铂钯数据日报-20251231

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - On December 30, platinum and palladium futures prices both hit the daily limit down for the second consecutive trading day. The PT2606 contract closed down 13% to 589.85 yuan/gram, and the PD2606 contract closed down 13% to 447.45 yuan/gram. Recently, the fundamentals of platinum and palladium have not changed significantly, but the previous rapid rise in futures prices led to a large deviation between the spot and futures prices and a significant premium over the external market, resulting in high risks in the platinum and palladium markets. Coupled with multiple rounds of risk - control measures introduced by the exchange, the profit - taking pressure and the return of the spot - futures spread caused the prices to drop significantly. After the recent sharp price adjustment, the deviation between the spot and futures prices of platinum and palladium has improved, and the premium over the external market has also narrowed. Although it has not returned to a reasonable level, the space for further decline is expected to be relatively limited, and the prices are expected to gradually shift to range - bound trading. In the long - term, with a supply - demand gap in platinum and a tendency towards a supply - loose pattern in palladium, investors can go long on dips or mainly adopt the [long platinum, short palladium] arbitrage strategy [6] Group 3: Summary According to the Directory (Data Summary) Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 589.85, previous value 634.35, down 7.02% [4] - Spot: Shanghai Gold Exchange - Pt9995 closing price: 565.12, previous value 637.15, down 11.31% [4] - Spot: Platinum (99.95%): 228, previous value 652, down 14.42% [4] - Platinum basis (spot - futures): - 31.85, previous value 17.65, down 280.45% [4] - Palladium futures main contract closing price: 447.45, previous value 494.1, down 9.44% [4] - Spot: Palladium (99.95%): 424, previous value 463.5, down 8.52% [4] - Palladium basis (spot - futures): - 23.45, previous value - 30.6, down 23.37% [4] International 15 - Point Prices (US dollars/ounce) - London spot platinum: 2156.1, previous value 2320.6, down 7.09% [4] - London spot palladium: 1603.79, previous value 1691.204, down 5.17% [4] - NYMEX platinum: 2181.3, previous value 2339, down 6.74% [4] - NYMEX palladium: 1668.5, previous value 1811.5, down 7.89% [4] Internal - External 15 - Point Price Spreads - US dollar/Chinese yuan central parity: 7.0348, previous value 7.0331, up 0.02% [4] - Guangzhou platinum - London platinum spread: 38.80, previous value 41.40, down 6.28% [4] - Guangzhou platinum - NYMEX platinum spread: 32.36, previous value 36.70, down 11.83% (tax - included) [5] - Guangzhou palladium - London palladium spread: 37.56, previous value 61.97, down 39.39% [5] - Guangzhou palladium - NYMEX palladium spread: 21.02, previous value 31.24, down 32.70% [5] Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.3182, previous value 1.2838, up 0.0344 [5] - London spot platinum/palladium ratio: 1.3722, previous value 1.3444, down 0.0278 [5] Inventories (Troy Ounces) - NYMEX platinum inventory: 646795, previous value 646896, down 0.02% [5] - NYMEX palladium inventory: 210029, previous value 198040, up 6.05% [5] Positions - NYMEX total platinum position: 97095, previous value 90356, up 7.46% [5] - NYMEX non - commercial net long platinum position: 23293, previous value 19890, up 17.11% [5] - NYMEX total palladium position: 22061, previous value 20773, up 6.20% [5] - NYMEX non - commercial net long palladium position: 978, previous value - 18, up 5533.33% [5]