SMM

[SMM Platinum and Palladium Futures Weekly Review] This week (December 22 – December 26), the most-traded platinum contract PT2606 opened at 560 yuan per gram and closed at 705.3 yuan per gram, rising 174 yuan per gram, or 32.75%, compared with last week's settlement price. The highest price during the week was 709.85 yuan per gram, and the lowest price was 555 yuan per gram. The most-traded palladium contract PD2606 opened at 498.8 yuan per gram and closed at 515.65 yuan per gram, rising 40.95 yuan per gram, or 8.51%, compared with last week's settlement price. The highest price during the week was 578.45 yuan per gram, and the lowest price was 498 yuan per 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, with open interest increasing 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, with open interest increasing by 13,302 lots WoW. From a medium and long-term perspective, the foundation for platinum's bull market remains. 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, requiring vigilance 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 are made to the minimum order quantity per order 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 order 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 order for closing positions remains at 1 lot. The minimum order quantity per order 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 order for closing positions remains at 1 lot. Starting from the trading session on December 29, 2025, the daily open position limit for non-futures company members or clients in platinum futures contracts PT2606, PT2608, PT2610, and PT2612 shall not exceed 300 lots per contract respectively. The daily open position limit for non-futures company members or clients in palladium futures contracts PD2606, PD2608, PD2610, and PD2612 shall not exceed 300 lots per contract respectively. This daily open position limit refers to the sum of buy open orders and sell open orders placed by a non-futures company member or client on a single contract on a given day. The daily open position limits for hedging transactions and market making transactions are not subject to the above standards. Accounts with actual controlling relationships are managed as a single account.