铂：区间整理，铜：窄幅震荡

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - Platinum is expected to trade in a range, while palladium is likely to experience narrow - range fluctuations [1] - The trend intensity of platinum is 0, and the trend intensity of palladium is 0, indicating a neutral outlook for both [3] Group 3: Summary by Relevant Catalogs Platinum and Palladium Fundamental Data - Price: Platinum futures 2606 closed at 605.05 with a - 2.85% decline; gold - exchange platinum was at 599.38 with a - 2.21% decline; New York platinum main - contract (previous day) was 2338.00 with a - 0.99% decline; London spot platinum (previous day) was 2331.20 with a - 0.76% decline. Palladium futures 2606 closed at 483.25 with a - 4.33% decline; RMB spot palladium was at 447.00 with no change; New York palladium main - contract (previous day) was 1887.00 with a - 1.28% decline; London spot palladium (previous day) was 1831.35 with a - 1.06% decline [1] - Trading Volume and Open Interest: Guangdong platinum trading volume was 32,647 kg (down 7907 kg from the previous day), and open interest was 38,440 kg (down 861 kg). NYMEX platinum trading volume was 44,452 kg (up 2211 kg), and open interest was 105,349 kg (up 1149 kg). Guangdong palladium trading volume was 22,262 kg (down 1916 kg), and open interest was 15,204 kg (down 59 kg). NYMEX palladium trading volume was 22,245 kg (up 7340 kg), and open interest was 57,759 kg (up 292 kg) [1] - ETF Holdings: Platinum ETF holdings (ounces, previous day) were 3,278,284 (down 4597), and palladium ETF holdings (ounces, previous day) were 1,191,890 (up 10,833) [1] - Inventory: NYMEX platinum inventory (ounces, previous day) was 624,345 (down 409), and NYMEX palladium inventory (ounces, previous day) was 210,908 (down 398) [1] - Price Spreads: PT9995 to PT2606 spread was - 5.67 (up 4.19 from the previous day); Guangdong platinum 2606 to 2610 spread was - 0.10 (down 1.20); buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage cost was 7.44 (down 0.21). The spread between Guangdong platinum main - contract and London platinum (considering VAT) was 14.40 (down 12.89). The spread between RMB spot palladium price and PD2606 was - 36.25 (up 21.85); Guangdong palladium 2606 to 2610 spread was - 3.45 (up 1.75); buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage cost was 6.00 (down 0.26). The spread between Guangdong palladium main - contract and London palladium (considering VAT) was 19 (down 21.58) [1] - Exchange Rates: The US dollar index was 99.18 with a 0.05% increase; the US dollar to RMB (CNY spot) was 6.97 with a - 0.06% decline; the US dollar to offshore RMB (CNH spot) was 6.97 with a - 0.15% decline; the US dollar to RMB (6M forward) was 6.90 with a - 0.06% decline [1] Macro and Industry News - US CPI growth remained stable in December, and core CPI was slightly lower than expected. Trump praised the inflation data and called on Powell to cut interest rates significantly. The Fed's mouthpiece said the December CPI was unlikely to change the current wait - and - see attitude [4] - ADP weekly employment report: In the four weeks ending December 20, 2025, private - sector employers added an average of 11,750 jobs per week [4] - Trump's interview was broadcast this morning, focusing on Iran, the economy, and Powell [4] - Kim Yo - jong responded to South Korea's North Korea policy, saying that the so - called "improving relations" was a delusion [4] - Takaichi Sanae expressed her intention to dissolve the House of Representatives and hold early elections on the 23rd [4] - Fed's Musalem said there were few reasons for further policy easing in the short term and still believed that inflation risks would be more persistent than expected [4] - The US relaxed restrictions on NVIDIA's H200 chip exports to China [4]