铂：受白银走强提振钯：关税扰动再起，震荡偏强

Report Overview - The report focuses on the platinum and palladium markets, providing fundamental data, macro and industry news, and trend strength indicators [1][2][4] 1. Investment Rating - No investment rating for the industry is provided in the report 2. Core Viewpoints - Platinum is boosted by the strength of silver, while palladium is affected by tariff disturbances and shows a volatile and slightly upward trend [1][2] 3. Summary by Directory 3.1 Fundamental Data - Platinum Prices: The closing price of platinum futures 2606 was 523.80, down 3.87%; the price of the Shanghai Gold Exchange platinum was 525.05, down 2.96%; the New York platinum continuous contract (previous day) was 2171.40, up 4.10%; the London spot platinum (previous day) was 2151.50, up 3.44% [2] - Palladium Prices: The closing price of palladium futures 2606 was 416.80, down 3.08%; the price of the RMB spot palladium was 395.00, down 1.50%; the New York palladium continuous contract (previous day) was 1736.10, up 2.36%; the London spot palladium (previous day) was 1765.00, up 5.15% [2] - Trading Volume and Open Interest: The trading volume and open interest of platinum and palladium in different markets showed various changes compared to the previous day [2] - ETF Holdings: The platinum ETF holdings (ounces) (previous day) were 3267315, down 10735; the palladium ETF holdings (ounces) (previous day) were 1177427, down 1312 [2] - Inventory: The inventory of platinum and palladium in different markets remained mostly unchanged compared to the previous day [2] - Price Spreads: The price spreads between different platinum and palladium contracts and markets showed different changes compared to the previous day [2] - Exchange Rates: The US dollar index was 97.74, down 0.09%; the US dollar to RMB (CNY spot) was 6.91, up 0.01%; the US dollar to offshore RMB (CNH spot) was 6.90, unchanged; the US dollar to RMB (6M forward) was 6.82, unchanged [2] 3.2 Macro and Industry News - Trump will visit China from March 31 to April 2 - The EU Parliament's main party groups decided to suspend the legislation of the US - EU trade agreement due to the lack of clarity in Trump's new tariff policy - US economic data: The annual rate of the US core PCE price index in December was 3%, the highest since February 2025; the US GDP in 2025 increased by 2.2% year - on - year, the lowest level since 2021 - US - Iran relations: US and Iranian negotiators are expected to meet in Geneva on Thursday; Trump tends to launch a preliminary strike against Iran in the next few days and may launch a larger - scale attack in the next few months; some people around Trump suggest not to bomb Iran, while Senator Graham opposes this; the content of the Iran - US negotiations involves nuclear commitments, the US commitment to lift sanctions, and economic cooperation - The Hong Kong Special Administrative Region Government is fully promoting Hong Kong to become an international gold trading center, with the goal of having a gold storage of over 2000 tons in 3 years - The shortage of glass fiber has intensified, and Taiwanese manufacturers will launch a second round of price hikes - The US trade deficit in December widened, and the annual deficit reached 9015 billion US dollars, still one of the largest deficits since records began in 1960 - Trump will extend the sanctions against Russia for one year - Kōmura Sanae was confirmed as the new Prime Minister of Japan [5] 3.3 Trend Strength - The trend strength of platinum is 0, and the trend strength of palladium is 0, indicating a neutral outlook for both [4]