铂：跟随黄金白银回撤；钯：低位震荡

Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core View of the Report Platinum is following the retracement of gold and silver, while palladium is oscillating at a low level [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price Data: Platinum futures 2606 closed at 565.55 with a 0.53% increase; the price of gold exchange platinum decreased by 0.37% to 557.08; the New York platinum continuous contract (previous day) dropped 1.58% to 2173.20; the London spot platinum (previous day) decreased 1.84% to 2165.50. The palladium futures 2606 had a 0.17% increase to 424.25; the RMB spot palladium price decreased 2.93% to 398.00; the New York palladium continuous contract (previous day) dropped 1.73% to 1,648.50; the London spot palladium (previous day) decreased 1.51% to 1,631.50 [2]. - Trading Volume and Open Interest: The trading volume of Guangdong platinum was 5,995 kg, a decrease of 2,275 kg from the previous day, and the open interest was 26,189 kg, a decrease of 268 kg. The trading volume of NYMEX platinum was 23,682 kg, a decrease of 6,619 kg, and the open interest was 62,285 kg, a decrease of 1,407 kg. For palladium, the trading volume of Guangdong palladium was 1,595 kg, a decrease of 789 kg, and the open interest was 9,135 kg, an increase of 72 kg. The trading volume of NYMEX palladium was 8,311 kg, a decrease of 796 kg, and the open interest was 45,815 kg, a decrease of 193 kg [2]. - ETF Holdings: The platinum ETF holdings (ounces, previous day) were 3,216,195, a decrease of 1,539. The palladium ETF holdings (ounces, previous day) were 1,131,544, a decrease of 9,868 [2]. - Inventory: The NYMEX platinum inventory (ounces, previous day) was 582,441, unchanged from the previous day. The NYMEX palladium inventory (ounces, previous day) was 204,678, a decrease of 420 [2]. - Price Spread: The spread between PT9995 and PT2606 was -8.47, a decrease of 5.05. The spread between the Guangdong platinum 2606 contract and the 2610 contract was 3.95, a decrease of 2.70. The cost of the inter - period arbitrage strategy of buying Guangdong platinum 2606 and selling 2610 was 6.97, an increase of 0.04. The spread between the Guangdong platinum main contract and London platinum (considering VAT) was 24.77, an increase of 15.97. For palladium, the spread between the RMB spot palladium price and PD2606 was -26.25, a decrease of 12.70. The spread between the Guangdong palladium 2606 contract and the 2610 contract was 4.45, a decrease of 0.10. The cost of the inter - period arbitrage strategy of buying Guangdong palladium 2606 and selling 2610 was 5.29, an increase of 0.01. The spread between the Guangdong palladium main contract and London palladium (considering VAT) was 17, an increase of 9.09 [2]. - Exchange Rate: The US dollar index was 99.20, an increase of 0.25%. The US dollar against the on - shore RMB (CNY spot) was 6.87, a decrease of 0.52%. The US dollar against the offshore RMB (CNH spot) was 6.87, a decrease of 0.57%. The US dollar against the RMB (6M forward) was 6.77, a decrease of 0.58% [2]. 3.2 Macro and Industry News - The trend strength of platinum and palladium is 0, indicating a neutral view. The trend strength ranges from -2 (most bearish) to 2 (most bullish) [4]. - The US February CPI annual rate was 2.4%, and the core CPI annual rate was 2.5%, in line with market expectations [5]. - Trump said that Iran has "nothing left to hit" and the war will end soon. Iran's president proposed three necessary conditions for ending the war, including recognizing Iran's legitimate rights, paying war compensation, and providing firm guarantees by the international community to prevent future aggression [5]. - Iran claims to be fully capable of blocking the Strait of Hormuz, will implement "serial strikes" and not be limited to reciprocal counter - attacks. The US military warned Iranian civilians to stay away from port facilities in the Strait of Hormuz. Three ships were reported to have been attacked in the Gulf waters on Wednesday, and the Iranian Revolutionary Guard said its forces fired on non - compliant ships in the Gulf [5]. - The Iranian ambassador said that the new supreme leader Mujtaba was injured in the February 28 air strike. The preliminary internal investigation of the US military found that it "mistakenly attacked" an Iranian school. The FBI warned that Iran plans to launch a drone raid on California from near the US coast. The IEA announced the release of 4 billion barrels of emergency oil reserves, the largest in history [5].