铂：持续疲软钯：高频数据低迷，低位震荡

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Views - Platinum is continuously weak, and palladium shows low - frequency data and fluctuates at a low level [1]. - The trend intensity of platinum is 0, and that of palladium is - 1, indicating a neutral view on platinum and a bearish view on palladium [3]. 3. Summary by Related Catalogs Fundamental Tracking - Price Data: Platinum futures 2606 closed at 563.95 with a 0.08% increase; gold - exchange platinum closed at 554.25 with a 0.47% increase; New York platinum main - continuous (previous day) was at 2128.20 with a - 1.74% change; London spot platinum (previous day) was at 2118.20 with a - 1.82% change. Palladium futures 2606 closed at 428.00 with a - 1.34% change; RMB spot palladium was at 407.00 with a 4.36% increase; New York palladium main - continuous (previous day) was at 1650.00 with a - 2.59% change; London spot palladium (previous day) was at 1632.00 with a - 2.13% change [1]. - Trading Volume and Position Data: Guangdong platinum trading volume was 8,631 kg, a decrease of 2,838 kg compared to the previous day, and the position was 27,693 kg, a decrease of 239 kg. NYMEX platinum trading volume was 27,766 kg, a decrease of 2,225 kg, and the position was 72,300 kg, a decrease of 1,981 kg. Guangdong palladium trading volume was 3,135 kg, a decrease of 387 kg, and the position was 9,164 kg, an increase of 113 kg. NYMEX palladium trading volume was 9,614 kg, a decrease of 1,089 kg, and the position was 46,674 kg, a decrease of 386 kg [1]. - ETF and Inventory Data: Platinum ETF position (previous day) was 3,245,627 ounces, a decrease of 15,768 ounces; palladium ETF position (previous day) was 1,167,306 ounces, a decrease of 3 ounces. NYMEX platinum inventory (previous day) was 585,531 ounces, a decrease of 1,628 ounces; NYMEX palladium inventory (previous day) was 202,181 ounces, with no change [1]. - Spread Data: PT9995 to PT2606 spread was - 9.70, an increase of 2.12 compared to the previous day; Guangdong platinum 2606 contract to 2610 contract spread was 13.00, an increase of 1.55. The cost of buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage was 6.94, with no change. The spread between Guangdong platinum main contract and London platinum (considering VAT) was 33.17, an increase of 11.03. The spread between RMB spot palladium price and PD2606 was - 21.00, an increase of 22.80. Guangdong palladium 2606 contract to 2610 contract spread was 5.50, a decrease of 1.20. The cost of buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage was 5.33, a decrease of 0.07. The spread between Guangdong palladium main contract and London palladium (considering VAT) was 19, an increase of 3.68 [1]. - Exchange Rate Data: The US dollar index was 99.04, with a 0.50% increase; the US dollar against RMB (CNY spot) was 6.90, with a - 0.14% change; the US dollar against offshore RMB (CNH spot) was 6.89, with a - 0.44% change; the US dollar against RMB (6M forward) was 6.79, with a 0.13% increase [1]. Macro and Industry News - The US Department of Defense solicited opinions on potential reserves of five key minerals [4]. - Trump mentioned plans regarding Iran and Cuba [4]. - The US plans to introduce legislation to expand AI chip export controls globally, and companies like Nvidia and AMD need licenses for exports [4]. - The number of initial jobless claims in the US for the week ending February 28 was 213,000, a new high since the week of February 7 and lower than the market expectation of 215,000 [4]. - Gold News: US officials facilitated a 1000 - kg gold transaction between the US and Venezuela; global gold ETFs had a net inflow of $5.3 billion in February; Poland's central bank plans to sell gold reserves for defense; CME Group lowered the margin ratio for gold and silver futures [4]. - Energy Situation: The White House may announce measures to deal with oil prices on Thursday, including possible intervention in the oil futures market; Japanese refineries requested the government to use national oil reserves; Iran's Revolutionary Guard has the right to control the passage and navigation in the Strait of Hormuz and ban US, Israeli, and European ships; Saudi Arabia set the official selling price of crude oil exported to Asia in April at a premium of $2.5 per barrel compared to the Oman/Dubai crude oil average price [4]. - Middle - East Conflict: Iran's Deputy Foreign Minister said Iran has not selected a new supreme leader and is willing to abandon its nuclear program if the US offers a satisfactory alternative; the US military is preparing for a 100 - day operation against Iran until September; Iran claimed to have destroyed the headquarters and ammunition depot of a separatist armed organization in the west; Trump wants to be involved in Iran's succession arrangement and encourages the Kurds to attack Iran [4].