铂钯数据日报-20260310

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - On March 9, platinum and palladium prices opened lower and then fluctuated upward, with the decline narrowing. The PT2606 contract closed down 1.43% to 549.35 yuan/gram, and the PD2606 contract closed down 2.18% to 412.7 yuan/gram [5]. - On the macro - level, the continuous tension in the Middle East geopolitical situation has pushed up crude oil prices, increasing inflation risks, weakening interest - rate cut expectations, and rising concerns about economic recession, which put pressure on platinum and palladium prices. However, the unexpected weakness of the US February non - farm payrolls increased the risk of economic stagflation, combined with the risk of the US private - credit crisis and the G7's plan to coordinate the release of oil reserves, causing oil prices to give back gains and the US dollar index to weaken, providing support for platinum and palladium prices [5]. - Fundamentally, the WPIC estimates that the global platinum market will face a supply shortage for the fourth consecutive year, and the imbalance between supply and demand may continue to support platinum prices, but the narrowing of the shortage in 2026 may limit its upward space. The palladium fundamentals are weaker than platinum, and its overall performance may continue to be inferior to platinum. In the short term, platinum and palladium are expected to maintain wide - range fluctuations. After the Middle East geopolitical situation becomes clear, investors can consider going long on platinum at low prices or continue to hold the [long platinum, short palladium] strategy [5]. 3. Summary by Relevant Catalog Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 549.35, previous value 560.5, down 1.99% [5]. - Platinum (99.95%) spot price: 536.5, previous value 547.5, down 2.01% [5]. - Platinum basis (spot - futures): - 12.85, previous value - 13, down 1.15% [5]. - Palladium futures main contract closing price: 412.7, previous value 421.5, down 2.09% [5]. - Palladium (99.95%) spot price: 407.5, previous value 422.5, down 3.55% [5]. - Palladium basis (spot - futures): - 5.2, down 620.00% [5]. International Prices (15:00, dollar/ounce) - London spot platinum: 2112.3, previous value 2155.4, down 2.00% [5]. - London spot palladium: 1605.7, previous value 1662.08, down 3.39% [5]. - NYMEX platinum: 2134, previous value 2154.9, down 0.97% [5]. - NYMEX palladium: 1634, previous value 1676, down 2.51% [5]. Internal - External 15:00 Spread (yuan/gram,含税) - Dollar/yuan central parity rate: 6.9158, previous value 6.9025, up 0.19% [5]. - Guangzhou platinum - London platinum: 18.63, previous value 19.99, down 6.82% [5]. - Guangzhou platinum - NYMEX platinum: 13.18, previous value 20.12, down 34.50% [5]. - Guangzhou palladium - London palladium: 9.26, previous value 4.70, up 97.07% [5]. - Guangzhou palladium - NYMEX palladium: 2.15, previous value 1.21, up 77.95% [5]. Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3311, previous value 1.3298, increase of 0.0013 [5]. - London spot platinum/palladium price ratio: 1.3155, previous value 1.2968, increase of 0.0187 [5]. Inventory (Troy Ounces) - NYMEX platinum inventory: 205098, previous value 205098, unchanged [5]. - NYMEX palladium inventory: 582441, previous value 583452, down 0.17% [5]. Position - NYMEX total platinum position: 70154, previous value 72351, down 3.04% [5]. - NYMEX non - commercial net long position of platinum: 13832, previous value 13240, up 4.47% [5]. - NYMEX total palladium position: 16093, previous value 16423, down 2.01% [5]. - NYMEX non - commercial net long position of palladium: 161, previous value 664, down 75.75% [5].