铂：情绪较为悲观钯：整体偏弱

Report Industry Investment Rating - No information provided on the report industry investment rating Core Viewpoints - The sentiment for platinum is relatively pessimistic, and the overall situation for palladium is weak [1] - The trend strength for platinum and palladium is 0, indicating a neutral stance [3] Summary by Relevant Catalogs Platinum and Palladium Fundamental Data - Price: The closing price of platinum futures 2606 was 563.50, with a decline of 1.19%; the price of gold exchange platinum was 551.68, down 3.37%; the New York platinum main continuous contract (previous day) was 2165.80, up 3.64%; the London spot platinum (previous day) was 2157.40, up 3.65%. The price of palladium futures 2606 was 433.80, down 0.02%; the RMB spot palladium was 390.00, down 6.70%; the New York palladium main continuous contract (previous day) was 1698.50, up 1.58%; the London spot palladium (previous day) was 1667.50, up 1.31% [1] - Trading Volume and Open Interest: The trading volume of Guangzhou platinum (kg) was 11,469, a decrease of 6,438 compared to the previous day, and the open interest was 28,232, an increase of 357. The trading volume of NYMEX platinum (kg) was 29,642, a decrease of 29,744, and the open interest was 74,281, a decrease of 3,148. The trading volume of Guangzhou palladium (kg) was 3,522, a decrease of 1,555, and the open interest was 9,051, an increase of 165. The trading volume of NYMEX palladium (kg) was 10,628, a decrease of 9,832, and the open interest was 47,060, a decrease of 261 [1] - ETF Holdings: The platinum ETF holdings (ounces) (previous day) were 3,261,395, a decrease of 831; the palladium ETF holdings (ounces) (previous day) were 1,167,309, a decrease of 3 [1] - Inventory: The NYMEX platinum inventory (ounces) (previous day) was 587,159, with no change; the NYMEX palladium inventory (ounces) (previous day) was 202,181, with no change [1] - Spreads: The spread between PT9995 and PT2606 was -11.82, a decrease of 12.42 compared to the previous day; the spread between Guangzhou platinum 2606 contract and 2610 contract was 11.45, an increase of 3.20; the cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 6.94, a decrease of 0.08. The spread between Guangzhou platinum main contract and London platinum (considering VAT) was 22.14, a decrease of 26.84. The spread between RMB spot palladium price and PD2606 was -43.80, a decrease of 27.90; the spread between Guangzhou palladium 2606 contract and 2610 contract was 6.70, an increase of 3.75; the cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 5.40, a decrease of 0.01; the spread between Guangzhou palladium main contract and London palladium (considering VAT) was 15, a decrease of 6.28 [1] Exchange Rates - The US dollar index was 98.80, up 1.19%; the US dollar against the Chinese yuan (CNY spot) was 6.91, up 0.19%; the US dollar against the offshore Chinese yuan (CNH spot) was 6.92, up 0.18%; the US dollar against the Chinese yuan (6M forward) was 6.82, up 0.76% [1] Macro and Industry News - Iran Situation: The US - Iran conflict may last for 8 weeks or longer, with the focus of the strike shifting inland. Iran denies secret peace - talks rumors and accuses the New York Times of "psychological warfare". Iranian officials believe time is on their side in the war and are ready for a long - term war. If the US and Israel seek regime change, Iran will target Israel's Dimona nuclear reactor and all regional energy infrastructure. The US B - 2 stealth bombers will land at a UK base in a few days. Trump made remarks about potential Iranian leaders. There are conflicting reports about the situation on the Iran - Iraq border. The US Senate failed to stop the continued use of force against Iran [4] - US Employment: The US ADP employment in February increased by 63,000, higher than the market expectation of 50,000 [4] - US Tariffs: The US Treasury Secretary said that a 15% tariff is expected to be implemented this week. The EU received a "no - tariff" commitment from the US [4] - Federal Reserve: Some officials suggest a continued interest rate cut in the March meeting, while others believe rates may remain unchanged for a long time. The economic outlook is generally optimistic, with most regions expecting slight to moderate economic growth in the coming months. The White House submitted a nomination for a new Federal Reserve chairman [4] - Energy Situation: Qatar will fully suspend natural gas liquefaction production on Wednesday. Saudi Aramco redirected crude oil exports to the Red Sea's Yanbu port. The Saudi Ras Tanura refinery was attacked again. Putin considered cutting off natural gas supply to Europe [4] - Aluminum Market: Bahrain Aluminum declared force majeure, and the LME aluminum price reached a new high since 2022 [4] - Shipping: COSCO Shipping suspended new bookings for relevant routes due to the escalating conflict in the Middle East [4]