铂钯数据日报-20260226

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - On February 25, platinum and palladium prices rose overall. The PT2606 contract closed up 7.13% to 58 yuan/gram, and the PD2606 contract closed up 4.59% to 45.95 yuan/gram. [6] - Macroeconomic factors such as tariff policy uncertainty and Middle - East geopolitical tensions support the precious metals market. [6] - In the short - term, new tariff policies on key minerals may affect the short - term upward trend of the market. In the long - term, the global platinum supply - demand gap persists, and the global palladium supply - demand balance sheet is expected to improve, providing long - term support for platinum and palladium. [6] - In the short - term, platinum and palladium are expected to remain relatively strong but with high volatility. It is recommended that investors follow the trend and mainly go long at low prices. [6] 3. Summary by Relevant Catalogs Domestic Prices - Platinum: The platinum futures main contract closing price was 586 yuan/gram, up 6.19% from the previous value; the spot price of platinum (99.95%) was 600 yuan/gram; the basis (spot - futures) was - 18 yuan/gram, up 207.69%. [4] - Palladium: The palladium futures main contract closing price was 457.95 yuan/gram, up 4.45%; the spot price of palladium (99.95%) was 453.5 yuan/gram, up 4.25%; the basis (spot - futures) was - 4.45 yuan/gram, up 28.99%. [4] International Prices - London spot platinum was 2278.1 dollars/ounce, up 5.65%; London spot palladium was 1805.984 dollars/ounce, up 2.97%. [4] - NYMEX platinum was 2287.6 dollars/ounce, up 5.99%; NYMEX palladium was 1837 dollars/ounce, up 3.70%. [4] Internal - External 15 - point Spread - The dollar/renminbi central parity rate was 6.9321, down 0.13%. [4] - The spread between Guangzhou platinum and London platinum was 12.27 yuan/gram, up 52.11%; the spread between Guangzhou platinum and NYMEX platinum was 9.88 yuan/gram, up 31.06%. [4] Ratios and Inventory - The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2796, an increase of 0.0210. The ratio of London spot platinum to palladium was 1.2294, an increase of 0.0320. [5] - NYMEX platinum inventory was 186,269 troy ounces, with a change of 0.00%; NYMEX palladium inventory was 578,195 troy ounces, with a change of 0.00%. [5] Positions - NYMEX total platinum position was 69,291, up 0.33%; non - commercial net long position of platinum was 12,347, up 2.18%. [5] - NYMEX total palladium position was 16,538, down 1.52%; non - commercial net long position of palladium was 513, down 4.09%. [5]