铂钯数据日报-20260113

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report - On January 12, platinum and palladium prices generally rose. The PT2606 contract closed up 4.65% to 622.8 yuan/gram, and the PD2606 contract closed up 3.59% to 505.1 yuan/gram. Macro - level factors such as geopolitical tensions, a criminal investigation into Fed Chairman Powell weakening Fed independence, and lower - than - expected US non - farm payrolls in December boosted platinum and palladium prices. The upcoming release of the US 232 investigation results, with market expectations of possible import tariffs on platinum and palladium (especially palladium), also supported the prices. - In the short term, platinum and palladium are expected to maintain a moderately strong trading range. 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 trend towards supply loosening for palladium, the strategy can be to allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Relevant Catalog Domestic Prices (yuan/gram) - Platinum: The platinum futures main contract closing price was 622.8 yuan/gram (previous value 599.8 yuan/gram, up 3.83%), the spot platinum (99.95%) price was 611 yuan/gram (previous value 580 yuan/gram, up 5.34%), and the basis (spot - futures) was - 11.8 yuan/gram (previous value - 19.8 yuan/gram, down 40.40%) [4]. - Palladium: The palladium futures main contract closing price was 505.1 yuan/gram (previous value 499.05 yuan/gram, up 1.21%), the spot palladium (99.95%) price was 477.5 yuan/gram (previous value 455 yuan/gram, up 4.95%), and the basis (spot - futures) was - 27.6 yuan/gram (previous value - 44.05 yuan/gram, down 37.34%) [4]. International Prices (15:00, dollars/ounce) - Platinum: London spot platinum was 2349.286 dollars/ounce (previous value 2279 dollars/ounce, up 3.08%), NYMEX platinum was 2376 dollars/ounce (previous value 2289.5 dollars/ounce, up 3.78%) [4]. - Palladium: London spot palladium was 1872.791 dollars/ounce (previous value 1851.135 dollars/ounce, up 1.17%), NYMEX palladium was 1935 dollars/ounce (previous value 1916.5 dollars/ounce, up 0.97%) [4]. Internal - External 15:00 Price Differences (yuan/gram) - Platinum: The price difference between domestic platinum and London platinum was 24.43 yuan/gram (previous value 19.16 yuan/gram, up 27.47%), and the price difference between domestic platinum and NYMEX platinum was 17.62 yuan/gram (previous value 16.49 yuan/gram, up 6.88%) [4]. - Palladium: The price difference between domestic palladium and London palladium was 27.42 yuan/gram (previous value 28.09 yuan/gram, down 2.44%), and the price difference between domestic palladium and NYMEX palladium was 12.25 yuan/gram (previous value 10.77 yuan/gram, up 13.72%) [5]. Ratios - The ratio of platinum to palladium on the Guangzhou Futures Exchange was 1.2330 (previous value 1.2019, an increase of 0.0311), and the ratio of London spot platinum to palladium was 1.2544 (previous value 1.2311, an increase of 0.0233) [5]. Inventory (troy ounces) - NYMEX platinum inventory was 624755 troy ounces (previous value 625015 troy ounces, down 0.04%), and NYMEX palladium inventory was 211306 troy ounces (previous value 211306 troy ounces, unchanged) [5]. Positions - NYMEX total platinum position was 82836 (previous value 79050, down 4.57%), non - commercial net long platinum position was 18110 (previous value 18042, up 0.38%). NYMEX total palladium position was 19349 (previous value 20593, down 6.04%), non - commercial net long palladium position was - 571 (previous value 284, down 201.40%) [5].