重磅进展！铂、钯期货和期权，即将亮相！

Core Viewpoint - The introduction of platinum and palladium futures and options by the Guangzhou Futures Exchange is expected to create a new pricing benchmark for these strategic metals, enhancing China's influence in the global market and providing better risk management tools for domestic industries [2][6][7]. Summary by Sections Introduction of Futures and Options - The Guangzhou Futures Exchange announced that platinum and palladium futures will start trading on November 27, 2025, and options will begin on November 28, 2025 [2][3]. - The first futures contracts for platinum are PT2606, PT2608, and PT2610, while for palladium, they are PD2606, PD2608, and PD2610 [3]. Trading Specifications - The trading unit for both platinum and palladium futures is 1,000 grams per contract, with a minimum price fluctuation of 0.05 yuan per gram [4]. - The initial margin requirement for trading on the first day is set at 9% of the contract value, with a price limit of 14% from the base price [4]. - Trading hours are Monday to Friday from 9:00 to 10:15, 10:30 to 11:30, and 13:30 to 15:00 [4]. Options Trading Details - The options contracts will initially allow only limit orders and limit stop-loss (profit) orders, with a maximum order size of 100 contracts [5]. - The trading fee for options is 2 yuan per contract, with no fees for intra-day closing trades [5]. Market Context and Supply Risks - Platinum and palladium are critical for green industries, with approximately 60% of platinum and nearly 80% of palladium used in automotive catalytic converters in China [6]. - The supply of these metals is highly concentrated, with 71% of global platinum supply from South Africa and 40% of palladium from Russia [6]. - China's dependence on imports for platinum and palladium is significant, with 80% and 55% respectively, leading to high import risks [6]. Strategic Importance and Pricing Power - The new futures and options will be priced in RMB, creating a "third pricing curve" in Asia, which is expected to reflect local supply and demand more accurately [7]. - This move is anticipated to enhance China's pricing power in the global market for these metals, contributing to a more integrated financial system for commodity trading [7].