铂钯数据日报-20260312

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On March 11, platinum and palladium prices were generally weak and volatile. The PT2606 contract closed down 0.19% to 565.55 yuan/gram, and the PD2606 contract closed down 0.07% to 424.25 yuan/gram. - At the macro - level, multiple parties signaled a cooling of conflicts and introduced possible measures to stabilize oil prices, which eased inflation risks and supported the stabilization of platinum and palladium prices. However, due to the unresolved issue in the Strait of Hormuz, oil prices may fluctuate, so platinum and palladium prices are expected to remain volatile in the short term. - Fundamentally, the WPIC expects the global platinum market to face a supply shortage for the fourth consecutive year. The imbalance between supply and demand may support the platinum price, but the narrowing deficit in 2026 may limit its upside. The global palladium market may still have a surplus, with a weaker fundamental situation than platinum. - In summary, platinum and palladium are expected to remain volatile in the short term. After the geopolitical situation in the Middle East becomes clear, investors can consider going long on platinum on dips or continue to hold the [long platinum, short palladium] strategy [6]. 3. Summary of Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 565.55, up 0.53% from the previous value [4]. - Platinum (99.95%) spot price: 557.5, up 0.63% [4]. - Platinum basis (spot - futures): - 8.05, down 5.85% [4]. - Palladium futures main contract closing price: 424.25, up 0.17% [4]. - Palladium (99.95%) spot price: 420, down 0.59% [4]. - Palladium basis (spot - futures): - 4.25, up 304.76% [4]. International Prices (15:00, dollars/ounce) - London spot platinum: 2192.154, up 3.78% [4]. - London spot palladium: 1666.179, up 3.77% [4]. - NYMEX platinum: 2188.5, up 2.55% [4]. - NYMEX palladium: 1683, up 3.00% [4]. Internal - External 15:00 Price Differences (yuan/gram) - Difference between Guangzhou platinum and London platinum: 16.68, down 49.72% [4]. - Difference between Guangzhou platinum and NYMEX platinum: 17.60, down 36.56% [4]. - Difference between Guangzhou palladium and London palladium: 7.08, down 66.53% [5]. - Difference between Guangzhou palladium and NYMEX palladium: 2.86, down 79.61% [5]. Ratios - Platinum - palladium ratio in Guangzhou Futures Exchange: 1.3331, up 0.0049 [5]. - London spot platinum - palladium ratio: 1.3157, up 0.0002 [5]. Inventories (troy ounces) - NYMEX platinum inventory: 205098, unchanged [5]. - NYMEX palladium inventory: 582441, down 0.17% [5]. Positions - NYMEX total platinum position: 72351, down 3.04% [5]. - NYMEX non - commercial net long platinum position: 13832, up 4.47% [5]. - NYMEX total palladium position: 16423, down 2.01% [5]. - NYMEX non - commercial net long palladium position: 161, down 75.75% [5].