This report explores key aspects of the physically settled platinum and palladium futures contracts and futures options which will commence trading on the Guangzhou Futures Exchange (GFEX) on 27 November 2025. GFEX will offer domestic participants an increased ability to manage price risk in RMB as well as offering financial participants an alternative mechanism to gain exposure to platinum and palladium. These listed contracts should support broader liquidity and improve global price discovery. Moreover, GFEX will publish daily exchange stock holdings which will add colour to China’s metal inventories.Furthermore, despite being the largest consumer of PGMs globally, the closed nature of the China market combined with one way flow on the SGE means that China has typically been a price taker, with only its varying levels of imports impacting international price discovery. Listing platinum futures in China, open to international participation, increases the influence of China’s future demand expectations on global price discovery. Figure 1. Futures and options provide significant liquidity*Source: Bloomberg, LBMA, CME, WPIC, *there are 32,150.7 troy ounces per metric tonne