铂钯数据日报-20260318

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On March 17, platinum and palladium prices rebounded. The PT2606 contract closed up 4.27% to 552.7 yuan/gram, and the PD2606 contract closed up 2.3% to 407.75 yuan/gram. Macroscopically, the US Treasury Secretary's remarks to soothe the market and the slowdown of the upward trends of oil prices and the US dollar boosted the precious metal prices. However, the US - Iran conflict shows no sign of resolution, oil prices remain high, and the expectation of interest rate cuts continues to weaken, which may continue to suppress the upward space of precious metal prices. Fundamentally, WPIC expects the global platinum market to have a supply shortage for the fourth consecutive year, and the imbalance between supply and demand may support the platinum price, but the narrowing gap in 2026 and the possible surplus in the global palladium market may limit the upward space of prices. In the short term, platinum and palladium are expected to maintain a range - bound trend. After the Middle East geopolitical situation becomes clear, one can choose to go long on platinum at low prices or continue to hold the [long platinum, short palladium] strategy [3] Group 3: Summary by Relevant Catalogs Price Information - Domestic Prices: The closing price of platinum futures main contract is 552.7 yuan/gram, up 3.73% from the previous value; the spot price of platinum (99.95%) is 552 yuan/gram, up 6.36%. The basis of platinum (spot - futures) is - 0.7 yuan/gram, a change of - 94.93%. The closing price of palladium futures main contract is 407.75 yuan/gram, up 2.31%; the spot price of palladium (99.95%) is 408 yuan/gram, up 3.42%. The basis of palladium (spot - futures) is 0.25 yuan/gram, a change of - 106.17% [3] - International Prices: The London spot platinum price is 2131.1 US dollars/ounce, up 3.61%; the London spot palladium price is 1601.571 US dollars/ounce, up 1.74%. The NYMEX platinum price is 2121.9 US dollars/ounce, up 3.69%; the NYMEX palladium price is 1613.5 US dollars/ounce, up 2.54% [3] - Exchange Rate and Spread: The US dollar/Chinese yuan central parity rate is 6.8961, down 0.14%. The spread between domestic platinum and London platinum is 18.78 yuan/gram, up 11.94%; the spread between domestic platinum and NYMEX platinum is 21.08 yuan/gram, up 8.62%. The spread between domestic palladium and London palladium is 6.50 yuan/gram, up 80.54%; the spread between domestic palladium and NYMEX palladium is 3.51 yuan/gram, down 7.21% [3] - Price Ratio: The ratio of Guangzhou Futures Exchange platinum to palladium is 1.3555, with a change of 0.0186; the ratio of London spot platinum to palladium is 1.3306, with a change of 0.0241 [3] Inventory and Position Information - Inventory: The NYMEX platinum inventory is 200,716 ounces, with no change; the NYMEX palladium inventory is 582,441 ounces, with no change [3] - Position: The total NYMEX platinum position is 68,758, down 1.99%; the non - commercial net long position of NYMEX platinum is 14,690, up 6.20%. The total NYMEX palladium position is 15,679, down 2.57%; the non - commercial net long position of NYMEX palladium is - 156, down 196.89% [3]