又一贵金属接棒暴涨，年内涨幅远超黄金

Core Viewpoint - Platinum and palladium prices have surged significantly, with platinum futures hitting a limit up for the first time since their listing, driven by strong industrial demand and tightening supply conditions [1][3][4]. Group 1: Market Performance - On December 15, platinum futures (PT2606) closed up 7%, marking the first limit up since its listing, with trading volume reaching 41,800 contracts [3]. - Palladium futures (PD2606) also saw a substantial increase, closing up 4.73% at 407.6 yuan per gram [3]. - Year-to-date, NYMEX platinum has risen by 97%, while NYMEX palladium has increased by over 73%, outperforming COMEX gold's 65% rise during the same period [1][3]. Group 2: Supply and Demand Dynamics - The global supply of platinum is expected to face a shortfall, with a projected annual gap of 21.6 tons by 2025, primarily due to structural supply constraints and geopolitical trade uncertainties [5]. - South Africa, which accounts for over 70% of global platinum production, is experiencing supply issues due to power shortages, aging mines, and rising operational costs [3][4]. Group 3: Future Outlook - Analysts predict that platinum and palladium prices will continue to rise, supported by macroeconomic factors and ongoing supply-demand imbalances [5][6]. - The recent listing of platinum and palladium futures on the Guangzhou Futures Exchange is expected to enhance China's pricing power and risk management capabilities in the platinum group metals market [3][5]. - The demand for platinum in clean energy technologies, such as fuel cells and electrolyzers, is becoming increasingly significant, further supporting price growth [4].