交易所出手：调整涨跌停板幅度！

Core Viewpoint - The Guangzhou Futures Exchange (GFEX) has announced adjustments to the trading limits and margin requirements for platinum and palladium futures contracts due to increased market volatility [1][2]. Group 1: Adjustments to Trading Regulations - Starting from January 13, 2026, the price fluctuation limit for platinum and palladium futures contracts will be set at 16%, and the margin requirement will be adjusted to 18% [2]. - If the new fluctuation limit or margin requirement differs from the current standards, the higher of the two will be applied [2]. - Effective December 29, 2025, the minimum opening order quantity for platinum and palladium futures contracts will increase from 1 lot to 2 lots, while the minimum closing order quantity will remain at 1 lot [3]. Group 2: Daily Opening Limits - Non-futures company members or clients will have a daily opening limit of 300 lots for both platinum and palladium futures contracts [3]. - The daily opening limit is defined as the total of buy and sell opening quantities for a single contract on that day [3]. - Hedging and market-making transactions are exempt from these daily opening limits [3]. Group 3: Market Context and Price Movements - On January 9, 2023, the main palladium futures contract rose over 6%, following two consecutive days of limit-down trading [6]. - The NYMEX palladium main contract increased by over 7%, currently priced at $1924.5 per ounce [7]. - Recent market fluctuations are attributed to a balance of emotions following significant volatility, with support from dovish comments by Federal Reserve officials and ongoing risk-averse sentiment [9]. Group 4: Future Outlook - Analysts expect platinum prices to remain strong due to healthy supply-demand fundamentals and positive macroeconomic expectations, with potential for continued wide fluctuations [10]. - Palladium prices are also anticipated to remain strong, driven by tight physical supply and favorable macro conditions, although short-term volatility may lead to cautious trading [10].