SPM(SH:600459) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-27 10:32Core Viewpoint - The launch of platinum and palladium futures on the Guangzhou Futures Exchange has significantly impacted the market, with both metals experiencing substantial price increases on their first trading day, reflecting strong demand and favorable macroeconomic conditions [2][6][9]. Market Performance - On November 27, platinum futures (PT2606) closed at 430.30 CNY per gram, up 6.25%, while palladium futures (PD2606) closed at 370.60 CNY per gram, up 1.53% [2]. - Platinum futures reached a peak increase of nearly 12.5% during the day, while palladium futures peaked at nearly 12% [6][7]. - Trading volumes were significant, with platinum futures recording 66,700 contracts and a turnover of 29.23 billion CNY, while palladium futures had 34,200 contracts and a turnover of 13.05 billion CNY [2]. Industry Implications - The introduction of these futures is expected to enhance the pricing influence of platinum and palladium, creating a "Chinese price" that reflects domestic supply and demand, thereby improving Chinese companies' pricing power in international trade [4][9]. - The strong performance of platinum and palladium futures has positively influenced related sectors, leading to a rise in the stock prices of companies involved in precious metals [11][12]. Supply and Demand Dynamics - The platinum market is facing a supply shortage for the third consecutive year, with projections indicating continued tightness through 2025 [9]. - Demand for platinum is driven by its applications in automotive catalytic converters, jewelry, and the emerging hydrogen energy sector, which is expected to provide new growth opportunities [9][16]. Macroeconomic Factors - The anticipated easing of monetary policy by the Federal Reserve is creating a favorable environment for precious metals, as lower interest rates enhance their appeal as non-yielding assets [8][9]. - Analysts suggest that the ongoing decline in the U.S. dollar index may further support the upward price movement of platinum and palladium [9]. Strategic Outlook - The successful launch of platinum and palladium futures is expected to facilitate better risk management for companies in the industry, allowing for more effective hedging against price volatility [15]. - The futures market is anticipated to promote industry integration and support the transition to green energy, particularly in the hydrogen fuel cell sector [16].