美伊局势延续紧张，铂钯震荡运

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core Views - In the short term, platinum prices lack a clear driving force and will maintain a volatile trend due to the intertwining of multiple and bearish factors. In the medium to long term, the weakening of the US dollar index will help release the elasticity of platinum prices, and the price is expected to be volatile and bullish [2]. - Palladium prices currently follow the overall volatility of the precious metals sector. In the long term, the supply - demand situation is loosening, but short - term supply disturbances still exist. In the medium to long term, prices are expected to be volatile and bullish due to spot shortages and the weakening of the US dollar credit [3]. 3. Summary by Relevant Catalogs Platinum - On March 12, 2026, the main platinum contract on the Guangzhou Futures Exchange fell 0.94% to 564.65 yuan/gram [1]. - The main logic is that the US - Iran conflict provides support for precious metal prices, but high oil prices raise inflation expectations and delay the Fed's interest - rate cut expectations, suppressing platinum prices. The weak US employment data in February has a weakened impact due to the US - Iran conflict. In the long run, the weakening of the US dollar index is beneficial to platinum prices, but the US - Iran conflict also has an additional impact [2]. - The outlook is volatile and bullish [2]. Palladium - On March 12, 2026, the main palladium contract on the Guangzhou Futures Exchange fell 2.08% to 416.60 yuan/gram [1]. - The main logic is that there is continuous uncertainty on the supply side. The US has made an anti - dumping affirmative preliminary ruling on Russian palladium, and Europe is considering new sanctions. On the demand side, palladium still faces structural pressure. Currently, it mainly follows the overall volatility of the precious metals sector [3]. - The outlook is volatile and bullish [3]. Commodity Indexes - On March 12, 2026, the comprehensive index, the commodity 20 index, the industrial products index, and the PPI commodity index of the CITIC Futures commodity index increased by 1.71%, 1.15%, 2.95%, and 1.53% respectively [49]. - The non - ferrous metals index on March 12, 2026, had a daily decline of 0.13%, a 5 - day increase of 0.88%, a 1 - month decline of 0.81%, and a year - to - date increase of 1.16% [50].