铂：宽幅震荡等待进一步的方向，铜：宽幅震荡

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - Platinum is in a wide - range oscillation waiting for a further direction, and palladium is in a wide - range oscillation [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price Data: Platinum futures 2606 closed at 527.25 with a - 13.28% change; gold - exchange platinum at 511.50 with a - 9.49% change; New York platinum main - continuous (previous day) at 2161.80 with a 4.43% change; London spot platinum (previous day) at 2178.00 with a 5.73% change. Palladium futures 2606 closed at 425.20 with a - 4.97% change; RMB spot palladium at 406.00 with a - 16.97% change; New York palladium main - continuous (previous day) at 1695.50 with a 2.08% change; London spot palladium (previous day) at 1630.14 with a 1.53% change [1] - Trading Volume and Position Data: Guangdong platinum trading volume was 137,126 kg (up 62,327 kg from the previous day), and its position was 42,720 kg (down 6,970 kg). NYMEX platinum trading volume was 38,635 kg (down 28,147 kg), and its position was 107,075 kg (down 3,955 kg). Guangdong palladium trading volume was 85,499 kg (up 40,701 kg), and its position was 17,202 kg (down 6,203 kg). NYMEX palladium trading volume was 14,821 kg (down 13,990 kg), and its position was 57,952 kg (down 3,201 kg) [1] - ETF Position Data: Platinum ETF position (ounces, previous day) was 3,307,880 (up 29,224), and palladium ETF position (ounces, previous day) was 1,161,192 (up 17,375) [1] - Inventory Data: Guangdong platinum and palladium inventories remained unchanged, NYMEX platinum inventory (ounces, previous day) was 652,841 (unchanged), and NYMEX palladium inventory (ounces, previous day) was 210,029 (unchanged) [1] - Spread Data: PT9995 to PT2606 spread was - 15.75 (up 8.98 from the previous day); Guangdong platinum 2606 contract to 2610 contract spread was - 8.45 (up 16.00); buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage cost was 6.53 (down 0.76). RMB spot palladium price to PD2606 spread was - 19.20 (up 22.25); Guangdong palladium 2606 contract to 2610 contract spread was - 7.10 (down 0.95); buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage cost was 5.32 (down 0.26) [1] - Exchange Rate Data: The US dollar index was 98.46 (up 0.21%); US dollar to RMB (CNY spot) was 7.00 (unchanged); US dollar to offshore RMB (CNH spot) was 6.97 (down 0.12%); US dollar to RMB (6M forward) was 6.91 (down 0.28%) [1] 3.2 Macro and Industry News - The US lifted airspace restrictions in the Caribbean Sea, and multiple airlines resumed flights in the region [3] - On January 3, 2026, the US launched a large - scale military operation against Venezuela, "captured" Venezuelan President Nicolás Maduro and his wife, and was expected to bring them to the US for drug - related criminal charge hearings by the evening of January 5. The Venezuelan vice - president assumed the presidential duties [5] - OPEC+ agreed to suspend production increases in the first quarter, and the meeting did not discuss the Venezuelan issue [5] - The Trump administration asked US oil companies to invest in Venezuela, and industry insiders were cautious about this [5] - China's Foreign Ministry spokesperson called on the US to immediately release President Maduro and his wife [5] - The State Council will no longer approve the construction of beneficiation projects without self - built mines and supporting tailings utilization and disposal facilities in principle [5] 3.3 Trend Intensity - Platinum trend intensity is 0, and palladium trend intensity is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]