铂钯数据日报-20260304

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On March 3, the prices of platinum and palladium dropped significantly. The PT2606 contract closed down 8.44% to 580.3 yuan/gram, and the PD2606 contract closed down 6.16% to 433.9 yuan/gram. With the marginal decrease of the impact of geopolitical conflicts, the risk aversion sentiment subsided. However, the persistence of geopolitical conflicts and the fermentation of the Hormuz Strait issue led to a continuous sharp rise in energy prices, reigniting market inflation concerns and economic recession concerns, causing a sharp decline in global stock markets and a sudden increase in liquidity risks. The increase in inflation risk also weakened the Fed's rate - cut expectation, and the US dollar index and US bond yields strengthened significantly, suppressing the prices of platinum and palladium. Fundamentally, there is still a supply gap for palladium, but attention should be paid to Trump's new tariff policy exemption for key minerals. In the short term, platinum and palladium are expected to maintain a wide - range shock. After the market sentiment is digested, opportunities can be sought to go long at low prices [7] Group 3: Summary of Relevant Catalogs Domestic Prices - Platinum futures main contract closing price: 570.3 yuan/gram, down 8.97% from the previous value [4] - Platinum (99.95%) spot price: 285 yuan/gram, down 2.99% from the previous value [4] - Platinum basis (spot - futures): 14.7 yuan/gram, down 162.55% from the previous value [4] - Palladium futures main contract closing price: 433.9 yuan/gram, down 6.42% from the previous value [4] - Palladium (99.95%) spot price: 450.5 yuan/gram, down 0.99% from the previous value [4] - Palladium basis (spot - futures): 16.6 yuan/gram, down 291.91% from the previous value [4] International Prices - London spot platinum price: 2201.5 US dollars/ounce, down 7.88% from the previous value [4] - London spot palladium price: 1736.416 US dollars/ounce, down 4.79% from the previous value [4] - NYMEX platinum price: 2203.2 US dollars/ounce, down 8.30% from the previous value [4] - NYMEX palladium price: 1747.5 US dollars/ounce, down 6.25% from the previous value [4] Internal - External 15 - point Data - US dollar/Chinese yuan central parity rate: 6.9088, down 0.21% from the previous value [4] - Spread between Guangzhou platinum and London platinum: 17.73 yuan/gram, down 30.22% from the previous value [4] - Spread between Guangzhou platinum and NYMEX platinum: 17.30 yuan/gram, down 22.02% from the previous value [4] - Spread between Guangzhou palladium and London palladium: - 1.94 yuan/gram, down 139.46% from the previous value [5] - Spread between Guangzhou palladium and NYMEX palladium: - 5.21 yuan/gram, down 9.47% from the previous value [5] Price Ratios - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3144, down 0.0369 from the previous value [5] - London spot platinum/palladium price ratio: 1.2678, down 0.0425 from the previous value [5] Inventories - NYMEX platinum inventory: 202181 troy ounces, up 8.54% from the previous value [5] - NYMEX palladium inventory: 588066 troy ounces, up 1.79% from the previous value [5] Positions - NYMEX total platinum position: 72351, up 4.42% from the previous value [5] - NYMEX non - commercial net long platinum position: 12347, up 7.23% from the previous value [5] - NYMEX total palladium position: 16789, down 2.18% from the previous value [5] - NYMEX non - commercial net long palladium position: 492, up 34.96% from the previous value [5]