铂钯数据日报-20260320

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On March 19, platinum and palladium prices declined overall. The IPT2606 contract fell 7.49% to 507.0 yuan/gram, and the PD2606 contract fell 7.78% to 371.5 yuan/gram. Macro - level factors such as the Fed maintaining the interest rate, hawkish remarks, and higher - than - expected PPI and core PPI in the US in February cooled the Fed's interest - rate cut expectations, suppressing platinum and palladium prices. Geopolitical factors, like Israel's attack on Iran and Iran's announcement of attacking energy facilities in the Middle East, increased concerns about global re - inflation and further suppressed platinum and palladium. In the short - term, the increase in NYMEX palladium inventory on March 18 by 22.15% to 7.63 tons may put pressure on palladium prices. In the long - term, the structural differentiation pattern of tight platinum and loose palladium may continue. In the medium - term, platinum is expected to mostly maintain a range - bound trend. After the Middle - East geopolitical situation becomes clear, one can consider going long on platinum at low prices or continue to hold the (long platinum, short palladium) strategy [5]. Group 3: Summary by Relevant Catalog Price Changes - Domestic Prices: Platinum futures主力 contract price fell 7.49% to 506.95 yuan/gram, platinum (99.95%) spot price fell 3.00% to 518 yuan/gram, and the platinum basis (spot - futures) fell 178.93%. Palladium futures主力 contract price fell 7.78% to 371.45 yuan/gram, palladium (99.95%) spot price fell 5.01% to 379.5 yuan/gram, and the palladium basis (spot - futures) fell 343.94% [5]. - International Prices: London spot platinum price fell 6.58% to 1981.0 dollars/ounce, London spot palladium price fell 8.44% to 1469.0 dollars/ounce. NYMEX platinum price fell 7.46% to 1955.1 dollars/ounce, and NYMEX palladium price fell 8.67% to 1463.5 dollars/ounce [5]. - Exchange Rate and Spread: The dollar/yuan central parity rate rose 0.10% to 6.8975. The spread between domestic platinum and London platinum fell 38.52% to 10.53 yuan/gram, and the spread between domestic palladium and London palladium rose 196.87% to 3.34 yuan/gram [5]. - Price Ratios: The ratio of Guangzhou Futures Exchange platinum to palladium was 1.3648, with a change of 0.0043. The ratio of London spot platinum to palladium was 1.3486, with a change of 0.0269 [5]. Inventory and Position - Inventory: NYMEX platinum inventory remained unchanged at 200716 ounces, and NYMEX palladium inventory remained unchanged at 582441 ounces [5]. - Position: NYMEX total platinum position fell 1.99% to 68758, and the non - commercial net long position of palladium fell 196.89%. The non - commercial long position of platinum increased 6.20% to 14690, and NYMEX total palladium position fell 2.57% to 15679 [5].