来源：市场资讯 2025年12月23日，早盘开盘，国内期货主力合约涨跌不一。铂涨超6%，沪镍、沪银、聚氯乙烯 （PVC）、聚氯乙烯（PVC）月均价期货、燃料油、苯乙烯（EB）涨超2%，PTA、焦煤、棕榈油涨超 1.5%。跌幅方面，乙二醇（EG）跌近1%。 3． 中信建投期货分析师王彦青认为，铂、钯期货的商品属性也在持续支撑价格上涨。欧盟委员会近期 提议放宽2035年"禁售燃油车"相关要求，而燃油车的汽车尾气排放需要用到大量的铂、钯，这一政策调 整使得铂、钯未来的潜在需求预期转好，有效缓解了市场对铂、钯供应过剩的担忧。此外，在投资需求 的推动下，铂、钯可流通库存减少，特别是现货租赁利率上升，进一步强化了短期行情。 4． 王美丹表示，短期来看，现货供应趋紧叠加宏观因素双重支撑，铂、钯价格有望偏强运行，但需警 惕价格在持续上涨后，波动性显著加剧带来的阶段性回调风险。 （本内容及观点仅供参考，不构成任 何投资建议）（期货日报） 1． 业内人士认为，铂、钯期货价格持续上涨主要是受宏观端流动性宽松逻辑和现货边际收紧的双重支 撑。 2． 宏观方面，国信期货首席分析师顾冯达表示，美联储政策预期与地缘局势不确定性，构成铂、钯价 ...

Core Viewpoint - The prices of platinum and palladium futures have surged, driven by macroeconomic liquidity and tightening supply in the physical market, with platinum futures reaching 568.45 CNY per gram and palladium futures at 508.45 CNY per gram, marking increases of 6.99% and 7% respectively [1] Group 1: Macroeconomic Factors - The Federal Reserve's policy expectations and geopolitical uncertainties are key supports for the price increases of platinum and palladium [1] - The U.S. labor market shows signs of downward risk, with the unemployment rate rising to 4.6%, the highest since 2021, which may further support the Fed's easing measures [2] - Inflation is gradually receding, with the core CPI falling to 2.6%, the lowest since March 2021, indicating a potential slowdown in consumer spending [2] Group 2: Supply and Demand Dynamics - Platinum supply is expected to remain tight, with a projected supply gap of 46.4 tons by 2025, providing upward momentum for prices [3] - The palladium market has shifted to a state of oversupply, with expectations of a further increase in surplus to approximately 16.9 tons by 2026, which may exert downward pressure on prices [3] - The demand for platinum is supported by its applications in hydrogen energy and stable industrial uses, despite structural impacts from electric vehicle developments [3] Group 3: Market Sentiment and Future Outlook - The current price increases of platinum and palladium reflect strong macroeconomic expectations, but there is a risk of rapid corrections if market sentiment shifts [3][4] - The ongoing adjustments in the EU regarding the ban on fuel vehicles may improve future demand expectations for platinum and palladium [2] - In the absence of clear negative factors, precious metals are expected to maintain strength in the short term, although their volatility remains relatively low [3]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：期货日报 从铂基本面看，王美丹介绍，自2023年起，铂供应维持紧缺格局，预计2025年供应缺口扩大至46.4吨， 2026年仍将维持约37.9吨的缺口，基本面给予铂价进一步上行的动力。 顾冯达也表示，铂市场已连续3年处于供需紧平衡状态。供应端，主要矿山产能增长有限，部分产区面 临生产扰动；需求端，虽然传统汽车的催化剂领域受电动车发展的结构性影响，但随着铂载量要求的提 高、氢能产业进程的推进，以及铂在化工、医疗等工业领域的稳定应用，仍为其需求提供了多元支撑。 中长期来看，供需结构对铂价格有托底作用。 12月22日，广期所铂、钯期货价格再度涨停。其中，铂期货主力2606合约价格报收568.45元/克，上涨 6.99%；钯期货主力2606合约价格报收508.45元/克，上涨7%。值得关注的是，当日，外盘现货铂突破 2000美元/盎司重要关口，为2008年以来首次。 铝2606 (CQ ( ▲ pd2606里 508.45 高 508.45 均价 504.75 总量 2.70万 日 504.70 持仓 1.63万 33.25 +7.00% 开 4 ...