铂钯数据日报-20260114

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - On January 13, platinum and palladium prices generally declined. The PT2606 contract closed down 3.32% to 605.05 yuan/gram, and the PD2606 contract closed down 5.22% to 483.25 yuan/gram. Due to geopolitical tensions, the Fed's independence crisis, and the lower-than-expected core CPI in the US in December leading to increased attention on interest rate cuts, precious metal prices rose significantly again, and platinum and palladium may follow the upward trend. However, from a fundamental perspective, the upward logic of platinum and palladium is not as strong as that of precious metals. As the results of the US 232 investigation are about to be announced, their price movements may still be volatile. In the short term, platinum and palladium are expected to maintain a range-bound pattern, and it is recommended to closely monitor the results of the US 232 investigation. In the long term, with a supply gap in platinum and a tendency towards a loose supply in palladium, the strategy can be to allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6] Group 3: Summary by Relevant Catalogs Domestic Prices - Platinum futures main contract closing price: 605.05 yuan/gram, previous value 622.8 yuan/gram, down 2.85%. - Spot platinum (99.95%): 594 yuan/gram, previous value 611 yuan/gram, down 2.78%. - Platinum basis (spot - futures): -11.05 yuan/gram, previous value -11.8 yuan/gram, down 6.36%. - Palladium futures main contract closing price: 483.25 yuan/gram, previous value 505.1 yuan/gram, down 4.33%. - Spot palladium (99.95%): 464.5 yuan/gram, previous value 477.5 yuan/gram, down 2.72%. - Palladium basis (spot - futures): -18.75 yuan/gram, previous value -27.6 yuan/gram, down 32.07% [4] International Prices (15:00) - London spot platinum: $2314.3/ounce, previous value $2349.286/ounce, down 1.49%. - London spot palladium: $1796.275/ounce, previous value $1872.791/ounce, down 4.09%. - NYMEX platinum: $2322/ounce, previous value $2376/ounce, down 2.27%. - NYMEX palladium: $1853/ounce, previous value $1935/ounce, down 4.24% [4] Internal - External 15:00 Spread - USD/CNY central parity rate: 7.0103, previous value 7.0108, down 0.01%. - Guangzhou platinum - London platinum: 15.63 yuan/gram, previous value 24.43 yuan/gram, down 36.01%. - Guangzhou platinum - NYMEX platinum: 13.67 yuan/gram, previous value 17.62 yuan/gram, down 22.44%. - Guangzhou palladium - London palladium: 25.76 yuan/gram, previous value 28.09 yuan/gram, down 8.29%. - Guangzhou palladium - NYMEX palladium: 11.32 yuan/gram, previous value 12.25 yuan/gram, down 7.60% [4][5] Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.2520, previous value 1.2330, up 0.0190. - London spot platinum/palladium ratio: 1.2884, previous value 1.2544, up 0.0340 [5] Inventories - NYMEX platinum inventory: 624,755 troy ounces, previous value 625,015 troy ounces, down 0.04%. - NYMEX palladium inventory: 211,306 troy ounces, previous value 211,306 troy ounces, unchanged [5] Positions - NYMEX total platinum positions: 82,836, previous value 79,050, down 4.57%. - NYMEX non - commercial net long positions in platinum: 18,110, previous value 18,042, up 0.38%. - NYMEX total palladium positions: 19,349, previous value 20,593, down 6.04%. - NYMEX non - commercial net long positions in palladium: -571, previous value 579, down 201.40% [5]