铂钯数据日报-20260106

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 5th, the prices of platinum and palladium rose overall. The PT2606 contract closed up 6.48% to 583.95 yuan/gram, and the PD2606 contract closed up 8.88% to 452.85 yuan/gram. Driven by the significant increase in platinum and palladium prices in the overseas market during the New Year's Day holiday, domestic platinum and palladium prices opened sharply higher and maintained a strong trend. Recently, with the ebb of market sentiment, the premium of domestic platinum and palladium futures over spot and overseas markets has been narrowing, indicating that prices are returning to a more reasonable range. Looking ahead, platinum and palladium are expected to continue a strong and volatile pattern, but short - term volatility may remain relatively high. In the long - term, considering the supply - demand gap of platinum and the relatively loose supply of palladium, it is advisable to allocate platinum at low levels or adopt a "long platinum, short palladium" arbitrage strategy [4][6]. 3. Summary by Relevant Catalog Domestic Price (yuan/gram) - Platinum futures主力收盘价 increased from 527.25 to 583.95, a rise of 10.75%. - Spot: Jinjiaosuo - Pt9995收盘价 rose from 511.5 to 573.65, an increase of 12.15%. - Spot: Platinum (99.95%) increased from 532 to 566, a rise of 6.39%. - Platinum: Basis (spot - futures) decreased from 4.75 to - 17.95, a drop of - 477.89%. - Palladium futures主力收盘价 increased from 425.2 to 452.85, a rise of 6.50%. - Spot: Palladium (99.95%) rose from 412 to 436, an increase of 5.83%. - Palladium: Basis (spot - futures) increased from - 13.2 to - 16.85, a rise of 27.65% [4]. International 15 - point Price (US dollars/ounce) - London spot platinum increased from 1947.6 to 2211.121, a rise of 13.53%. - London spot palladium rose from 1538.22 to 1671.588, an increase of 8.67%. - NYMEX platinum increased from 1970.9 to 2218, a rise of 12.54%. - NYMEX palladium rose from 1583 to 1719.5, an increase of 8.62% [4]. Internal - External 15 - point Spread (yuan) - The dollar/yuan central parity rate decreased from 7.0288 to 7.023, a drop of - 0.08%. - The spread between Guangzhou platinum and London platinum decreased from 29.91 to 19.79, a drop of - 33.85%. - The spread between Guangzhou platinum and NYMEX platinum decreased from 18.03 to 23.96, a drop of - 24.75% (including tax). - The spread between Guangzhou palladium and London palladium decreased from 32.40 to 26.35, a drop of - 18.69%. - The spread between Guangzhou palladium and NYMEX palladium decreased from 14.12 to 20.97, a drop of - 32.64% [4][5]. Price Ratio - The price ratio of Guangzhou Futures Exchange platinum/palladium increased from 1.2400 to 1.2895, an increase of 0.0495. - The price ratio of London spot platinum/palladium increased from 1.2661 to 1.3228, an increase of 0.0566 [5]. Inventory (Troy Ounces) - NYMEX platinum inventory remained unchanged at 652841, a change of 0.00%. - NYMEX palladium inventory remained unchanged at 210029, a change of 0.00% [5]. Position - NYMEX total platinum position decreased from 97095 to 90330, a drop of - 6.97%. - NYMEX non - commercial net long position of platinum decreased from 23293 to 19343, a drop of - 16.96%. - NYMEX total palladium position increased from 22061 to 22709, a rise of 2.94%. - NYMEX non - commercial net long position of palladium decreased from 122 to 978, a drop of - 87.53% [5].