铂钯数据日报-20260119

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On January 16, the price trends of platinum and palladium first rose and then fell, with the final trends diverging. The PT2606 contract closed up 0.6% at 610.05 yuan/gram, while the PD2606 contract closed down 1.72% at 469.35 yuan/gram. Macro - level factors such as the cooling of the Iranian geopolitical situation and changes in the front - runner for the Fed Chair dampened market expectations of interest rate cuts, weakening the macro - driving factors and putting pressure on the precious metals market, including platinum and palladium. Fundamentally, Trump's decision to temporarily suspend import tariffs on key minerals and seek agreement negotiations alleviated the tariff risks for platinum and palladium. In the future, if the tariff risk decreases, platinum and palladium inventories may flow from the US to non - US regions, easing the tight spot situation and suppressing platinum and palladium prices in the short term. In the short term, it is advisable to allocate platinum on dips or adopt a [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Relevant Catalogs Domestic Prices - Platinum futures main contract closing price was 610.05 yuan/gram, up 0.16% from the previous value; spot platinum (99.95%) was 603 yuan/gram, up 1.86%; the basis (spot - futures) was - 7.05 yuan/gram, down 58.65%. Palladium futures main contract closing price was 469.35 yuan/gram, down 1.93%; spot palladium (99.95%) was 448.5 yuan/gram, down 1.75%; the basis (spot - futures) was - 20.85 yuan/gram, down 5.66% [4]. International Prices - London spot platinum was 2338.8 dollars/ounce, up 0.07%; London spot palladium was 1747.624 dollars/ounce, down 3.20%. NYMEX platinum was 2336 dollars/ounce, up 0.24%; NYMEX palladium was 1795 dollars/ounce, down 1.72% [4]. Internal - External 15 - point Spreads - The dollar/yuan central parity rate was 7.0078, up 0.02%. The spread of domestic platinum - London platinum was 14.60 yuan/gram, up 3.17%; the spread of domestic platinum - NYMEX platinum was 15.31 yuan/gram, down 3.28%. The spread of domestic palladium - London palladium was 19.05 yuan/gram, up 28.17%; the spread of domestic palladium - NYMEX palladium was 12.35 yuan/gram, down 9.68% [4][5]. Ratios - The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2726, with a change of 0.0272. The ratio of London spot platinum to palladium was 1.3383, with a change of 0.0438 [5]. Inventories - NYMEX platinum inventory was 634,522 troy ounces, up 1.63%; NYMEX palladium inventory was 210,908 troy ounces, unchanged [5]. Positions - NYMEX total platinum position was 78,337, down 0.90%; non - commercial net long position of platinum was 17,594, down 2.85%. NYMEX total palladium position was 19,483, up 0.69%; non - commercial net long position of palladium was 579, up 111.57% [5].