铂钯期货合约解读

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the content. 2. Core View of the Report The report comprehensively interprets the platinum - palladium futures and options contracts of the Guangzhou Futures Exchange, including details of the contracts, risk control systems, delivery notes, and information on delivery warehouses, factories, and brands, aiming to help investors understand and participate in platinum - palladium futures and options trading [13][15][21]. 3. Summary According to the Directory 3.1 Futures and Options Contracts - Platinum (Palladium) Futures Contracts: The trading of platinum (palladium) futures contracts starts on November 27, 2025. The first - listed contracts are PT(PD)2606, PT(PD)2608, and PT(PD)2610. Supported trading instructions include limit orders, market orders, etc. On the first listing day, the trading margin is 9% of the contract value, and the daily price limit is 14% of the listing benchmark price. The trading fee is 0.01% of the transaction amount, and intraday closing fees are waived [13][14]. - Platinum (Palladium) Options Contracts: The trading of platinum (palladium) options contracts begins on November 28, 2025. The first - listed contracts are based on PT(PD)2606, PT(PD)2608, and PT(PD)2610 futures contracts. Only limit orders and limit stop - loss (profit) orders are provided at the initial stage. The trading fee is 2 yuan per lot, and intraday closing fees are waived [15][16]. 3.2 Risk Control System - Three - Stage Gradient Margin: For platinum and palladium, from contract listing to the 10th trading day before the month before the delivery month, the margin is 5%; from the 10th trading day to the last trading day of the month before the delivery month, it is 10%; in the delivery month, it is 20% [26]. - Position Limits: For platinum and palladium futures, three - stage position limits are set. For example, in general months, if N>12000 lots for platinum, the limit for non - futures company members, etc., is 5%×N lots; if N≤12000 lots, it is 600 lots. For options, the position limit for non - futures company members, etc., is 600 lots for relevant combinations [30][34]. - Large - Position Reporting: The large - position reporting standard for non - futures company members, etc., for platinum and palladium futures and options contracts is 80% of the position limit set by the exchange [31][35]. 3.3 Delivery Notes - Delivery Costs: Assuming 400 yuan per gram, the estimated cost for holding 1 gram for 2 months is about 1.55 yuan, including fees such as handling fees, storage fees, and delivery fees. The delivery fee and standard warehouse receipt transfer payment service fee are temporarily exempted [39][40]. - Delivery Methods and Time: There are rolling delivery (from the first trading day to the day before the last trading day of the delivery month) and one - time delivery (after the close of the last trading day of the contract). The exchange starts handling delivery business on May 1, 2026 [41][42]. - Quality Requirements: There are differences in the chemical composition requirements for domestic and imported platinum and palladium. For example, the platinum content (mass fraction) of domestic and imported platinum should be ≥99.95% [44][45]. - Delivery Procedures: Members need to pay a delivery forecast deposit when applying for delivery forecast. There are specific regulations for goods storage, inspection, and handling of disputes over delivery quality and quantity [48]. 3.4 Delivery Warehouses, Factories, and Brands - Registered Brands: There are many domestic and foreign registered brands for platinum and lithium futures, such as "Guiyan" of Guiyan Resources (Yimen) Co., Ltd. for platinum, and relevant information about these brands, including production enterprises, addresses, and contact information, is provided [56][60]. - Designated Delivery Factories and Warehouses: There are specific lists of designated delivery factories and warehouses for platinum and palladium futures, including information such as regions, names, and contact details. All are benchmark warehouses with a premium and discount standard of 0 yuan per kilogram [68][72]. - Quality Inspection Institutions and Fees: There are several designated quality inspection institutions for platinum and palladium futures, and the maximum price limits for inspection fees for different items are specified, such as 4000 yuan per single - piece for impurity element content inspection [75][78].