-
AboutUpholding the guiding ideology of using the association as a platform, centering on member units, and taking industry development as our responsibility, we fully leverage the initiative of the association to create a fair, transparent, and efficient industry organization led by the enterprises.
-
NewsUpholding the guiding ideology of using the association as a platform, centering on member units, and taking industry development as our responsibility, we fully leverage the initiative of the association to create a fair, transparent, and efficient industry organization led by the enterprises.
-
ResearchUpholding the guiding ideology of using the association as a platform, centering on member units, and taking industry development as our responsibility, we fully leverage the initiative of the association to create a fair, transparent, and efficient industry organization led by the enterprises.
-
EventsUpholding the guiding ideology of using the association as a platform, centering on member units, and taking industry development as our responsibility, we fully leverage the initiative of the association to create a fair, transparent, and efficient industry organization led by the enterprises.
-
MembersUpholding the guiding ideology of using the association as a platform, centering on member units, and taking industry development as our responsibility, we fully leverage the initiative of the association to create a fair, transparent, and efficient industry organization led by the enterprises.
Platinum and Palladium Spot and Futures Exchange Meeting Holds in Beijing
Release time:
27 Jan,2026
In order to promote the steady development of the precious metals industry and further guard against potential structural risks, China Precious Metals Industry Committee (CPMIC) organized a meeting to exchange views on the operational status of the spot market during the initial phase of the platinum and palladium futures listings in Beijing recently. The meeting was chaired by Bian Jiang, head of the CPMIC. More than 60 participants attended the meeting, including representatives from the Guangzhou Futures Exchange (GFE) and over 60 CPMIC member companies. Song Jiangzhen, Deputy Director of CPMIC, along with Wei Linjun and Zhang Yi from Shanghai Orient Securities Futures, delivered special presentations.
At the meeting, representatives from companies involved in recycling supply, trading, import, and application affirmed the long-term positive significance of the futures market launch for the industry’s development. Moreover, given the recent significant price fluctuations in both spot and futures markets for platinum and palladium, physical enterprises are facing substantial risk-management challenges in their day-to-day operations. Under the interconnected of the gold and silver markets, platinum and palladium prices have surged rapidly, directly driving up raw-material costs for recycling companies and intensifying the pressure on these firms to manage price risks and optimize capital allocation. As we approach year-end, businesses generally face tight liquidity. Under the dual pressures of rising costs and cash flow constraints, many scheduled projects have been forced to postpone or scale down, thereby restricting business growth. Meanwhile, the price increases have already trickled down to downstream sectors, causing a noticeable rise in raw-material costs for manufacturing enterprises at the demand end. As a result, some companies have had to suspend their original capacity-planning initiatives,considering material substitutions. This not only brings uncertainty into sluggish platinum and palladium consumption market but also impacts the pace of technological innovation related to platinum-group-metal materials.
Enterprise representatives put forward several suggestions. First, some enterprises suggested introducing night trading sessions for platinum and palladium futures to enhance connectivity with overseas markets. Second, they recommended that GFE should organize more training sessions to help enterprises understand and utilize futures instruments better, thereby achieving stable operations.
GFE attached great importance to this meeting, listened to industry feedback carefully, and responded to the concerns raised by enterprises. First, they advised that enterprises should pay close attention to accompanying risks such as funding and basis risk while using futures instruments for hedging and managing price risks. They should formulate prudent strategies tailored to their own production capacity and risk exposure, adhering to the principle of “observe, try, participate,” thereby avoiding blind entry into the market. Secondly, the delivery system for platinum and palladium futures has been fully prepared. GFE will conduct training sessions for designated delivery warehouses, designated quality inspection agencies, and registered brand enterprises regarding platinum and palladium futures. The exchange will also carry out simulated operations and operational exams on the delivery system to ensure smooth preparation for actual delivery activities. Thirdly, the exchange will comprehensively assess the market conditions and potential risks associated with introducing night trading for platinum and palladium futures, and under the guidance of regulatory authorities, will prudently study the timing for launching night trading. In addition, GFE will strengthen industry training and supporting services, encouraging enterprises to actively learn about futures knowledge and helping industrial clients use futures tools more safely and effectively.
CPMIC has consistently adhered to the principles of serving the real economy, managing market risks, and promoting the effective functioning of the market, fulfilling its responsibilities in market observation, communication, and coordination. Since 2024, based on in-depth research and extensive consultation with stakeholders across the upstream and downstream segments of the industrial chain, CPMIC has maintained close and smooth communication with GFE. The sharp fluctuations in platinum and palladium prices are being transmitted layer by layer through the recycling industry chain. While the futures market is bringing new participants into the market, it is also providing the real economy with new risk-management tools. How to further enhance the futures market’s ability to serve the real economy has become a focal point of attention within the industry.
CPMIC issued a call to all related enterprises: In the current context of intensifying market price fluctuations and increasingly complex operational risks, enterprises should acquire knowledge and practical skills related to the futures market proactively and systematically , fully understand the value and functions of futures instruments, and make scientific use of them. CPMIC will continue to serve as a bridge and platform, foster greater communication and collaboration among futures exchanges, financial institutions, and real-sector enterprises, thereby jointly creating a more favorable market ecosystem that promotes the steady development of industries. This will help enterprises effectively harness and leverage futures—a financial tool—under the premise of controllable risks.
Key words:
Related Content
Service Hotline:+86-17695938506
E-mail：info@cpmic.org
Address: B329, Block B, Longyuan Cultural and Creative Building,
Sihui East, Chaoyang District, Beijing
Thank Jinchuan Group, Northam Platinum, Anglo American, and other image contributors for their significant support in the construction of the website.