瑞达期货铂镍金市场周报-20260313

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the platinum and palladium markets continued their high - level volatile and differentiated operation. Macro - disturbances were the core factor for short - term price fluctuations. The platinum - strong and palladium - weak structural pattern is likely to continue. In the short term, the markets will focus on the "oil price - inflation expectation - US dollar interest rate path" for games. In the medium term, platinum's fundamentals are better than palladium's. It is recommended to conduct light - position range trading and pay attention to US inflation data, oil price trends, and Fed policy expectations [8] 3. Summary by Directory 3.1 Week - to - Week Summary - Market Review: The platinum and palladium markets were volatile and differentiated. The US - Iran situation, US employment and inflation data affected the market. Platinum's supply was weak and demand was supported, while palladium's demand was single - structured and faced long - term pressure [8] - Market Outlook: In the short term, if the US - Iran situation is unstable and oil prices remain high, platinum and palladium prices may be under pressure. In the medium term, platinum has stronger support, and the platinum - strong and palladium - weak pattern will likely continue [8] 3.2 Futures and Spot Markets - Price Movements: Affected by the strong US dollar, platinum and palladium markets were weak this week, following gold and silver prices. As of March 13, 2026, the Guangzhou Futures Exchange's palladium main contract 2606 was at 408.10 yuan/gram, down 3.18% week - on - week; the platinum main contract 2606 was at 541.60 yuan/gram, down 3.37% week - on - week [9][13] - Net Long Positions: NYMEX platinum and palladium net long positions were differentiated. As of March 3, 2026, NYMEX platinum net long positions increased by 3.39% to 20,270 contracts, and palladium net long positions increased by 7.22% to - 1,631 contracts [14][16] - Basis: The basis of the NYMEX and Guangzhou Futures Exchange's platinum and palladium main contracts strengthened this week. As of March 12, 2026, the NYMEX platinum basis was 46.80 US dollars/ounce, and the palladium basis was 40.50 US dollars/ounce; the Guangzhou Futures Exchange's platinum main contract basis was - 11.2 yuan/gram, and the palladium main contract basis was - 28.60 yuan/gram [17][21][26] - Inventory: NYMEX platinum inventory decreased by 2.14% to 200,716.01 ounces, and palladium inventory remained unchanged at 582,440.79 ounces as of March 12, 2026 [27][31] - Price Ratio: Platinum and gold prices were highly correlated, and the gold - platinum ratio slightly rebounded this week [32] 3.3 Industrial Supply and Demand - Import and Export: As of December 2025, the import and export volumes of platinum and palladium increased [37] - Demand: The demand for platinum and palladium in automobile exhaust catalysts has been declining due to the rising proportion of the new - energy vehicle market. The total demand for platinum and palladium is moderately slowing [43][49] - Supply: The supply pattern of platinum and palladium is differentiated, and geopolitical situations have tightened platinum supply [54] - Price Difference: The price difference between domestic and foreign platinum and palladium main contracts widened this week [58] 3.4 Macroeconomics - The US dollar index and US Treasury yields continued to be strong this week [62]