20251126-国投期货-铂钯期货合约解读_32页_3mb

报告摘要

Listing Date: November 27, 2025
Trading Hours: Weekdays (excluding public holidays), 9:00–10:15, 10:30–11:30, 13:30–15:00. Price limits vary: 14% initially, 7% next day if traded, otherwise maintain initial.
Initial Contracts: PT(PD)2606, PT(PD)2608, PT(PD)2610.
Trading Instructions: Support limit orders, market orders, stop loss/gain orders, limit stop loss/gain orders, and arbitrage orders.
Margin Level: 9% of contract value; adjusted if no trading activity. Refers to risk management rules in the exchange's methods.
Fee Structure: Transaction fee at 0.0001% of成交 amount, no fee for intra-day hedging; hedging fee at 0.00005%.

Listing Date: November 28, 2025
Trading Hours: Same as futures.
Initial Underlying Contracts: PT(PD)2606, PT(PD)2608, PT(PD)2610 futures contracts.
Exercise Style: American style. Initial order types: limit orders and limit stop loss/gain orders. Maximum order size: 100 hands.
Minimum Margin: 5% of contract value.
Fee Structure: Trading fee 2 RMB/hand, exercise fee 2 RMB/hand; no intra-day hedging fee.
Strike Prices: Determined by BAW model using interest rates and historical volatility, published by exchange.

Contract Details: Trading unit 1000 grams/hand, price per gram, minimum price change 0.05 RMB/gram. First delivery month: next quarter.
Risk Management: Position limits set for large holders based on exchange rules, with three-tier limits reducing near expiration. Includes delivery procedures, penalties for delays, and inspection fees. Listed on Guangzhou Futures Exchange; eligible for physical or rolling delivery, with specific quality standards for platinum and palladium.

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