GFEX Implements Trading Limits on Platinum and Palladium Contracts Amid Precious Metals Volatility
The Guangzhou Futures Exchange (GFEX) will cap daily platinum and palladium position openings at 300 lots for non-futures firms starting December 29. The restrictions target specific contracts: PT2606, PT2608, PT2610, PT2612 for platinum and PD2606, PD2608, PD2610, PD2612 for palladium.
Platinum prices recently peaked at a record $2,377.50 before retreating 2.4% to $2,220.44, while palladium plunged over 9% to $1,683.58 after touching three-year highs. Both metals maintain staggering year-to-date gains—platinum up 145% and palladium 85%—as Chinese markets trade at persistent premiums to global benchmarks.
Market turbulence extends to silver, with Shanghai prices hitting $80/oz (up 150% YTD) amid reported physical shortages. Global spot silver trades NEAR $72/oz, tracking toward its best annual performance since 1979 with 120% gains. Gold has risen 60% this year.
