市场情绪偏弱，铂钯震荡运

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The overall market sentiment is weak, with platinum and palladium prices fluctuating. The platinum futures contract on the Guangzhou Futures Exchange fell 1.43% to 549.35 yuan/gram, and the palladium futures contract dropped 2.18% to 412.70 yuan/gram on March 9, 2026 [1]. - In the short - term, platinum prices lack a clear driving force and will maintain a volatile trend. In the long - term, they are expected to be volatile and bullish due to fundamental resilience and the weakening of the US dollar's credit [2]. - Palladium prices are currently following the overall trend of the precious metals sector. In the long - term, they are also expected to be volatile and bullish, with current supply disruptions and long - term supply - demand loosening [3]. 3. Summary by Related Catalogs Platinum - Main Logic: Multiple factors are at play. The escalating conflict between the US and Iran boosts the safe - haven demand for precious metals, but the rising oil prices lead to higher inflation expectations and delay the Fed's interest - rate cut expectations, suppressing platinum prices. The weak US employment data in February has a limited impact due to the US - Iran conflict. In the long - run, the damage to the Fed's independence and the loosening of the global political and economic order will weaken the US dollar index, which is beneficial for platinum prices, but the US - Iran conflict adds additional uncertainties [2]. - Outlook: Volatile and bullish. The combination of fundamental strength and the weakening of the US dollar's credit supports a long - term bullish outlook [2]. Palladium - Main Logic: On the supply side, the US has made a preliminary anti - dumping ruling on Russian unforged palladium, and Europe is considering new sanctions on Russian palladium, causing supply uncertainties. On the demand side, palladium still faces structural pressure. Overall, the long - term supply - demand is loosening, but short - term supply disruptions exist, and it currently follows the overall precious metals market [3]. - Outlook: Volatile and bullish. The shortage of spot palladium and the weakening of the US dollar's credit lead to a long - term bullish expectation [3]. Commodity Index - Special Index: The commodity index was at 2584.35, up 2.93%; the commodity 20 index was at 2937.05, up 2.55%; and the industrial products index was at 2527.43, up 3.87% on March 9, 2026 [49]. - Sector Index: The non - ferrous metals index was at 2701.22 on March 9, 2026, with a daily increase of 0.29%, a 5 - day decline of 0.59%, a 1 - month decline of 5.40%, and a year - to - date increase of 0.57% [51].