市场情绪整体降温，铂钯大幅回调

Report Industry Investment Rating - The report maintains a long - term view of a bullish trend for platinum and palladium, with a medium - to - long - term expectation of prices trending upwards in a volatile manner [2][3][4] Core View - The precious metals market sentiment was pressured, and prices significantly corrected due to Kevin Warsh's nomination as the Fed Chair and CME's increase in margin standards. As of February 2, 2026, the closing price of the GFEX platinum main contract was 552.15 yuan/gram, a decline of 16.0%, and the GFEX palladium main contract was 413.7 yuan/gram, also a 16.0% decline [1] - For platinum, although short - term factors pressure the price, the medium - to - long - term supply - demand and macro logic remain unchanged. It is recommended to wait for the price to stabilize and then consider low - buying opportunities, and also pay attention to internal - external positive arbitrage opportunities if the spread widens. The supply in South Africa has risks, and the demand in various fields is expanding [2] - For palladium, the short - term price corrected due to market sentiment cooling, and the long - term supply - demand is becoming looser, but the short - term price bottom is stable. It is advisable to wait for the market to stabilize before considering low - buying [4] Summary by Related Catalogs Platinum - Price Movement: The GFEX platinum main contract closed at 552.15 yuan/gram on February 2, 2026, with a 16.0% decline [1] - Main Logic: Kevin Warsh's nomination and CME's margin increase pressured the price. The medium - to - long - term supply - demand and macro logic remain unchanged. South Africa has supply risks, and demand in various fields is expanding [2] - Operation Suggestion: Short - term investors should wait and see. After the price stabilizes, consider low - buying. Also, pay attention to internal - external positive arbitrage opportunities if the spread widens [2] - Outlook: The price is expected to be volatile and upward - trending in the medium - to - long - term, and short - term fluctuations are affected by gold and silver trends [3] Palladium - Price Movement: The GFEX palladium main contract closed at 413.7 yuan/gram on February 2, 2026, with a 16.0% decline [1] - Main Logic: Short - term market sentiment decline led to price correction. Long - term supply - demand is becoming looser, but short - term price bottom is stable due to factors like tight spot supply [4] - Operation Suggestion: Wait for the market to stabilize before considering low - buying [4] - Outlook: The price is expected to be volatile and upward - trending in the medium - to - long - term, and short - term fluctuations are affected by gold and silver trends [4] Commodity Index - Special Index: The commodity index was 2420.95, down 3.75%; the commodity 20 index was 2773.66, down 4.55%; the industrial products index was 2312.70, down 2.62% on February 2, 2026 [51] Plate Index - Non - ferrous Metals Index: On February 2, 2026, the non - ferrous metals index was 2709.50, with a daily decline of 5.11%, a 5 - day decline of 4.88%, a 1 - month increase of 0.88%, and a year - to - date increase of 0.88% [53]