role in supporting the real economy [1][4]. Contract Design and Specifications - The first batch of platinum futures contracts includes PT2606, PT2608, and PT2610, while palladium futures contracts include PD2606, PD2608, and PD2610. The trading unit for both platinum and palladium futures is 1,000 grams per contract, with a minimum price fluctuation of 0.05 yuan per gram [2][3]. - The initial margin requirement for trading platinum and palladium futures is set at 9% of the contract value, with a price limit of 14% on the listing day. If a contract is traded, the margin and price limit will adjust accordingly from the next trading day [2][3]. Delivery Mechanism - The futures contracts will utilize a "ingot + sponge" dual delivery model, which is an innovative design aimed at aligning with domestic industry characteristics and improving hedging efficiency. This model is expected to better meet the needs of the upstream and downstream industries of platinum and palladium [4][5]. - The delivery warehouses and factories have been designated to facilitate the physical delivery process, ensuring smooth transactions between buyers and sellers [6][7]. Industry Impact and Future Plans - The introduction of platinum and palladium futures is seen as a significant advancement in China's platinum group metal industry, enhancing risk management capabilities and international pricing power [7][8]. - Companies involved in the delivery process are actively preparing to optimize service quality and enhance operational efficiency, aiming to meet the actual needs of industry clients and facilitate effective price discovery and risk management [8].