Platinum and Palladium Futures Continued Their Strong Performance During the Week, Guangzhou Futures Exchange Adjusted Trading Limits Again [SMM Platinum and Palladium Weekly Review]

[SMM Platinum and Palladium Futures Weekly Review] This week (December 22 – December 26), the most-traded platinum contract PT2606 opened at 560 yuan/gram and closed at 705.3 yuan/gram, up 174 yuan/gram or 32.75% from last week's settlement price. Its weekly highest price was 709.85 yuan/gram, and the lowest was 555 yuan/gram. The most-traded palladium contract PD2606 opened at 498.8 yuan/gram and closed at 515.65 yuan/gram, up 40.95 yuan/gram or 8.51% from last week's settlement price. Its weekly highest price was 578.45 yuan/gram, and the lowest was 498 yuan/gram. In terms of futures trading: the most-traded platinum contract PT2606 had a total weekly trading volume of 520,706 lots, a total turnover of 333.051 billion yuan, and an open interest of 43,198 lots, which increased by 9,724 lots WoW. The most-traded palladium contract PD2606 had a total weekly trading volume of 551,891 lots, a total turnover of 300.603 billion yuan, and an open interest of 27,313 lots, which increased by 13,302 lots WoW. From a medium and long-term perspective, platinum's bull market foundation remains intact. In the short term, concentrated capital inflows into the futures market caused the spread between futures and spot prices for platinum and palladium to widen rapidly, warranting caution against adjustment risks. GFEX issued an announcement on December 25: Pursuant to the GFEX Trading Management Measures and the GFEX Risk Management Measures, after research and decision, the following adjustments were made to the minimum order quantity per transaction for opening positions and the trading limits for platinum and palladium futures related contracts: Starting from the trading session on December 29, 2025, the minimum order quantity per transaction for opening positions for platinum futures contracts PT2606, PT2608, PT2610, and PT2612 will be adjusted from 1 lot to 2 lots, while the minimum order quantity per transaction for closing positions remains at 1 lot. Similarly, the minimum order quantity per transaction for opening positions for palladium futures contracts PD2606, PD2608, PD2610, and PD2612 will be adjusted from 1 lot to 2 lots, while the minimum order quantity per transaction for closing positions remains at 1 lot. Starting from the trading session on December 29, 2025, non-futures company members or clients shall not exceed a daily opening position limit of 300 lots in platinum futures contracts PT2606, PT2608, PT2610, and PT2612, respectively. Similarly, non-futures company members or clients shall not exceed a daily opening position limit of 300 lots in palladium futures contracts PD2606, PD2608, PD2610, and PD2612, respectively. This daily opening position limit refers to the sum of buy opening orders and sell opening orders placed by a non-futures company member or client on a single contract on a given day. The daily opening position limits for hedging transactions and market maker transactions are not subject to the above standards. Accounts with actual controlling relationships are managed as a single account.