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]

Core Viewpoint - Zhengzhou Commodity Exchange announced the implementation of trading limits on caustic soda futures contract 2601, effective from September 1, 2025, during the night trading session [1] Group 1: Trading Limits - The maximum number of contracts that non-futures company members or clients can open in a single day for caustic soda futures 2601 is set at 10,000 contracts [1] - The daily opening trading quantity refers to the total of both buy and sell opening positions in a single futures contract [1] - The limit applies to actual control relationship account groups, which will be executed according to individual clients [1] Group 2: Regulatory Measures - For the first instance of exceeding the trading limit, Zhengzhou Commodity Exchange will impose a regulatory measure of suspending opening positions for no less than 5 trading days [1] - If a non-futures company member or client exceeds the trading limit a second time, the suspension of opening positions will be for no less than 1 month [1] - In cases of severe violations, actions will be taken according to the relevant provisions of the Zhengzhou Commodity Exchange's violation handling measures [1]

Group 1 - The Guangzhou Futures Exchange has announced the implementation of trading limits for polysilicon futures and adjustments to the trading limits for industrial silicon futures SI2509 contract [1] - Starting from July 21, 2025, non-futures company members or clients will have a daily opening position limit of 10,000 lots for polysilicon futures and 5,000 lots for industrial silicon futures SI2509 contract [1] - The daily opening position limit refers to the total number of buy and sell opening positions in a single contract for non-futures company members or clients, while hedging and market-making transactions are exempt from these limits [1]