铂钯数据日报-20260306

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - On March 5, platinum and palladium prices continued to fluctuate. The PT2606 contract closed up 0.63% to 563.95 yuan/gram, and the PD2606 contract closed down 0.91% to 428 yuan/gram. Geopolitical conflicts between the US and Iran, energy price increases, inflation concerns, and a stronger US dollar pressured platinum and palladium prices. However, geopolitical risks eased due to statements from the Iranian military and deputy foreign minister, leading to a price rebound. The World Platinum Investment Council (WPIC) expects the global platinum market to have a supply deficit for the fourth consecutive year in 2026, with a deficit of 240,000 ounces, an upward revision from before but much lower than the 2025 deficit. The supply-demand imbalance may support platinum prices, but the narrowing deficit and exemptions for key mines may limit the upside. Palladium has a weaker fundamental outlook and is expected to underperform platinum. In the short term, platinum and palladium are expected to maintain a wide - range oscillation. After market sentiment is digested, investors can consider buying on dips [5]. 3. Summary According to Relevant Catalog Price Information - Domestic Prices: The platinum futures main contract closed at 563.95 yuan/gram with a 0.08% increase from the previous value; the palladium futures main contract closed at 428 yuan/gram. The spot price of platinum (99.95%) was 600 yuan/gram with a -1.34% change, and the spot price of palladium (99.95%) was 400 yuan/gram with a -0.35% change [5]. - International Prices: London spot platinum was at 2169.6 dollars with a 1.10% increase; London spot palladium was at 1670.34 dollars with a -1.37% change. NYMEX platinum was at 2150.4 dollars with a 1.03% change, and NYMEX palladium was at 1689.5 dollars [5]. - Price Ratios and Spreads: The Guangzhou Futures Exchange platinum - to - palladium ratio was 1.2990, and the London spot platinum - to - palladium ratio was 1.2671. The spread between Guangzhou platinum and London platinum was 20.02 yuan/gram with an -18.53% change, and the spread between Guangzhou platinum and NYMEX platinum was 19.27 yuan/gram with a -17.90% change [5]. Inventory and Position Information - Inventory: NYMEX platinum inventory was 202,181 ounces with a 0.00% change, and NYMEX palladium inventory was 587,159 ounces with a 0.00% change [5]. - Position: NYMEX total platinum position decreased by 4.42% to 69,291, and non - commercial net long platinum position increased by 7.23% to 13,240. NYMEX total palladium position decreased by 2.18% to 16,423, and non - commercial net long palladium position decreased by 34.96% to 492 [5].