SMM

During yesterday's night session, the most-traded NYMEX platinum and palladium contracts fluctuated upward. The most-traded platinum 2601 contract closed at $1,713.9 per ounce, up 4.05%, while the most-traded palladium 2603 contract closed at $1,540.0 per ounce, up 3.53%. Recent precious metals price movements have primarily revolved around expectations for US Fed interest rate cuts, spot market delivery squeezes, and the Russia-Ukraine conflict issue. Yesterday, the FOMC cut interest rates by 25 basis points to 3.5-3.75% as expected, and decided that starting from 12.12, the Fed will purchase short-term Treasury bonds to maintain the level of reserves in the system (RMP). The purchase scale will reach $40 billion in the first month and remain at a high level in the following months.