Core Viewpoint - Platinum futures experienced a rapid increase on their first trading day, reaching a peak of 457.15 yuan, with a closing price of 432.85 yuan, marking a 6.88% rise [1] Group 1: Market Expectations - Guosen Futures anticipates that domestic platinum and palladium futures will likely show a trend of oscillating upward [1] - Hongyuan Futures suggests that the rising expectations of a Federal Reserve rate cut in December may lead to a strong oscillation in platinum prices [1] - China International Futures projects a steady increase in platinum prices [1] Group 2: Supply and Demand Dynamics - Supply-side challenges include high mining costs, unstable electricity supply, and aging production equipment, which disrupt platinum production, while the recovery of platinum production is slow [1] - On the demand side, stricter emissions standards are expected to increase the demand for platinum in traditional fuel and hybrid vehicles, alongside optimistic demand in hydrogen production, fiberglass, and jewelry investment sectors [1] - By 2025-2026, global platinum supply and demand are expected to tighten, influenced by the anticipated Federal Reserve rate cut [1] Group 3: Long-term Price Outlook - China International Futures indicates a long-term price divergence between platinum and palladium, with platinum expected to strengthen while palladium faces pressure [2] - A projected 22-ton shortage in platinum by 2025, coupled with supportive demand from the automotive sector and jewelry, is expected to bolster platinum prices [2] - Palladium's reliance on gasoline vehicle catalysts is anticipated to be negatively impacted by the penetration of electric vehicles, leading to a surplus by 2026 [2]

Group 1 - International gold prices are currently challenging the $3700 per ounce mark after a period of consolidation around $3400, driven by weak U.S. employment indicators and increased likelihood of interest rate cuts by the Federal Reserve [1] - The significant rise in gold prices in 2025, with an increase of approximately 30% in less than nine months, is attributed to geopolitical tensions in Eastern Europe and the Middle East, as well as concerns over the future of the U.S. dollar due to trade wars and Federal Reserve policies [2] - The rise in gold prices is expected to have a limited impact on industrial production but may suppress jewelry consumption, particularly affecting businesses that produce and sell gold jewelry [2] Group 2 - Mining companies with substantial gold reserves and favorable production conditions are likely to benefit from rising gold prices, which also positively influences silver and other precious metals [3] - The ongoing increase in gold prices is shifting investor behavior, with a notable rise in sales of physical gold products like gold bars, while jewelry consumption declines, indicating a preference for gold as a safe-haven investment [3] - The limited capacity of domestic gold investment avenues, such as the 20 available gold ETFs with a total net value of around 155 billion yuan, suggests that there is potential for growth in gold investment options, which could influence market dynamics [4]