According to the announcements of various banks, the reason for suspending the opening of platinum and palladium accounts is that the international platinum and palladium prices have fluctuated frequently and violently recently.
Hu Yue, a macro analyst of precious metals and overseas in Jin Xin futures, told the First Financial Reporter that the main reason for banks to close platinum and palladium products is to avoid risks. The price of platinum and palladium is similar to that of gold, which is influenced by the price of gold. Due to the recent fluctuation of gold price, the price of platinum and palladium fluctuated greatly. The trading liquidity of platinum and palladium is relatively low, so the price risk of platinum and palladium is greater.
It may be the reason why the precious metal market has been fluctuating sharply recently, which has led to the suspension.
Starting from 0: 00 on July 3, 2020, ICBC suspended the open trading of all products of platinum, palladium and precious metal indexes (including open pending orders), and the closed trading of customers with positions was not affected; The fixed investment plan for account platinum and account palladium will no longer be implemented. Please make trading arrangements and risk control according to your position. Thank you for your understanding and support.