铂：行情走势较为纠结钯：预计盘整

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The price trend of platinum is rather entangled, and palladium is expected to consolidate [1] - The trend strength of platinum and palladium is 0, indicating a neutral outlook [4] 3. Summary by Relevant Catalogs 3.1 Platinum and Palladium Fundamental Data - Price: Platinum futures 2606 closed at 626.50 with a 0.44% increase; gold exchange platinum was at 606.35 with a -0.60% change; New York platinum main continuous (previous day) was 2318.60 with a -2.42% change; London spot platinum (previous day) was 2301.40 with a -3.13% change. Palladium futures 2606 closed at 463.65 with a -0.26% change; RMB spot palladium was 433.00 with a 2.12% change; New York palladium main continuous (previous day) was 1801.50 with a -1.45% change; London spot palladium (previous day) was 1774.50 with a -0.56% change [2] - Trading Volume and Open Interest: Guangdong platinum trading volume was 17,458 kg with a -9 change, and open interest was 29,411 kg; NYMEX platinum trading volume was 35,729 kg with a -3,407 change, and open interest was 78,076 kg with a 1,305 change. Guangdong palladium trading volume was 5,552 kg with an 802 change, and open interest was 9,198 kg with a 208 change; NYMEX palladium trading volume was 14,360 kg with a 3,487 change, and open interest was 46,671 kg [2] - ETF Holdings: Platinum ETF holdings (ounces, previous day) were 3,263,264 with a -17,556 change; palladium ETF holdings (ounces, previous day) were 1,166,728 with a -11,040 change [2] - Inventory: NYMEX platinum inventory (ounces, previous day) was 588,066 with a 10,330 change; NYMEX palladium inventory (ounces, previous day) was 202,181 with a 15,912 change [2] - Price Spreads: PT9995 to PT2606 spread was -20.15 with a -6.39 change; Guangdong platinum 2606 contract to 2610 contract spread was 13.40 with a 0.30 change; Buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage cost was 7.68 with a 0.03 change; Guangdong platinum main contract to London platinum spread (considering VAT) was 53.09 with a 21.32 change. RMB spot palladium price to PD2606 spread was -30.65 with a 10.20 change; Guangdong palladium 2606 contract to 2610 contract spread was 9.20 with a 2.35 change; Buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage cost was 5.75 with a -0.02 change; Guangdong palladium main contract to London palladium spread (considering VAT) was 22 with a 1.34 change [2] - Exchange Rates: The US dollar index was 98.55 with a 0.93% change; US dollar to RMB (CNY spot) was 6.86 with a -0.01% change; US dollar to offshore RMB (CNH spot) was 6.87 with a 0.00% change; US dollar to RMB (6M forward) was 6.78 with a 0.16% change [2] 3.2 Macro and Industry News - Uzbekistan has stopped gold exports, and the resumption date is undetermined [5] - The US Court of Appeals rejected the Trump administration's request to postpone tariff refunds [5] - The key copper export route in the Democratic Republic of the Congo was interrupted due to a bridge collapse [5] - French President Macron announced an increase in the number of nuclear warheads to reshape Europe's nuclear deterrence [5] - Energy Situation: After the interruption of Qatar's liquefied natural gas production, European natural gas prices rose by up to 50% yesterday; Saudi Arabia's largest Ras Tanura refinery was attacked and shut down; Iran's Islamic Revolutionary Guard Corps said it would not let oil flow out of the Gulf; The US Secretary of State will introduce measures on Tuesday to ease the impact of rising oil prices on US citizens [5] - Iran Situation: Trump said he would not rule out sending ground troops to Iran; Iran's Supreme National Security Council Secretary Larjani refuted the news of resuming US - Iran negotiations; Iran's Islamic Revolutionary Guard Corps said the Strait of Hormuz was closed; The US Central Command said the Strait of Hormuz was not closed; The UAE and Qatar urged allies to persuade Trump to end the Iran war; The US Secretary of State and Defense Secretary signaled that they would not send ground troops; Three US F - 15E fighter jets crashed in Kuwait, killing six US soldiers [5] - Wang Yi had phone calls with the foreign ministers of Iran, France, and Oman [5] - The Chinese Foreign Ministry responded to Trump's statement that the strike might last for four weeks, urging all parties to stop military actions [5] - The Chinese Foreign Ministry said that China and the US are maintaining communication on the interaction between the heads of state [5]