铂：震荡调整，铂：跟随小幅回撤

Report Overview - Report Date: January 15, 2026 - Report Type: Commodity Research - Analysts: Liu Yuxuan - Investment Advisory Qualification Number: Z0020476 - Email: liuyuxuan023982@gtjas.com 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - Platinum is in a state of shock adjustment, while palladium follows with a slight pullback [1]. 3. Summary by Relevant Catalogs 3.1 Platinum and Palladium Fundamental Data - Prices: Platinum futures 2606 closed at 630.65 with a 4.23% increase; New York platinum main - continuous (previous day) was 2402.70 with a 2.77% increase. Palladium futures 2606 closed at 495.50 with a 2.53% increase; New York palladium main - continuous (previous day) was 1882.50 with a - 0.24% change [1]. - Trading Volume and Open Interest: For domestic platinum, trading volume was 38,859 kg with a change of 40,702 from the previous day, and open interest was 8,055 kg with a change of 419. For NYMEX platinum, trading volume was 46,885 kg with a change of 1,308, and open interest was 103,814 kg with a change of - 1,535. Similar data is provided for palladium [1]. - ETF Holdings: Platinum ETF holdings (ounces, previous day) were 3,284,147 with a change of 5,863; palladium ETF holdings (ounces, previous day) were 1,190,229 with a change of - 1,661 [1]. - Inventory: NYMEX platinum inventory (ounces, previous day) was 624,345 with no change; NYMEX palladium inventory (ounces, previous day) was 210,908 with no change [1]. - Price Spreads: Various price spreads are provided, such as the spread between PT9995 and PT2606, and the spread between domestic platinum 2606 and 2610 contracts, as well as spreads considering VAT for domestic and international prices of platinum and palladium [1]. 3.2 Macro and Industry News - US Economic Data: US November PPI increased slightly month - on - month, and retail sales growth exceeded expectations. The third - quarter last year recorded the smallest trade deficit since the second quarter of 2023 [4]. - Iran Situation: Trump said he was informed that Iran's "killing" had stopped and there was no execution plan; US officials said the US was withdrawing personnel from multiple major bases in the Middle East; the Trump administration obtained a list of 50 high - value Iranian military targets; the Iranian Revolutionary Guard said it had reached the highest state of combat readiness and increased missile inventory; US reconnaissance planes flew along the Iranian border; many countries urged their citizens to leave Iran [4]. - US Supreme Court: On January 9, the US Supreme Court did not rule on the legality of Trump's tariffs, and the next ruling window is next Tuesday or Wednesday [4]. - Chip Tariffs: Trump proposed a 25% tariff on imported chips not used in US AI, and the White House may expand the scope of chip import tariffs in the near future [4]. - Gold - Silver Ratio: The gold - silver ratio fell below the 50 mark for the first time since March 2012 [4]. - Japan's Warning: Japan's finance minister and the highest foreign exchange official warned against excessive yen fluctuations [4]. - Denmark's Action: The Danish Ministry of Defense confirmed the increase of troops in Greenland [4]. 3.3 Trend Intensity - The trend intensity of platinum is 0, and that of palladium is also 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]. 3.4 Other Information - Exchange - related information: The US dollar index was 99.08 with a - 0.06% change; the US dollar to RMB exchange rate (CNY spot) was 6.98 with a 0.06% change; the US dollar to offshore RMB exchange rate (CNH spot) had a 0.12% change; the US dollar to RMB (6M forward) was 6.90 with a - 0.03% change [1].