铂：补涨行情或许发动：震荡向上

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Platinum may start a catch - up rally, and palladium may move upward in a volatile manner [1] Summary by Relevant Catalogs Platinum and Palladium Fundamental Data - Price: Platinum futures 2606 closed at 619.35 with a 0.69% increase; the gold exchange platinum was at 612.53, up 1.22%; the New York platinum main - continuous (previous day) was 2480.00, up 4.13%; the London spot platinum (previous day) was 2451.40, up 3.28%. Palladium futures 2606 closed at 490.00, up 2.52%; the RMB spot palladium was 439.00, up 0.69%; the New York palladium main - continuous (previous day) was 1908.50, up 1.41%; the London spot palladium (previous day) was 1876.00, up 2.10% [1] - Trading Volume and Open Interest: The trading volume of Guangdong platinum (kg) was 22,573, an increase of 7,291 from the previous day, with an open interest of 37,684, a decrease of 487. The NYMEX platinum (kg) trading volume was 67,546, an increase of 23,139, and the open interest was 102,260, a decrease of 302. For Guangdong palladium (kg), the trading volume was 11,015, an increase of 4,734, and the open interest was 13,946, a decrease of 751. The NYMEX palladium (kg) trading volume was 25,620, an increase of 4,694, and the open interest was 55,635, a decrease of 837 [1] - ETF Holdings: The platinum ETF holdings (ounces) (previous day) were 3,267,130, a decrease of 3,196. The palladium ETF holdings (ounces) (previous day) were 1,192,732, a decrease of 229 [1] - Inventory: The Guangdong platinum (kg) inventory was 1, with no change. The NYMEX platinum (ounces) (previous day) inventory was 664,393, an increase of 100. The Guangdong palladium (kg) inventory was 1, with no change. The NYMEX palladium (ounces) (previous day) inventory was 207,020, a decrease of 3,888 [1] - Price Spreads: The PT9995 to PT2606 spread was - 6.82, an increase of 3.11 from the previous day; the Guangdong platinum 2606 contract to 2610 contract spread was 0.40, an increase of 1.30; the cost of buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage was 7.61, an increase of 0.05; the spread between the Guangdong platinum main contract and London platinum (considering VAT) was - 0.82, a decrease of 14.99. The RMB spot palladium price to PD2606 spread was - 51.00, a decrease of 9.05; the Guangdong palladium 2606 contract to 2610 contract spread was 2.25, an increase of 7.90; the cost of buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage was 6.07, an increase of 0.13; the spread between the Guangdong palladium main contract and London palladium (considering VAT) was 15, an increase of 2.67 [1] - Exchange Rates: The US dollar index was 98.55, a decrease of 0.82%; the US dollar to RMB (CNY spot) was 6.96, a decrease of 0.08%; the US dollar to offshore RMB (CNH spot) was 6.96, a decrease of 0.23%; the US dollar to RMB (6M forward) was 6.88, a decrease of 0.11% [1] Macro and Industry News - Trump listed 365 achievements at the press conference on the first anniversary of his return to the White House, and considered "taking back" the Panama Canal, among other things [4] - The European Parliament froze the approval process of the US - EU trade agreement [4] - The Congolese (Kinshasa) government forces recaptured the eastern strategic town of Uvira [4] - The special envoys of the Russian and US presidents held talks in Davos for about 2 hours to discuss the peace plan [4] - The Polish central bank approved a plan to buy 150 tons of gold, increasing its gold reserves to 700 tons [4] - The US Supreme Court did not rule on the challenge to the legality of Trump's global tariffs, and the next ruling window is in a month [4] - The French Prime Minister used constitutional powers to send the revenue part of the 2026 budget to the lower house without a vote [4] - The ADP weekly employment report showed that private - sector employers added an average of 8,000 jobs per week in the four weeks ending December 27, 2026 [4] Trend Strength - Platinum trend strength: 1; Palladium trend strength: 1. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3]