铂、钯期货广期所“首秀” 新能源金属期货再上新

Core Viewpoint - The launch of platinum and palladium futures on the Guangzhou Futures Exchange marks a significant development in the market, with strong initial performance indicating potential for price influence and market stability in the context of green energy and industrial applications [1][4][8]. Market Performance - On the first trading day, platinum futures (PT2606) opened at 405 CNY/gram and reached a peak increase of nearly 12.5%, closing at 430.30 CNY/gram, while palladium futures (PD2606) opened at 365 CNY/gram and peaked at a 12% increase, closing at 370.60 CNY/gram [2][1]. - Trading volumes were substantial, 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 [1][2]. Supply and Demand Dynamics - Platinum and palladium are critical in automotive catalytic converters and green technologies, with approximately 60% of platinum and 80% of palladium used in related industries in China [1]. - The market is experiencing a supply shortage, with projections indicating a continued deficit in platinum supply through 2025, driven by concentrated mining operations in South Africa and increasing demand from the hydrogen energy sector [4][5]. Economic Environment - The macroeconomic backdrop, including expectations of interest rate cuts by the Federal Reserve, is favorable for precious metals, enhancing their appeal as non-yielding assets [5][4]. - The successful launch of these futures is expected to provide companies with better hedging options, reducing reliance on foreign exchanges and associated risks [7][8]. Impact on Related Companies - The strong performance of platinum and palladium futures has positively influenced related stocks, with companies like Guizhou Platinum Industry and others in the non-ferrous metals sector seeing significant price increases [6]. - Guizhou Platinum Industry reported a revenue of 45.18 billion CNY for Q3 2025, reflecting a year-on-year growth of 22.21%, indicating robust business performance amid rising metal prices [6]. Future Outlook - The introduction of platinum and palladium futures is expected to enhance the pricing power of Chinese companies in international markets, potentially establishing a "China price" that reflects domestic supply and demand [1][8]. - The futures market is anticipated to facilitate industry integration and support the transition to green energy, aligning with national carbon reduction goals [8].