铂钯数据日报-20260305

Report Industry Investment Rating - Not provided Core View - On March 4, platinum and palladium prices continued to be weak. The PT2606 contract closed down 4.55% to 563.5 yuan/gram, and the PD2606 contract closed down 2.78% to 433.8 yuan/gram. Geopolitical conflicts and energy price increases reignited inflation concerns and economic recession fears, leading to a global stock market slump, increased liquidity risk, and reduced the Fed's rate - cut expectations, which suppressed precious metal prices. The global platinum market is expected to have a supply shortage of 240,000 ounces in 2026, providing support for platinum prices, but Trump's new tariff policy may ease the supply shortage. In the short - term, platinum is expected to oscillate within a range, and investors can wait to buy at low prices after market sentiment stabilizes [5] Summary by Relevant Catalog Price and Fluctuation - The domestic futures closing price of platinum (active contract) was 563.5 yuan/gram, down 1.19% from the previous value; the palladium futures closing price (active contract) was 433.8 yuan/gram, down 0.02% from the previous value. The spot price of platinum (99.95%) was 600 yuan/gram, and the spot price of palladium (99.95%) was 400 yuan/gram. The platinum basis (spot - futures) was 32.7 yuan/gram, down 34.25%; the palladium basis was 16.7 yuan/gram, down 20.85% [5] - The London spot platinum price was 2146 dollars/ounce, down 2.52%; the London spot palladium price was 1693.614 dollars/ounce, down 2.46%. NYMEX platinum was 2150.4 dollars/ounce, down 2.40%; NYMEX palladium was 1712.5 dollars/ounce, down 2.00% [5] - The US dollar/renminbi central parity rate was 6.9088, up 0.05%. The spread between the domestic platinum price and the London platinum price was 24.58 yuan/gram, up 38.64%; the spread between the domestic platinum price and the NYMEX platinum price was 23.47 yuan/gram, up 35.67%. The spread between the domestic palladium price and the London palladium price was - 1.94 yuan/gram, down 537.62%; the spread between the domestic palladium price and the NYMEX palladium price was 3.74 yuan/gram, down 179.24% [5] - The ratio of domestic platinum to palladium was 1.3144, down 0.0154; the ratio of London spot platinum to palladium was 1.2671, down 0.0007 [5] Inventory and Position - NYMEX platinum inventory was 202,181 troy ounces, unchanged from the previous value; NYMEX palladium inventory was 587,159 troy ounces, unchanged from the previous value [5] - NYMEX total platinum position increased 4.42% to 72,351; NYMEX non - commercial net long platinum position decreased 7.23% to 12,347. NYMEX total palladium position decreased 2.18% to 68,291; NYMEX non - commercial net long palladium position increased 34.96% to 664 [5]