铂：ETF持续流入，震荡上行，铂：顺利突破前高，上行动能充足

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Platinum is expected to experience an upward trend with continuous inflows into ETFs, while palladium has successfully broken through the previous high and has strong upward momentum [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price Data: Platinum futures 2606 closed at 542.60 with a 2.85% increase; gold exchange platinum closed at 511.65 with a 2.76% increase; New York platinum main continuous contract closed at 1959.20 with a 1.43% increase; London spot platinum closed at 1920.90 with a 0.77% increase. Palladium futures 2606 closed at 476.60 with a 4.71% increase; RMB spot palladium closed at 388.00 with a -1.77% decrease; New York palladium main continuous contract closed at 1,778.50 with a 5.05% increase; London spot palladium closed at 1,700.00 with a 3.25% increase [2] - Trading Volume and Open Interest: The trading volume of Shanghai platinum was 154,859, an increase of 57,063 from the previous day, and the open interest was 35,964, an increase of 5,248. The trading volume of NYMEX platinum was 53,268, an increase of 2,255, and the open interest was 43,975, a decrease of 7,141. The trading volume of Shanghai palladium was 70,120, an increase of 11,932, and the open interest was 13,850, an increase of 3,814. The trading volume of NYMEX palladium was 10,633, an increase of 3, and the open interest was 21,724, an increase of 356 [2] - ETF Holdings: Platinum ETF holdings (ounces) (previous day) were 3,221,365, an increase of 32,392. Palladium ETF holdings (ounces) (previous day) were 1,126,576, an increase of 2,322 [2] - Inventory: Shanghai platinum inventory (kilograms) remained unchanged; NYMEX platinum inventory (ounces) (previous day) was 614,561, unchanged. Shanghai palladium inventory (kilograms) remained unchanged; NYMEX palladium inventory (ounces) (previous day) was 189,230, unchanged [2] - Price Spreads: PT9995 to PT2606 spread was -30.95, a decrease of 1.29 from the previous day; Shanghai platinum 2606 contract to 2610 contract spread was -2.15, a decrease of 3.80; the cost of buying Shanghai platinum 2606 and selling 2610 inter - period arbitrage was 6.70, an increase of 0.18. The spread between the gold exchange platinum and London platinum was 76.64, an increase of 10.35. The spread between the RMB spot palladium price and PD2606 was -88.60, a decrease of 28.45. Shanghai palladium 2606 contract to 2610 contract spread was -3.10, a decrease of 2.15; the cost of buying Shanghai palladium 2606 and selling 2610 inter - period arbitrage was 5.92, an increase of 0.26. The spread between the RMB spot palladium and London palladium was 3, a decrease of 21.36 [2] - Exchange Rates: The US dollar index closed at 98.43, an increase of 0.04%. The US dollar to RMB (CNY spot) was 7.04, an increase of 0.02%; the US dollar to offshore RMB (CNH spot) was 7.04, an increase of 0.05%; the US dollar to RMB (6M forward) was 6.96, a decrease of 0.01% [2] 3.2 Macro and Industry News - The US November unadjusted CPI annual rate was 2.7%, lower than the market expectation of 3.1%; the US November unadjusted core CPI annual rate was 2.6%, the lowest since March 2021. The probability of the Fed cutting interest rates in January next year increased from 26.6% to 28.8% [5] - The US White House National Economic Council Director Hasset said that the Fed still has a lot of room to cut interest rates [5] - The EU sanctioned 41 Russian "shadow fleet" vessels, and the UK added 24 new sanctions against Russia [5] - The European Central Bank kept the deposit facility rate at 2% unchanged, in line with market expectations, and European Central Bank officials said that the interest - rate cut cycle may have ended [5] - The Bank of England cut the benchmark interest rate from 4.00% to 3.75%, in line with market expectations, and the bank's governor Bailey said that the pace of interest - rate cuts would slow down [5] - Japan's US Treasury holdings in October rose to $1.2 trillion [5] - Trump Media & Technology Group plans to merge with nuclear fusion startup TAE, and after the merger, it will start selecting a site and building a fusion power plant in 2026 [5] - The Taiwan Affairs Office of the State Council responded to the US arms sales to Taiwan, stating that if the "Taiwan independence" separatist forces dare to cross the red line, they will be severely punished; the Ministry of Foreign Affairs responded to the US $1.1 billion arms sales to Taiwan, saying that using Taiwan to contain China will never succeed [5] 3.3 Trend Intensity - Platinum trend intensity: 1; Palladium trend intensity: 1. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [4]