CITIC Futures Platinum and Palladium Daily: US Inflation Surprise Keeps Prices Soft and Range-Bound
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CITIC Futures' daily note on platinum and palladium reports that Guangzhou Futures Exchange platinum main contracts fell 1.79% to RMB 405.85 per gram at the October 14, 2026 close, while palladium main contracts slipped 0.48% to RMB 269.30 per gram. US September core CPI rose 3.7% year over year unadjusted, above both the 3.6% consensus and August's 3.4%, with the seasonally adjusted monthly rate at 0.3% versus 0.2% expected; the inflation surprise lifted market expectations for an October rate hike. Elevated term premiums keeping long-end Treasury yields high and a firm dollar index pressured platinum in the short term, though the broker sees limited downside. For palladium, mine-supply contraction offset by rising recycling left total supply broadly flat, while the full-year balance turns to surplus amid loose spot fundamentals, leaving prices to track the broader precious-metals complex. CITIC Futures expects platinum to oscillate around a higher center near term and palladium to stay range-bound. The firm's nonferrous metals index closed at 2,754.12 points, down 0.16%, with the composite commodity index at 2,463.21 points, down 0.23%. Key risks include global recession, Fed policy shifts, geopolitical conflicts, and supply disruptions in major producing regions.
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