铂：窄幅震荡，铂：NYMEX对伦敦价差拉开，有上行可能

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Report's Core View - Platinum is expected to trade in a narrow range, while palladium may rise as the NYMEX - London price spread widens [1][2] 3) Summary by Relevant Sections Fundamental Tracking - Price Changes: Platinum futures 2606 closed at 442.50 with a - 2.02% decline, and the gold - exchange platinum closed at 430.94 with a - 2.50% decline. New York platinum main - continuous dropped 1.05% to 1653.60, and London spot platinum fell 1.36% to 1640.50. Palladium futures 2606 decreased 2.12% to 374.25, and the RMB spot palladium dropped 4.37% to 350.00. New York palladium main - continuous rose 4.31% to 1516.00, and London spot palladium declined 1.61% to 1424.81 [2] - Trading Volume and Open Interest: Guangzhou platinum trading volume was 22,571, a decrease of 23,377 from the previous day, and open interest was 12,265, an increase of 415. NYMEX platinum trading volume was 37,392, an increase of 377, and open interest was 65,112, a decrease of 296. Guangzhou palladium trading volume was 9,569, a decrease of 12,680, and open interest was 3,367, an increase of 190. NYMEX palladium trading volume was 8,303, an increase of 3,029, and open interest was 18,613, an increase of 877 [2] - ETF and Inventory: Platinum ETF holdings (ounces) were 3,102,559, and palladium ETF holdings (ounces) increased by 18,852 to 1,077,508. Guangzhou platinum inventory was 1 kg, NYMEX platinum inventory (ounces) was 616,327 with no change. Guangzhou palladium inventory was 1 kg, and NYMEX palladium inventory (ounces) decreased by 620 to 172,604 [2] - Spreads: PT9995 - PT2606 spread was - 11.56, a decrease of 1.94. The spread between Guangzhou platinum 2606 and 2610 contracts was - 2.20 with no change. The cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 5.51, a decrease of 0.11. The spread between the gold - exchange platinum and London platinum was 57.98, a decrease of 5.81. The spread between RMB spot palladium and PD2606 was - 24, a decrease of 7.90. The spread between Guangzhou palladium 2606 and 2610 contracts was - 1.60 with no change. The cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 4.70, a decrease of 0.10. The spread between RMB spot palladium and London palladium was 26, a decrease of 10.63 [2] - Exchange Rates: The US dollar index was 99.32, a decrease of 0.03%. The US dollar - RMB (CNY spot) exchange rate was 7.07, a decrease of 0.02%. The US dollar - offshore RMB (CNH spot) exchange rate was 7.07 with no change. The US dollar - RMB (6M forward) exchange rate was 7.00, a decrease of 0.04% [2] Macro and Industry News - Trump stated that the US will soon conduct land - based strikes against drug - trafficking groups [4] - Trump will announce the nominee for the Federal Reserve Chairman early next year, hinting positively at Hassett as the next chairman [5] - Putin threatened to cut off Ukraine's sea lanes and vowed to intensify attacks on Ukrainian facilities and vessels. He also said Russia cannot accept Europe's modification of the Russia - Ukraine "peace plan" and is ready for war if Europe wants it. Putin held a nearly 5 - hour meeting with a US envoy, and the Russian side said the meeting was fruitful and both sides agreed not to disclose the details of the negotiation [5] - Trading in precious - metal derivatives surged, and the CME's average daily trading volume in November reached the second - highest record in history [5] - The People's Bank of China net - injected 50 billion yuan through open - market treasury - bond transactions in November [5] Trend Intensity - Platinum's trend intensity is 0, and palladium's trend intensity is 0, indicating a neutral outlook for both metals [5]