铂钯数据日报-20260128

Report Industry Investment Rating - Not provided in the report Core Viewpoints - On January 27, platinum and palladium prices generally declined. The PT2606 contract closed down 4.61% to 705.7 yuan/gram, and the PD2606 contract closed down 2.08% to 523 yuan/gram [6]. - Macro - level factors: Trump's statement on the Iran situation eased Middle East geopolitical tensions, combined with profit - taking pressure in the precious metals market and insufficient market liquidity, causing the sector to fall back. Platinum and palladium also declined, but due to high international order uncertainty, a weakening US dollar index, their prices still have support [6]. - Fundamental aspects: There are no major changes. High overseas platinum spot lease rates highlight its shortage, supporting its price. The US decision to postpone import tariffs on key minerals eases tariff risks for platinum and palladium, but may limit their upside in the future [6]. - Short - term outlook: Platinum and palladium prices are expected to be relatively strong but with high volatility. Long - term: The supply - demand prospects of platinum and palladium differ. There is still a supply gap for platinum, while palladium supply is becoming more abundant. It is recommended to allocate platinum unilaterally at low prices or continue to focus on the [long platinum, short palladium] arbitrage strategy [6]. Summary by Relevant Catalogs Domestic Prices - Platinum: The platinum futures main contract closing price was 705.7 yuan/gram, down 5.24% from the previous value; the spot price of platinum (99.95%) was 675 yuan/gram, down 7.91%. The basis (spot - futures) was - 30.7 yuan/gram, up 162.39% [4]. - Palladium: The palladium futures main contract closing price was 523 yuan/gram, down 2.21% from the previous value; the spot price of palladium (99.95%) was 500 yuan/gram, down 4.58%. The basis (spot - futures) was - 23 yuan/gram, up 112.96% [4]. International Prices - London spot platinum was 2704.512 US dollars/ounce, down 5.15%; London spot palladium was 2000.469 US dollars/ounce, down 2.69% [4]. - NYMEX platinum was 2701.4 US dollars/ounce, down 5.45%; NYMEX palladium was 2033 US dollars/ounce, down 3.08% [4]. Internal - External 15 - point Spread - The US dollar/Chinese yuan central parity rate was 6.9858, up 0.02%. The spread between Guangdong platinum and London platinum was 19.30 yuan/gram, down 8.87%; the spread between Guangdong platinum and NYMEX platinum was 20.09 yuan/gram, up 1.83% [4]. - The spread between Guangdong palladium and London palladium was 13.17 yuan/gram (previous value 15.29), up 16.08%; the spread between Guangdong palladium and NYMEX palladium was 7.03 yuan/gram (previous value 2.58), up 172.93% [5]. Price Ratios and Inventory - Platinum - palladium price ratios: The Guangdong Futures Exchange platinum/palladium ratio was 1.3493, down 0.0432; the London spot platinum/palladium ratio was 1.3519, down 0.0351 [5]. - Inventory: NYMEX platinum inventory was 665188 troy ounces, down 0.11%; NYMEX palladium inventory was 224021 troy ounces, up 3.59% [5]. Positions - NYMEX total platinum position was 78337, up 0.86%; NYMEX non - commercial net long position for platinum was 15124, down 14.04% [5]. - NYMEX total palladium position was 19167, down 1.62%; NYMEX non - commercial net long position for palladium was 1225, down 27.51% [5].