China Palladium Price Today - GFEX Palladium Premium (XPD)
Track the live GFEX palladium settlement price from the Guangzhou Futures Exchange vs Western NYMEX palladium futures. Monitor the China palladium premium and analyze historical price divergence between Chinese and international markets.
GFEX Palladium Price Today in USD | China Palladium Price
Track the China palladium price in dollars from GFEX vs NYMEX futures
Prices for informational purposes only. Not financial advice. The site is still in beta and there may be inaccuracies.
Price Comparison
GFEX vs Western palladium futures prices ($/oz)
What is the GFEX Palladium Premium?
The GFEX palladium premium measures the price difference between palladium futures on China's Guangzhou Futures Exchange and Western COMEX futures. Palladium is critical for China's automotive industry as the primary catalyst in gasoline vehicle emission systems. When the premium is positive, it signals strong Chinese industrial demand; a negative premium (discount) suggests softer domestic demand relative to global markets.
The Palladium Market: ICE to EV Transition
Approximately 80% of global palladium demand comes from automotive catalytic converters, making it one of the most auto-dependent commodities. The transition to electric vehicles represents a structural shift in palladium demand:
- ICE vehicles: Require 2-7 grams of palladium per catalytic converter, depending on engine size and emission standards.
- Hybrid vehicles: Still use catalytic converters and can require higher PGM loadings than pure ICE vehicles due to start-stop cycling.
- Battery EVs: No catalytic converter needed, eliminating palladium demand entirely for these vehicles.
- Tighter emission standards: China 7 and Euro 7 standards increase palladium loadings per vehicle, partially offsetting reduced vehicle counts.
GFEX vs COMEX Palladium Futures
Key differences between GFEX and COMEX palladium contracts.
| Feature | GFEX (Guangzhou) | COMEX (New York) |
|---|---|---|
| Contract Size | 1,000 grams (~32.15 oz) | 100 troy ounces |
| Currency | Chinese Yuan (CNY) | US Dollar (USD) |
| Trading Hours | 9:00-11:30, 13:30-15:00 BJT | Nearly 24 hours (Sun-Fri) |
| Primary Users | Chinese auto manufacturers | Global hedgers, speculators |
| Launch | November 2025 | Established market |
Global Palladium Supply Concentration
Palladium supply is highly concentrated: Russia (primarily Nornickel) produces ~40% and South Africa ~35% of global output. This concentration makes palladium prices vulnerable to geopolitical risks, mining disruptions, and logistics bottlenecks. China imports virtually all its palladium, so supply disruptions can rapidly widen the GFEX premium as domestic users compete for limited physical metal. Recycling from spent catalytic converters provides a secondary supply source (~30% of total), but this cannot respond quickly to sudden demand spikes.
Data Sources & Methodology
GFEX palladium settlement prices are sourced from the Guangzhou Futures Exchange daily settlement data for the most-active contract (highest volume). Western prices come from COMEX palladium futures (PA) daily close.
Price conversion: GFEX quotes palladium in Chinese Yuan per gram (CNY/g). We convert to US Dollars per troy ounce (USD/oz) using the formula: Price (USD/oz) = Price (CNY/g) x 31.1035 / Exchange Rate (CNY/USD).
Note: The current USD/CNY exchange rate is used for all historical conversions. This simplifies comparison but means historical premiums may differ slightly from what was observed at the time due to exchange rate changes.
Frequently Asked Questions
- What is GFEX and why does it trade palladium?
- The Guangzhou Futures Exchange (GFEX) is China's newest futures exchange, established in 2021. It launched palladium and platinum futures in November 2025 to serve China's massive automotive manufacturing industry, which is the world's largest consumer of palladium for catalytic converters.
- How does the EV transition impact the GFEX palladium premium?
- Electric vehicles don't use catalytic converters, so growing EV adoption is a long-term headwind for palladium. However, hybrid vehicles (popular in China) still require palladium, and stricter emission standards on remaining ICE vehicles increase per-vehicle palladium loadings. The GFEX premium can signal how Chinese markets are pricing this transition.
- What are GFEX palladium contract specifications?
- GFEX palladium futures have a contract size of 1,000 grams (approximately 32.15 troy ounces). Delivery months are January, March, May, July, September, and November. Trading hours are 9:00-11:30 AM and 1:30-3:00 PM Beijing time, with no night session currently available.
- Why is palladium supply concentrated and how does it affect the premium?
- Over 75% of global palladium comes from just two countries: Russia (~40%) and South Africa (~35%). This concentration makes palladium vulnerable to supply disruptions from geopolitical events, mining strikes, or logistics issues. When supply is constrained, Chinese buyers may pay higher premiums on GFEX to secure physical metal for their automotive industry.