铂金价格暴涨背后：宏观预期与供需紧张共振

Core Viewpoint - The significant rise in platinum prices, exceeding 90% year-to-date, is driven by a combination of fundamental supply-demand gaps and macroeconomic liquidity easing, particularly influenced by the Federal Reserve's monetary policy [1][2]. Group 1: Price Movement and Drivers - On December 16, platinum prices reached a peak of $1834.94 per ounce, with domestic prices surpassing 400 yuan per gram [1][2]. - The price surge is attributed to two main factors: increased expectations of the Federal Reserve's reduced independence and expanded rate cut potential, alongside tightening supply in the spot market [2]. - The one-month leasing rate for platinum rose to 14.12% as of December 12, indicating a tight supply situation [1]. Group 2: Investment Insights - The World Platinum Investment Council suggests that new futures contracts offer efficient and flexible investment tools for experienced investors, while physical platinum or linked financial products are recommended for ordinary investors [1]. - Analysts maintain a long-term optimistic outlook for platinum prices, with expected trading ranges for NYMEX platinum between $1400 and $2400 per ounce, translating to approximately 370 to 630 yuan per gram domestically [3]. Group 3: Market Outlook - The ongoing supply shortage and liquidity easing are expected to support platinum prices in the medium to long term, despite potential short-term volatility influenced by other precious metals [3]. - The domestic platinum futures market is developing, which may enhance pricing power in China, as domestic prices have shown a premium over international prices [3].