铂：跟随黄金白银回撤，钯：持续承压

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Platinum follows the retracement of gold and silver, while palladium remains under continuous pressure [1] - The trend intensity of platinum and palladium is -1, indicating a bearish outlook [4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price Data: Platinum and palladium prices showed declines. For example, the platinum futures 2606 closed at 548.00 with a -0.85% change, and the New York platinum main - continuous (previous day) dropped 4.91% to 2019.10. Gold prices also decreased, with the New York gold main - continuous (previous day) down 7.92% to 1494.00 [2] - Trading Volume and Position Data: There were changes in trading volume and positions. For instance, the trading volume of Guangdong platinum (kg) decreased by 5.623 to 4.636, and its position decreased by 227 to 24.489 [2] - ETF and Inventory Data: Platinum and palladium ETF holdings decreased. The platinum ETF holdings (ounces, previous day) decreased by 24,802 to 3,156,069, and the palladium ETF holdings (ounces, previous day) decreased by 777 to 1,106,173. NYMEX platinum and palladium inventories (ounces, previous day) remained unchanged [2] - Spread Data: There were changes in various spreads. For example, the PT9995 to PT2606 spread decreased by 3.28 to -7.05, and the Guangdong platinum 2606 contract to 2610 contract spread decreased by 1.15 to 2.55 [2] - Exchange Rate Data: The US dollar index decreased by 0.32% to 100.18, and the US dollar - to - RMB exchange rates (CNY spot, CNH spot, 6M forward) all showed declines [2] 3.2 Macro and Industry News - The Fed maintained the interest rate at 3.5% - 3.75%, and market expectations for Fed rate cuts this year decreased from about 20 basis points to less than 11 basis points [5] - Powell considered the interest rate to be at the upper end of the neutral range, and this energy supply disruption was a one - time event. He also made statements about his tenure [5] - US PPI data exceeded expectations, with the PPI annual rate reaching 3.4%, the highest since February last year [5] - There were escalating tensions in the Middle East, including threats from the Iranian Revolutionary Guard, military actions between Israel and Iran, and attacks on Iranian energy facilities [5] - Trump exempted the implementation of the Jones Act to control high oil prices, and the US vice - president planned to announce a response policy within 48 hours [5]