铂：ETF持仓流出，存在抛压，铂：整体跟随铂，略微偏强

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - Platinum has ETF position out - flows, facing selling pressure; palladium generally follows platinum but is slightly stronger [1]. - Platinum's trend strength is - 1, and palladium's trend strength is - 1, indicating a bearish outlook [3]. 3. Summary by Related Catalogs 3.1 Fundamentals - Prices: Platinum futures 2606 closed at 575.00 with a -3.93% increase; gold exchange platinum was at 579.73, down -4.26%; New York platinum main - continuous (previous day) was 2282.60, down -0.34%; London spot platinum (previous day) was 2283.00, down -0.29%. Palladium futures 2606 closed at 460.70, down -3.20%; RMB spot palladium was 429.00, down -1.15%; New York palladium main - continuous (previous day) was 1833.50, up 0.91%; London spot palladium (previous day) was 1798.00, up 1.73% [1]. - Trading Volume and Positions: For domestic platinum, trading volume was 53,725 kg, down 29,103 kg compared to the previous day, and positions were 40,169 kg, down 868 kg; for NYMEX platinum, trading volume was 47,220 kg, down 12,824 kg, and positions were 105,556 kg, down 1,446 kg. For domestic palladium, trading volume was 35,724 kg, down 8,514 kg, and positions were 15,166 kg. For NYMEX palladium, trading volume was 15,766 kg, down 12,634 kg, and positions were 56,465 kg, down 1,064 kg [1]. - ETF Positions: Platinum ETF positions (ounces, previous day) were 3,299,318, down 7,824; palladium ETF positions (ounces, previous day) were 1,175,945, up 584 [1]. - Inventory: Domestic platinum inventory change was not provided; NYMEX platinum inventory (ounces, previous day) was 645,366, with a change not provided. Domestic palladium inventory change was not provided; NYMEX palladium inventory (ounces, previous day) was 211,306, with a change of 0 [1]. - Price Spreads: PT9995 to PT2606 spread was 4.73, down 2.30 compared to the previous day; domestic platinum 2606 contract to 2610 contract spread was -3.95, down -0.55; buying domestic platinum 2606 and selling 2610 inter - period spread was 7.09, down 0.28. The spread between domestic platinum main contract and London platinum (considering VAT) was -5.25, with a change of -21.80. RMB spot palladium price to PD2606 spread was 10.25. Domestic palladium 2606 contract to 2610 contract spread was -7.80, down -3.45; buying domestic palladium 2606 and selling 2610 inter - period spread was 5.74, down 0.18. The spread between domestic palladium main contract and London palladium (considering VAT) was 27, with a change of -23.00 [1]. - Macro Data: The US dollar index was 98.87, up 0.13%; the US dollar to RMB (CNY spot) exchange rate was 7.00, up 0.15%; the US dollar to offshore RMB (CNH spot) exchange rate was 6.99, up 0.14%; the US dollar to RMB (6M forward) exchange rate was 6.91, up 0.09% [1]. 3.2 Macro and Industry News - The US trade deficit in October 2025 was $29.4 billion, the smallest since June 2009 [4]. - Zelensky said the Ukraine - US security guarantee document was ready and would be finalized by the two leaders [4]. - Chinese market regulators summoned six photovoltaic industry leaders and the industry association, prohibiting agreements on production capacity and sales prices [4]. - Regarding the Federal Reserve: Milan expected about 150 basis points of interest rate cuts in 2026; Trump said he had decided on the next Federal Reserve Chairman; Bessent urged further interest rate cuts and expected Trump to announce the Fed Chairman this month [4].