地缘问题持续扰动市场，铂钯震荡运

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Platinum: Amidst the geopolitical issues that continue to disrupt the market, platinum prices are expected to oscillate. In the short - term, due to the interplay of multiple factors, the price lacks a clear driving force. In the long - term, the weakening of the US dollar index is beneficial for the release of platinum price elasticity, with an outlook of a moderately upward trend [2]. - Palladium: The supply of palladium remains uncertain, and the demand faces structural pressure. In the long - term, the supply - demand situation tends to ease, but in the short - term, supply disruptions still exist. Currently, it mainly follows the overall fluctuations of the precious metals sector, with an outlook of a moderately upward trend [3]. 3. Summary by Relevant Catalogs Market Performance - On March 10, 2026, the platinum main contract on the Guangzhou Futures Exchange rose 4.26% to 562.55 yuan/gram, and the palladium main contract rose 4.02% to 423.55 yuan/gram [1]. Platinum Analysis - Main Logic: In the short - term, the US - Iran conflict provides support for precious metal prices, but high oil prices and delayed Fed rate - cut expectations suppress platinum prices. The US February non - farm payrolls unexpectedly decreased by 92,000, and the unemployment rate rose to 4.4%. In the long - term, the weakening of the US dollar index is favorable for platinum prices, but the US - Iran conflict also has an impact [2]. - Outlook: Moderately upward. The fundamental resilience and the weakening of the US dollar credit support this view [2]. Palladium Analysis - Main Logic: The supply of palladium remains uncertain. The US imposed anti - dumping duties on Russian palladium, and Europe is considering new sanctions. The demand side faces structural pressure. Overall, the long - term supply - demand is loosening, and short - term supply disruptions exist, mainly following the overall precious metals market [3]. - Outlook: Moderately upward. The shortage of physical palladium and the weakening of the US dollar credit support this view [3]. Index Information - Special Index: The commodity index was 2572.74, down 0.45%; the commodity 20 index was 2930.42, down 0.23%; the industrial products index was 2509.90, down 0.69% [50]. - Sector Index: On March 10, 2026, the non - ferrous metals index had a daily increase of 0.25%, a 5 - day increase of 0.31%, a 1 - month decrease of 0.05%, and a year - to - date increase of 0.82% [52].