铂：交投清淡，横盘整理钯：持续震荡

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Platinum is trading thinly and moving sideways [1] - Palladium is in a continuous oscillation [2] - The trend strength of platinum and palladium is 0, indicating a neutral outlook [5] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Platinum: The closing price of platinum futures 2606 was 551.15 with a 2.54% increase. The price of gold - exchange platinum was 545.38 with a - 0.74% change. The New York platinum main - continuous (previous day) was 2137.90 with a 2.37% increase, and the London spot platinum (previous day) was 2149.70 with a 3.10% increase. Trading volume and positions of platinum in different markets also changed. For example, the trading volume of Guangbo platinum (kg) was 6,831 with an increase of 26,312 compared to the previous day, and the position was 83,404 with a decrease of 827 [3] - Palladium: The price of lithium gold futures 2606 was 439.10 with a 2.34% increase. The New York lithium main - continuous (previous day) was 1727.50 with a - 1.00% change, and the London spot lithium gold (previous day) was 1710.00 with a 0.35% increase. The trading volume and positions of palladium in different markets also had corresponding changes. For example, the trading volume of Guangji (kg) was 2,972 with a decrease of 127, and the position was 9,414 with a decrease of 259 [3] - ETF and Inventory: The platinum ETF position (ounces) (previous day) was 3,268,547 with an increase of 1,601, and the palladium ETF position (ounces) (previous day) was 1,194,969. The New York Mercantile Exchange (NYMEX) platinum inventory (ounces) (previous day) was 583,369 with no change, and the NYMEX palladium inventory (ounces) (previous day) was 186,863 with a decrease of 4,010 [3] - Price Spreads: There are various price spreads, such as the spread between PT9995 and PT2606, the spread between Guangbo platinum 2606 and 2610 contracts, and the spread between the main Guangbo platinum contract and London platinum (considering value - added tax). Similar spreads also exist for palladium [3] - Exchange Rates: The US dollar index decreased by 0.70% to 96.93. The US dollar - to - RMB (CNY spot) exchange rate was 6.91 with a - 0.15% change, and the US dollar - to - offshore RMB (CNH spot) exchange rate was 6.91 with a - 0.06% change [3] 3.2 Macro and Industry News - US Non - farm Report: In January, the US non - farm payrolls increased by 130,000, far exceeding market expectations and reaching the largest increase since April 2025. The unemployment rate unexpectedly dropped to 4.3%, the lowest since August 2025. After the non - farm report was released, traders lowered their expectations for the Fed to cut interest rates. Trump praised the non - farm data and urged the Fed to cut interest rates to the "lowest in the world". The US Labor Secretary said the January employment report showed a strong US economy [6] - Federal Reserve: Schmid favored maintaining interest rates at a "somewhat restrictive" level, believing that further rate cuts could lead to persistent inflation. Milan said if nominated, he would be willing to stay at the Fed [6] - International News: Zelensky is ready to negotiate in the US on February 17th or 18th. The US is pressuring Ukraine to hold a presidential election and a referendum on a peace agreement with Russia in the spring. Trump met with the Israeli Prime Minister and said reaching an agreement with Iran would be the "preferred option". The US House of Representatives narrowly rejected a motion, allowing Trump's tariff resolution to be voted on by the full House. A source said Trump is privately weighing whether to withdraw from the US - Mexico - Canada Agreement. The US Congressional Budget Office expects the 2026 deficit to be $1.9 trillion, basically the same as in 2025 [6] - Gold - related News: The Central Bank of Kenya joined the ranks of African central banks increasing gold holdings, planning to buy gold to strengthen its buffer capacity. As of the end of January, Serbia's gold reserves reached a record high of 53.08 tons [6]