铂：窄幅震荡，铜：横盘整理

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Platinum shows a narrow - range oscillation, and palladium shows a sideways consolidation [2]. 3. Summary by Directory Platinum and Palladium Fundamental Data - Price: The closing prices of platinum and palladium - related products had different changes. For example, the platinum futures 2606 closed at 440.55 with a - 0.44% change, and the New York platinum main - continuous closed at 1683.50 with a 1.81% change. The palladium futures 2606 closed at 381.50 with a 1.94% change [3]. - Trading Volume and Open Interest: The trading volumes and open interests of platinum and palladium also changed. For instance, the trading volume of Guangbo platinum was 19,006, a decrease of 3,565 compared to the previous day, and its open interest was 12,674, an increase of 409 [3]. - ETF Holdings: The platinum ETF holdings (ounces) (previous day) were 3,121,942, an increase of 19,383, and the palladium ETF holdings (ounces) (previous day) were 1,077,501, a decrease of 7 [3]. - Inventory: The NYMEX platinum inventory (ounces) (previous day) was 615,297, a decrease of 1,031, while the NYMEX palladium inventory (ounces) (previous day) was 172,604, with no change [3]. - Price Spreads: Various price spreads had different changes. For example, the PT9995 to PT2606 price spread was - 8.33, an increase of 3.23 compared to the previous day [3]. - Exchange Rates: The US dollar index was 98.87, a - 0.09% change, and the US dollar to RMB (CNY spot) was 7.07, a - 0.07% change [3]. Macro and Industry News - The US ADP employment in November decreased by 32,000, the lowest since March 2023, while the market expected an increase of 10,000 [6]. - The Kremlin stated that it was incorrect to say that Russian President Putin rejected the US proposal on Ukraine, and it was just a preliminary exchange of opinions [6]. - US media reported that US Treasury Secretary Bessent might concurrently serve as the director of the National Economic Council [6]. - US Treasury Secretary Bessent said that there was weakness in some areas of the economy and interest rate cuts were needed [6]. - US media reported that Trump's assistant would meet with senior Ukrainian negotiators in Miami on Thursday [6]. - The EU will fully ban the import of Russian natural gas in the autumn of 2027 [6]. Trend Intensity - The platinum trend intensity is 0, and the palladium trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [5].