广期所实施铂钯交易限额，警惕价格大幅波动风险

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On December 18, 2025, the closing price of the GFEX platinum main contract was 542.60 yuan/gram, with a daily increase of 5.32%; the closing price of the palladium main contract was 476.60 yuan/gram, with a daily increase of 6.99% [1] - The platinum price is expected to be volatile and bullish, and it is recommended to focus on opportunities such as low - absorption long positions in platinum, long platinum and short palladium, and internal - external positive spreads. The palladium price has strong bottom support in the short - term but is suppressed by its own supply - demand fundamentals in the medium - and long - term. Both need to be vigilant against significant price fluctuations [2][3] Group 3: Summary by Related Catalogs Platinum - Main Logic: Starting from the trading time on December 23, 2025, the daily opening volume limits for non - futures company members or clients in certain platinum and palladium futures contracts are set at 500 lots each. South Africa, the main supplier of platinum - group metals, faces risks in power supply and extreme weather. The platinum market is in a structural expansion phase, with stable demand in the automotive catalyst field, the hydrogen energy industry as a future growth point, and expanding jewelry and investment demand. The "interest rate cut + soft landing" combination will increase the long - term price elasticity [2] - Outlook: With a healthy supply - demand fundamental and positive macro expectations, the platinum price is expected to be volatile and bullish [2] Palladium - Main Logic: The Russian geopolitical issue is a key factor affecting supply. The US Department of Commerce is investigating the import of unforged palladium from Russia, causing a temporary supply shortage in other regions. Palladium demand shows significant structural pressure. Although the long - term supply and demand of palladium tend to loosen, the short - term spot shortage and the Fed's re - entry into the interest rate - cut cycle support the palladium price [3] - Outlook: The palladium price has strong bottom support in the short - term due to spot shortage and a favorable macro - environment, but is suppressed by its own weak supply - demand fundamentals in the medium - and long - term [3] Commodity Indexes - Special Indexes: On December 18, 2025, the commodity index was 2272.81, up 0.44%; the commodity 20 index was 2604.10, up 0.53%; the industrial product index was 2207.25, up 0.79%; the PPI commodity index was 1367.53, up 0.65% [46] Plate Index - Non - ferrous Metal Index: On December 18, 2025, the non - ferrous metal index was 2551.69, with a daily increase of 0.02%, a 5 - day decline of 1.10%, a 1 - month increase of 3.79%, and a year - to - date increase of 10.54% [47]