铂：箱体震荡，铂：跟随区间震荡

Report Summary 1. Report's Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core View of the Report - Platinum shows a box - shaped oscillation, and palladium follows a range - bound oscillation [3] 3. Summary by Relevant Catalogs 3.1. Fundamental Tracking - Price Data: The closing prices of platinum and palladium futures and spot markets showed different changes yesterday. For example, platinum futures 2606 closed at 615.10, up 0.83%; gold exchange platinum closed at 605.17, up 0.45%; NYMEX platinum (the day before) closed at 2381.60, up 1.65%. Among palladium prices, palladium futures 2606 closed at 477.95, up 1.83%; RMB spot palladium closed at 436.00, down 1.13%; NYMEX palladium (the day before) closed at 1882.00, up 1.92% [2] - Trading and Position Data: Trading volumes of platinum and palladium in different markets decreased compared to the day before. For example, Guangzhou platinum trading volume was 15,282 kg, a decrease of 10,420 kg; NYMEX platinum trading volume was 16,881 kg, a decrease of 27,525 kg. Positions also had different changes, with some increasing and some decreasing. For example, Guangzhou platinum positions increased by 313 to 38,171, while NYMEX platinum positions decreased by 281 to 102,281 [2] - ETF and Inventory Data: Platinum and palladium ETF positions (in ounces, the day before) decreased. Platinum ETF positions were 3,270,326 ounces, a decrease of 237 ounces; palladium ETF positions were 1,192,961 ounces, a decrease of 223 ounces. Inventory data also had different changes, such as NYMEX platinum inventory (in ounces, the day before) increasing by 100 to 664,393 ounces, and NYMEX palladium inventory (in ounces, the day before) decreasing by 3,888 to 207,020 ounces [2] - Spread and Exchange Rate Data: Spreads between different platinum and palladium contracts and against spot prices changed. For example, the spread between PT9995 and PT2606 was -9.93, a decrease of 2.34 compared to the day before. Exchange rates such as the US dollar index decreased by 0.32% to 99.05; the US dollar against the RMB (CNY spot) decreased by 0.01% to 6.97 [2] 3.2. Macro and Industry News - The French Prime Minister will use Article 49.3 of the Constitution on Tuesday to take action on the revenue part of the 2026 budget draft [4] - Fed Chairman Powell will attend the Supreme Court hearing on Fed Governor Cook [5] - Japanese Prime Minister Kaochi Sanae will dissolve the House of Representatives on January 23 and hold a general election vote on February 8 [5] - The International Monetary Fund expects the world economy to grow 3.3% in 2026, an increase of 0.2 percentage points compared to the forecast in October last year; it will grow 3.2% in 2027, the same as the forecast in October last year [5] - Regarding the Greenland issue, Germany and France will take strong actions in response to US tariff threats, and EU leaders will hold an emergency summit in Brussels on Thursday. Danish officials will miss the Davos Forum due to the escalating Greenland dispute [5] - Sources said that Russia's gasoline export ban on producers may be lifted in February [5] 3.3. Trend Intensity - The trend intensity of platinum is 0, and the trend intensity of palladium is 0. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [4]