铂：多头情绪占优，铜：震荡上行

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The sentiment for platinum is dominated by bulls, while palladium is expected to rise in a volatile manner [1]. 3. Summary by Relevant Catalogs Fundamental Tracking - Price Data: Platinum futures 2606 closed at 686.95 with a 4.46% increase; the gold - exchange platinum was at 591.25, down 2.59%. Palladium futures 2606 closed at 529.05, down 8.54%; the RMB spot palladium was at 416.00, down 9.37% [1]. - Trading Volume and Open Interest: The trading volume of Guangzhou platinum was 227,666 kg, an increase of 201,102 kg compared to the previous day, with an open interest of 48,732, an increase of 718. The trading volume of Guangzhou palladium was 100,293 kg, a decrease of 2,565 kg, and the open interest was 23,862, a decrease of 2,067 [1]. - ETF Holdings: The platinum ETF holdings (ounces, the day before) were 3,275,138, a decrease of 5; the palladium ETF holdings (ounces, the day before) were 1,141,711, an increase of 3,144 [1]. - Inventory: NYMEX platinum inventory (ounces, the day before) was 645,467; NYMEX palladium inventory (ounces, the day before) was 195,834 [1]. - Price Spreads: The spread between PT9995 and PT2606 was - 95.70, a decrease of 45.04 compared to the previous day; the spread between the Guangzhou platinum 2606 and 2610 contracts was - 3.40, an increase of 32.05 [1]. - Exchange Rates: The US dollar index was 97.91, down 0.05%; the US dollar - to - RMB (CNY spot) exchange rate was 7.02, down 0.18% [1]. Macro and Industry News - Russia's Deputy Prime Minister Novak stated that the plan to produce 100 million tons of liquefied natural gas annually has been postponed for several years due to sanctions, but factory construction continues [3]. - Japanese Prime Minister Takamachi Sanae announced that the total amount of newly issued Japanese government bonds in the next fiscal year will reach 29.6 trillion yen [5]. - Cambodia and Thailand continued border meetings to discuss a cease - fire [5]. - The spokesperson of the Foreign Affairs Committee of the National People's Congress commented on the negative China - related clauses in the US "2026 Fiscal Year National Defense Authorization Act", hoping that the US would view China's development and Sino - US relations objectively and rationally [5]. - China's Ministry of Commerce firmly opposed the US imposing 301 tariffs on Chinese semiconductor products and has lodged a solemn representation [5]. - China's Ministry of Commerce responded to the issue of relaxing restrictions on rare - earth magnet exports to the US, stating that it actively promotes and facilitates compliant trade [5]. Trend Intensity - The trend intensity of platinum is 1, and that of palladium is also 1. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [4].