铂钯数据日报-20260121

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - Short - term, platinum and palladium are expected to maintain a wide - range oscillation pattern. Future attention should be paid to the movement of platinum inventory. - Medium - to long - term, with a supply - demand gap for platinum and a tendency towards supply relaxation for palladium, the strategy can focus on low - position allocation of platinum or the "long platinum, short palladium" arbitrage strategy [6]. 3. Summary by Relevant Catalogs Price Changes - Domestic Futures and Spot Prices: Platinum futures' main contract closing price rose 0.69% to 619.35 yuan/gram, while spot platinum (99.95%) dropped 2.63% to 592 yuan/gram. Palladium futures' main contract closing price rose 2.52% to 490 yuan/gram, and spot palladium (99.95%) fell 0.55% to 455.5 yuan/gram [4]. - International Spot and Futures Prices: London spot platinum rose 1.29% to 2380.82 dollars/ounce, and London spot palladium rose 2.78% to 1847.466 dollars/ounce. NYMEX platinum rose 0.81% to 2381.2 dollars/ounce, and NYMEX palladium rose 1.87% to 1882 dollars/ounce [4]. - Exchange Rate and Price Differences: The dollar/yuan central parity rate fell 0.06% to 7.0006. The price difference between Guangdong platinum and London platinum decreased 18.33% to 13.83 yuan/gram, and the price difference between Guangdong platinum and NYMEX platinum decreased 1.77% to 13.73 yuan/gram [4]. Ratio and Inventory - Platinum - Palladium Ratio: The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2870, down 0.0230 from the previous value. The ratio of London spot platinum to palladium was 1.2887, down 0.0189 from the previous value [5]. - Inventory: NYMEX platinum inventory increased 0.01% to 664393 ounces, and NYMEX palladium inventory decreased 1.84% to 207020 ounces [5]. Position - Total Position and Net Long Position: NYMEX total position of platinum decreased 0.90% to 78337, and non - commercial net long position of platinum decreased 2.85% to 17594. NYMEX total position of palladium increased 0.69% to 19483, and non - commercial net long position of palladium increased 111.57% to 579 [5]. Macro - influencing Factors - Trump's threat to impose tariffs on 8 European countries due to the Greenland issue has increased geopolitical and trade tensions, raising market risk demand and supporting platinum and palladium prices. - The US decision to postpone imposing import tariffs on key minerals and seek agreement negotiations has alleviated the tariff risk for platinum and palladium. Once the tariff risk decreases, platinum and palladium inventory may shift from the US to non - US regions, potentially easing the tight spot situation and suppressing the upward space of platinum and palladium prices in the short term [6].