钯：略微修复：铂：市场情绪有所缓和

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The market sentiment of platinum has eased, and palladium has slightly recovered [1]. 3. Summary by Relevant Catalogs Platinum and Palladium Fundamental Data - Price: Platinum futures 2606 closed at 487.40 with a 6.48% increase; gold exchange platinum at 475.16 with a 3.33% increase; New York platinum main - continuous (previous day) at 1920.50 with a 2.46% increase; London spot platinum (previous day) at 1925.00 with a 2.33% increase. Palladium futures 2606 closed at 359.50 with a 9.65% increase; RMB spot palladium at 341.00 with a 1.79% increase; New York palladium main - continuous (previous day) at 1444.50 with a 0.38% increase; London spot palladium (previous day) at 1435.50 with a 0.47% increase [2]. - Trading Volume and Position: For Guangdong platinum, the trading volume was 9,712 kg (a decrease of 9,431 kg from the previous day), and the position was 21,356 kg (a decrease of 115 kg). For NYMEX platinum, the trading volume was 21,363 kg (a decrease of 34,260 kg), and the position was 53,383 kg (an increase of 14,410 kg). For Guangdong palladium, the trading volume was 6,452 kg (a decrease of 675 kg), and the position was 8,112 kg (a decrease of 417 kg). For NYMEX palladium, the trading volume was 12,438 kg (a decrease of 11,362 kg), and the position was 45,299 kg (a decrease of 862 kg) [2]. - ETF Holdings: Platinum ETF holdings (ounces, previous day) were 3,085,483 (a decrease of 14,819), and palladium ETF holdings (ounces, previous day) were 1,055,913 (a decrease of 22,274) [2]. - Inventory: NYMEX platinum inventory (ounces, previous day) was 579,274 with no change, and NYMEX palladium inventory (ounces, previous day) was 248,374 with no change [2]. - Price Spreads: For platinum, the spread between PT9995 and PT2606 was - 12.24 (a decrease of 14.32 from the previous day); the spread between Guangdong platinum 2606 and 2610 contracts was 9.80 (an increase of 4.70); the cost of buying Guangdong platinum 2606 and selling 2610 cross - period arbitrage was 6.03 (an increase of 0.35); the spread between Guangdong platinum main contract and London platinum (considering VAT) was 6.06 (an increase of 19.41). For palladium, the spread between RMB spot palladium and PD2606 was - 18.50 (a decrease of 25.65); the spread between Guangdong palladium 2606 and 2610 contracts was 5.50 (an increase of 9.85); the cost of buying Guangdong palladium 2606 and selling 2610 cross - period arbitrage was 4.52 (an increase of 0.36); the spread between Guangdong palladium main contract and London palladium (considering VAT) was 1 (an increase of 30.55) [2]. - Exchange Rates: The US dollar index was 99.21 (a decrease of 0.31%); the US dollar against the RMB (CNY spot) was 6.88 (a decrease of 0.16%); the US dollar against the offshore RMB (CNH spot) was 6.89 (a decrease of 0.21%); the US dollar against the RMB (6M forward) was 6.80 (an increase of 0.03%) [2]. Macro and Industry News - The trend strength of platinum is 0, and that of palladium is 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]. - News includes: the Philippines declared a national energy emergency; Trump's support rate dropped to the lowest since returning to the White House; the US Department of Justice admitted that the investigation of Powell lacked evidence; the Trump administration may relax summer gasoline regulations to suppress energy prices; the EU postponed the proposal to permanently ban the import of Russian oil; more central banks will increase their gold holdings due to geopolitical risks; India extended the validity of the gold import tariff quota authorization with the UAE to June 30; Turkey is considering using its $135 billion gold reserve to support the depreciating lira [5].