On December 23, 2025, domestic futures contracts opened with mixed performance in early trading. Platinum led gains, rising over 6%, followed by Shanghai nickel, Shanghai silver, polyvinyl chloride (PVC), PVC monthly average futures, fuel oil, and styrene (EB), all up more than 2%. PTA, coking coal, and palm oil also climbed over 1.5%. On the downside, ethylene glycol (EG) fell nearly 1%.
1. Industry experts attribute the sustained rise in platinum and palladium futures prices to a combination of macro-level liquidity easing and tightening spot market conditions. 2. From a macroeconomic perspective, Fengda Gu, chief analyst at Guosen Futures, noted that expectations around Federal Reserve policy and geopolitical uncertainties remain key drivers for platinum and palladium prices. Diverging views within the Fed have created a narrative of "short-term disagreement but long-term easing," further boosting platinum-group metals. Meanwhile, potential escalations in Middle East tensions and evolving European geopolitical risks continue to inject safe-haven premiums, reinforcing the metals' investment appeal. Additionally, the Bank of Japan's rate hikes have had limited impact, failing to materially disrupt the current upward trend in metal prices. 3. Yanqing Wang, an analyst at CITIC Futures, highlighted that commodity-specific factors also support platinum and palladium prices. The European Commission's recent proposal to relax its 2035 ban on internal combustion engine vehicles—which rely heavily on platinum and palladium for emissions control—has improved demand expectations, easing market concerns about oversupply. Moreover, declining circulating inventories, driven by investment demand, and rising spot lease rates have further intensified short-term price momentum. 4. Meidan Wang cautioned that while tight spot supply and macro factors may sustain near-term price strength, investors should remain vigilant against heightened volatility and potential pullbacks after prolonged rallies. (This content is for reference only and does not constitute investment advice.)
For comprehensive market insights, download the Sina Finance app.
Comments