铂钯数据日报-20260210

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On February 9, platinum and palladium prices rose overall. The PT2606 contract closed up 10.158% to 545.05 yuan/gram, and the PD2606 contract closed up 7.59% to 438.15 yuan/gram. The decline of the US dollar index and the recovery of market liquidity led to a rebound in US stocks, Bitcoin, gold, and silver, and platinum and palladium also followed suit. Fundamentally, the plans of Western countries regarding key minerals will support platinum and palladium prices, but there is no significant short - term change in their fundamentals, so the upside space may be limited. In the short term, platinum and palladium prices are expected to continue a wide - range fluctuation pattern. In the long term, the supply - demand prospects of platinum and palladium are different. There is a supply gap for platinum, while palladium tends to have a loose supply. It is recommended to configure palladium unilaterally at low prices or continue to pay attention to the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Relevant Catalogs Price Information - Domestic Prices: The closing price of the platinum futures main contract was 545.05 yuan, up 7.72% from the previous value; the spot price of platinum (99.95%) was 539 yuan, up 5.07%; the platinum basis (spot - futures) was - 6.05 yuan/gram, down 186.43%. The closing price of the lithium futures main contract was 438.15 yuan, up 6.74%; the spot price of lithium (99.95%) was 438 yuan, up 4.78%; the lithium basis (spot - futures) was - 0.15 yuan, down 102.00% [4]. - International Prices: The London spot platinum price at 15:00 was 2105.96 US dollars, up 7.39%; the London spot palladium price was 1740.136 US dollars/ounce, up 6.91%. The NYMEX platinum price was 2117.4 US dollars, up 8.93%; the NYMEX palladium price was 1759 US dollars, up 8.55% [4]. - Exchange Rate and Spread: The US dollar/yuan central parity rate at 15:00 was 6.9523, down 0.10%. The spread between Guangzhou platinum and London platinum was 13.13 yuan, up 28.52%; the spread between Guangzhou platinum and NYMEX platinum was 10.24 yuan, down 29.57% [4]. Ratio and Inventory Information - Ratios: The ratio of Guangzhou Futures Exchange platinum/palladium was 1.2326, with a change of 0.0113; the ratio of London spot platinum/palladium was 1.2102, with a change of 0.0054 [5]. - Inventory: The NYMEX platinum inventory was 190,874 troy ounces, with a 0.00% change; the NYMEX palladium inventory was 662,619 troy ounces, down 2.44% [5]. Position Information - Total Positions: The total position of NYMEX platinum was 73,590, down 7.37%; the total position of NYMEX palladium was 17,304, down 9.51% [5]. - Non - commercial Net Long Positions: The non - commercial net long position of NYMEX platinum was 13,106, down 5.86%; the non - commercial net long position of NYMEX palladium was 1,133, up 65.64% [5].