铂钯数据日报-20260324

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core View - On March 23, platinum and palladium prices dropped significantly. PT2606 closed down 11.38% to 457.75 yuan/gram, and PD2606 closed down 12.42% to 327.85 yuan/gram. Geopolitical risks repeatedly disturbed market sentiment. Trump's statement about the progress of US - Iran dialogue led to a decline in oil prices and a rebound in overseas platinum and palladium prices. The Guangzhou Futures Exchange will lower the daily price limit and margin standards for platinum and palladium from March 24, which is expected to improve contract liquidity. In the long - term, the supply - demand of platinum is tight under investment and industrial demand, while palladium is severely restricted by vehicle electrification. The "tight platinum and loose palladium" pattern may continue. 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 [6] Group 3: Price and Spread Summary Domestic Prices - Platinum futures主力收盘价 dropped from 509.75 to 457.75 yuan/gram, a decrease of 10.20%. The spot price of platinum (99.95%) dropped from 512 to 471 yuan/gram, a decrease of 8.01%. The platinum basis (spot - futures) increased from 2.25 to 13.25 yuan/gram, a rise of 488.89%. Lithium futures主力收盘价 dropped from 368.85 to 327.85 yuan/gram, a decrease of 11.12%. The spot price of lithium (99.95%) dropped from 374 to 347 yuan/gram, a decrease of 7.22%. The lithium basis (spot - futures) increased from 5.15 to 19.15 yuan/gram, a rise of 271.84% [4] International Prices - London spot platinum dropped from 1984.2 to 1783.657 dollars/ounce, a decrease of 10.11%. London spot lithium gold dropped from 1460.216 to 1358.745 dollars/ounce, a decrease of 6.95%. NYMEX platinum dropped from 1974.1 to 1767.7 dollars/ounce, a decrease of 10.46%. NYMEX lithium dropped from 1466.5 to 1349 dollars/ounce, a decrease of 8.01% [4] Internal - External Spread - The dollar/yuan mid - price increased from 6.8898 to 6.9041, an increase of 0.21%. The spread between Guangzhou platinum and London platinum decreased from 13.09 to 10.36 yuan/gram, a decrease of 20.85%. The spread between Guangzhou platinum and NYMEX platinum decreased from 15.62 to 14.36 yuan/gram, a decrease of 8.03%. The spread between Guangzhou lithium and London lithium decreased from - 12.96 to 3.35 yuan/gram, a decrease of 487.45%. The spread between Guangzhou lithium and NYMEX lithium decreased from - 10.52 to 1.77 yuan/gram, a decrease of 693.38% [4][5] Group 4: Ratio and Inventory Summary Ratios - The ratio of Guangzhou Futures Exchange platinum to lithium increased from 1.3820 to 1.3962, an increase of 0.0142. The ratio of London spot platinum to lithium decreased from 1.3588 to 1.3127, a decrease of 0.0461 [5] Inventories - NYMEX platinum inventory remained unchanged at 579274 troy ounces. NYMEX palladium inventory increased from 245177 to 248374 troy ounces, an increase of 1.30% [5] Group 5: Position Summary - NYMEX total platinum position decreased from 68758 to 67292, a decrease of 2.13%. NYMEX non - commercial net long position of platinum increased from 14690 to 16898, an increase of 15.03%. NYMEX total palladium position decreased from 15556 to 15679, a decrease of 0.78%. NYMEX non - commercial net long position of palladium increased from - 185 to - 156, an increase of 18.59% [5]