铂钯数据日报-20260109

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 9th, the prices of platinum and palladium generally declined. The PT2606 contract closed down 6.72% to 575 yuan/gram, and the PD2606 contract closed down 3.57% to 460.7 yuan/gram. As the Bloomberg Commodity Index (BCOM) officially entered the adjustment period, the market worried that this might bring significant selling pressure to the precious metals market. Silver, with a large adjustment weight, was greatly impacted and tumbled, and platinum and palladium were also affected by market sentiment and weakened. In the short - term, platinum and palladium may maintain a narrow - range oscillation pattern. In the long - term, given the supply - demand gap of platinum and the pattern tending towards a looser supply, the strategy can be to allocate platinum on dips or focus on the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Related Catalogs Price Changes - Domestic Prices: The platinum futures' main closing price was 575 yuan/gram, down 3.93% from the previous value; the domestic platinum price was 584 yuan/gram, down 5.04%. The platinum basis (spot - futures) was 9 yuan/gram, down 45.45%. The lithium futures' main closing price was 460.7 yuan/gram, down 3.20%, and the spot lithium price was 455 yuan/gram, down 1.09%. The lithium basis was - 5.7 yuan/gram, down 64.26% [4]. - International Prices: The London spot platinum price was 2213.21 US dollars/ounce, down 2.66%; the London spot palladium price was 1727.258 US dollars/ounce, down 0.45%. NYMEX platinum was 2203.7 US dollars/ounce, down 3.16%, and NYMEX palladium was 1767 US dollars/ounce, down 1.67% [4]. - Internal - External 15 - point Spread: The US dollar/Chinese yuan central parity rate was 7.0197, up 0.01%. The spread between Guangdong platinum and London platinum was 10.57 yuan/gram, down 43.56%; the spread between Guangdong platinum and NYMEX platinum was 12.99 yuan/gram, down 28.66% [4]. Ratio and Inventory - Ratio: The ratio of platinum to palladium in the Guangzhou Futures Exchange was 1.2575, a change of - 0.0094; the ratio of London spot platinum to palladium was 1.2813, a change of - 0.0291 [5]. - Inventory: NYMEX platinum inventory was 645366 troy ounces, with no change; NYMEX palladium inventory was 211306 troy ounces, with no change. Note that due to inconsistent closing times, some platinum and palladium inventory and position data were lagged [5][6]. Position - Platinum Position: NYMEX total platinum position decreased by 8.30% to 90330; non - commercial net long position of platinum decreased by 6.73% to 18042 [5]. - Palladium Position: NYMEX total palladium position decreased by 9.32% to 22709; non - commercial net long position of palladium decreased by 568.03% to - 571 [5].