GFEX Platinum Futures
Settlement prices and trading data from the Guangzhou Futures Exchange
About GFEX Platinum
GFEX platinum futures (PT) represent physical platinum deliverable to exchange-approved vaults. China is a major consumer of platinum for automotive catalytic converters, jewelry, and industrial applications. GFEX provides the primary venue for platinum price discovery in the Chinese market.
GFEX Platinum Contract Specifications
Each GFEX platinum contract represents 1,000 grams of platinum (approximately 32.15 troy ounces), priced in Chinese Yuan per gram. Contracts are available for delivery in January, March, May, July, September, and November, with margin requirements typically set at 8-12% of contract value.
Trading hours follow the Beijing time morning session (9:00-11:30) and afternoon session (13:30-15:00), with no night session currently available. Settlement occurs through physical delivery at GFEX-approved warehouses, where platinum must meet exchange purity and weight specifications.
Chinese platinum demand heavily influences contract pricing. Jewelry fabrication drives seasonal peaks ahead of major holidays, while automotive catalytic converter production creates steady baseline demand. Industrial applications in chemicals, glass manufacturing, and electronics add additional demand layers that shape GFEX platinum settlement prices.
China's Role in Global Platinum Demand
China ranks among the top three global platinum consumers, with demand spanning multiple sectors. The automotive industry uses platinum in catalytic converters for diesel and some gasoline vehicles, while China's jewelry sector is the world's largest market for platinum jewelry, accounting for a significant share of global fabrication demand.
Industrial applications represent a growing segment of Chinese platinum demand, including chemical catalysts, glass fiber production, and petroleum refining. China's expanding hydrogen economy also presents a potential new demand driver, as platinum is used in proton exchange membrane (PEM) fuel cells.
The ongoing EV transition introduces both headwinds and tailwinds for platinum. While battery electric vehicles eliminate catalytic converter demand, hydrogen fuel cell vehicles require substantially more platinum than traditional catalysts. GFEX platinum prices reflect these shifting dynamics in real time, making the exchange a valuable barometer of China's evolving platinum consumption patterns.
Frequently Asked Questions
- What are GFEX platinum futures?
- GFEX platinum futures are contracts traded on the Guangzhou Futures Exchange with 1,000 grams per lot, priced in CNY per gram. They launched in November 2025 and trade during Beijing market hours (9:00-15:00).
- How does GFEX platinum compare to COMEX?
- GFEX platinum futures are denominated in Chinese yuan per gram, while COMEX platinum is in USD per troy ounce. GFEX contracts are 1,000g (32.15 oz) vs COMEX at 50 troy oz. GFEX reflects Chinese domestic demand.
- What drives GFEX platinum prices?
- Chinese platinum demand is driven by three main sectors: jewelry (China is the world's largest platinum jewelry market), automotive catalytic converters, and industrial applications. Seasonal jewelry demand, environmental regulations, and the EV transition all influence GFEX platinum pricing.
- How is GFEX platinum settlement different from NYMEX?
- GFEX platinum contracts require physical delivery of platinum meeting exchange specifications, settled in Chinese Yuan. NYMEX platinum is primarily cash-settled in US dollars. This physical delivery requirement means GFEX prices more directly reflect Chinese physical platinum demand.