交易所，重磅出手！

Core Viewpoint - The Guangxi Futures Exchange has implemented multiple risk control measures for platinum, palladium, lithium carbonate, and polysilicon futures to strengthen market risk management in response to significant price volatility [1][2]. Group 1: Risk Control Measures - The trading fees for platinum futures (PT2606) and palladium futures (PD2606) will be adjusted to 0.25% of the transaction amount, while lithium carbonate futures (LC2605) will have a fee of 0.32% starting from December 25, 2025 [2]. - The daily price fluctuation limit for platinum and palladium futures will be set at 10%, with a trading margin requirement of 12% [2]. - For polysilicon futures, the daily opening position limit for non-futures company members or clients will be restricted to 200 lots starting from December 25, 2025 [4]. Group 2: Market Reactions and Trends - As of December 23, platinum futures closed at a limit-up of 10% at 619.95 CNY per gram, while palladium futures rose by 5.52% to 532.55 CNY per gram, and lithium carbonate futures surged by 5.67% to 120,360 CNY per ton [3]. - The trading sentiment in the polysilicon market has cooled, with the main contract closing down 0.91% at 59,225 CNY per ton, and trading volume and open interest have declined for three consecutive trading days [6]. - The new energy consumption standards for polysilicon production may lead to approximately 15.1% of existing production capacity facing exit or consolidation, affecting around 517,300 tons per year [6]. Group 3: Market Functionality and Price Discovery - Since its listing in December 2024, polysilicon futures have effectively reflected supply and demand changes in the photovoltaic industry, with spot prices rising from approximately 35 CNY per kilogram to over 50 CNY per kilogram [7]. - The correlation between polysilicon futures and spot prices has reached 0.94, indicating a high degree of alignment with authoritative industry price trends [7].