铂钯数据日报-20260313

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On March 12, platinum and palladium prices generally oscillated downward. The PT2606 contract closed down 0.94% to 564.65 yuan/gram, and the PD2606 contract closed down 2.08% to 416.6 yuan/gram. Although multiple parties have jointly signaled a cooling of the conflict and introduced possible measures to stabilize oil prices, the issue of the Hormuz Strait remains unresolved, and oil prices are running at a high level. Therefore, short - term oil price fluctuations will continue to affect the price trends of platinum and palladium. Fundamentally, the WPIC expects the global platinum market to experience a supply shortage for the fourth consecutive year. The imbalance in the supply - demand structure may continue to provide support for the downside of platinum prices, but the narrowing gap in 2026 may limit its upward price space. The global palladium market may still have a surplus, with a weaker fundamental situation than platinum, and its overall performance may continue to be weaker than platinum. In summary, in the short term, platinum and palladium are likely to maintain an oscillating trend. After the geopolitical situation in the Middle East becomes clear, one can choose the opportunity to go long on platinum at a low price, or continue to hold the "long platinum, short palladium" strategy [3] 3. Summary According to Relevant Catalogs 3.1 Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 564.65, previous value 565.55, down 0.16% [3] - Platinum (99.95%) spot price: 549, down 1.52% [3] - Platinum basis (spot - futures): - 15.65, previous value - 8.05, up 94.41% [3] - Palladium futures main contract closing price: 416.6, previous value 424.25, down 1.80% [3] - Palladium (99.95%) spot price: 411, previous value 420, down 2.14% [3] - Palladium basis (spot - futures): - 5.6, previous value - 4.25, up 31.76% [3] 3.2 International Prices (15:00, dollars/ounce) - London spot platinum: 2171.358, previous value 2192.154, down 0.95% [3] - London spot palladium: 1649.252, previous value 1666.179, down 1.02% [3] - NYMEX platinum: 2170, previous value 2188.5, down 0.85% [3] - NYMEX palladium: 1657.5, previous value 1683, down 1.52% [3] 3.3 Internal - External 15:00 Spread (yuan/gram,含税) - Dollar/yuan central parity rate: 6.8959, previous value 6.8917, up 0.06% [3] - Guangzhou platinum - London platinum: 20.66, previous value 16.68, up 23.83% [3] - Guangzhou platinum - NYMEX platinum: 21.00, previous value 17.60, up 19.32% [3] - Guangzhou palladium - London palladium: 3.41, previous value 7.08, down 51.77% [3] - Guangzhou palladium - NYMEX palladium: 1.35, previous value 2.86, down 53.00% [3] 3.4 Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3554, previous value 1.3331, change 0.0223 [3] - London spot platinum/palladium price ratio: 1.3166, previous value 1.3157, change 0.0009 [3] 3.5 Inventory (ounce) - NYMEX platinum inventory: 204678, no change [3] - NYMEX palladium inventory: 582441, no change [3] 3.6 Position - NYMEX total platinum position: 70154, previous value 72351, down 3.04% [3] - NYMEX non - commercial net long platinum position: 13832, previous value 13240, up 4.47% [3] - NYMEX total palladium position: 16093, previous value 16423, down 2.01% [3] - NYMEX non - commercial net long palladium position: 161, previous value 664, down 75.75% [3]