铂钯走势出现分化！铂金低位反弹超15%再创新高 钯金一度触及跌停

Core Viewpoint - The recent volatility in platinum and palladium futures prices is attributed to regulatory actions, external market pressures, and profit-taking by investors, leading to a significant divergence in their price movements [1][3][10]. Group 1: Market Dynamics - Platinum futures opened significantly lower but rebounded sharply, rising over 15% from intraday lows and closing up more than 4%, while palladium futures experienced a substantial decline, closing down 7.65% [1][2]. - The adjustment in platinum and palladium prices is viewed as a normal price correction after a period of significant increases driven by macroeconomic factors, supply-demand imbalances, and investor sentiment [3][10]. - The liquidity in the market decreased due to the upcoming Christmas holiday, which intensified profit-taking pressures and contributed to the price declines [3]. Group 2: Price Trends and Analysis - Platinum futures reached a new high of 700.9 yuan per gram, while palladium futures fell to a low of 515.65 yuan per gram, indicating a widening price gap between the two metals [6]. - Analysts suggest that the stronger fundamentals and investment attributes of platinum may result in a smaller correction compared to palladium during this downturn [6][10]. - The recent surge in platinum prices has been partially attributed to the significant rise in silver prices, as both metals share similar financial and industrial characteristics [6]. Group 3: Future Outlook - Most institutions predict that platinum and palladium will enter a phase of high volatility and wide fluctuations in the short term, with differing long-term fundamental expectations for each metal [10][13]. - The current domestic prices of platinum and palladium are significantly higher than international prices, particularly with palladium maintaining a high premium, suggesting potential for further adjustments [10]. - In the medium to long term, platinum is expected to have upward potential due to factors such as liquidity easing by the Federal Reserve and a stable demand expansion in both industrial and investment sectors [13]. Conversely, palladium's long-term demand outlook is weaker due to its concentration in automotive applications, which may be affected by the rise of electric vehicles [13].