Just a few days after China announced it would begin offering platinum and palladium futures contracts through its Guangzhou Futures Exchange, Russia has announced its following suit.
The two BRICS alliance powerhouse nations will be fully operational with the trade offerings by 2025, with Russia expected to launch on Oct. 21 through the Moscow Exchange and China’s offerings to become operational by early next year.
See also - China to launch platinum, palladium futures in Q1 2025
The Moscow Exchange is settled in rubles, allowing Russian investors to obtain non-physical and direct exposure to the two precious metals without using foreign currencies.
“It is noted that instruments with pairs in the precious metals market — platinum/ruble and palladium/ruble were added to the system in a state of technical readiness on Aug. 5,” a report from Russian news agency Oreanda-News states.
Palladium prices have dropped significantly over the past five years. (Source: TradingView)
Palladium prices fell by 38% last year, leading some speculators to begin eyeing the precious metal as an alternative to gold and silver, which have performed admirably in the past three years. Platinum prices have also been depressed and are trading around $1,000 an ounce, well off of all-time highs that surpassed $2,000 an ounce.
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