铂钯数据日报-20260112

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On January 9th, platinum and palladium prices generally rose, with palladium showing significant increases due to the market's early anticipation of potential tariffs on key minerals. The PT2606 contract for platinum closed up 1.11% at 598.8 yuan/gram, and the PD2606 contract for palladium closed up 6.01% at 499.05 yuan/gram [6]. - Geopolitical tensions and the lower - than - expected US December non - farm payrolls supported platinum and palladium prices. The market anticipates that the US may impose import tariffs on platinum and palladium following the upcoming 232 investigation results, leading to palladium outperforming platinum recently. This is evidenced by the increasing palladium inventory in New York and the expanding price difference between London and New York palladium. EEFs show implied tariff pricings of about 7% for platinum and 12% for palladium [6]. - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern. It is recommended to closely monitor the results of the US 232 investigation. In the long term, with a supply - demand gap for platinum and a relatively loose supply for palladium, strategies could include allocating platinum at low prices or using a "long platinum, short palladium" arbitrage strategy [6]. 3. Summary by Relevant Categories Price Changes - Domestic Prices: Platinum futures' main contract closing price was 599.8 yuan/gram, up 4.31% from the previous value; the spot price of platinum (99.95%) was 580 yuan/gram, down 0.68%. The platinum basis (spot - futures) was - 19.8 yuan/gram, down 320.00%. Palladium futures' main contract closing price was 499.05 yuan/gram, up 8.32%; the spot price of palladium (99.95%) was 455 yuan/gram, unchanged. The palladium basis (spot - futures) was - 44.05 yuan/gram, up 672.81% [4]. - International Prices (15:00): London spot platinum was $2279 per ounce, up 2.97%; London spot gold was $1851.135 per ounce, up 7.17%. NYMEX platinum was $2289.5 per ounce, up 3.89%; NYMEX palladium was $1916.5 per ounce, up 8.46% [4]. - Internal - External Price Differences (15:00): The US dollar/Chinese yuan central parity rate was 7.0128, down 0.10%. The price difference between domestic platinum and London platinum was 19.16 yuan/gram, up 81.30%; the difference between domestic platinum and NYMEX platinum was 16.49 yuan/gram, up 26.88%. The difference between domestic palladium and London palladium was 27.42 yuan/gram, up 35.75%; the difference between domestic palladium and NYMEX palladium was 10.77 yuan/gram, up 6.99% [4][5]. Ratio and Inventory Data - Ratios: The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2481, down 0.0462; the ratio of London spot platinum to palladium was 1.2311, down 0.0502 [5]. - Inventory: NYMEX platinum inventory was 624,755 troy ounces, down 0.04%; NYMEX palladium inventory was 211,306 troy ounces, unchanged. Note that due to inconsistent closing times, some platinum and palladium inventory and position data are lagged [5][6]. Position Data - NYMEX total platinum position was 82,836, down 4.57%. Non - commercial net long position in platinum was 18,110, up 0.38%. NYMEX total palladium position was 19,349, down 6.04%. Non - commercial net long position in palladium was - 571, down 201.40% [5].