铂钯数据日报-20260326

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core View - On March 25th, platinum and palladium prices continued to rebound. PT2606 closed up 5.63% to 505.85 yuan/gram, and PD2606 closed up 5.07% to 368.55 yuan/gram. Macroscopically, the establishment of a dialogue channel between the US and Iran through a third - party released a calming signal, oil prices continued to decline, and market sentiment recovery drove the rebound of platinum and palladium. However, Middle - East geopolitical risks have not been fundamentally eliminated, and there may be a risk of military escalation, and the expectation of tight liquidity still dominates, limiting the rebound space of platinum and palladium. Fundamentally, platinum supply is tight due to investment and industrial demand support, while palladium is severely restricted by the electrification transformation of the automotive industry. The "platinum - tight, palladium - loose" pattern is expected to continue. In the short term, platinum and palladium are likely to maintain a range - bound trend. After the Middle - East geopolitical situation becomes clear, investors can consider going long on platinum at low prices or continue to hold the "long platinum, short palladium" strategy [5] 3. Summary by Relevant Catalogs Price Data - Domestic Prices (Yuan/gram): Platinum futures主力收盘价 was 505.85 (previous value 487.4, up 3.79%); spot platinum (99.95%) was 503 (previous value 474, up 6.12%); platinum basis (spot - futures) was - 2.85 (previous value - 13.4, down 78.73%); palladium futures主力收盘价 was 368.55 (previous value 359.5, up 2.52%); spot palladium (99.95%) was 364.5 (previous value 351.5, up 3.70%); palladium basis (spot - futures) was - 4.05 (previous value - 8, down 49.37%) [5] - International Prices (15:00, US dollars/ounce): London spot platinum was 1962.3 (previous value 1884.09, up 4.15%); London spot palladium was 1466.675 (previous value 1426.243, up 2.83%); NYMEX platinum was 1951.3 (previous value 1871.6, up 4.26%); NYMEX palladium was 1462 (previous value 1423.5, up 2.70%) [5] - Internal - External 15:00 Price Differences (Yuan/gram,含税): The US dollar/yuan central parity rate was 6.8911 (previous value 6.8943, down 0.05%); platinum - London platinum price difference was 14.58 (previous value 15.49, down 5.88%); Guangzhou platinum - NYMEX platinum price difference was 17.33 (previous value 18.62, down 6.91%); Guangzhou palladium - London palladium price difference was 1.36 (previous value 2.27, down 40.01%); Guangzhou palladium - NYMEX palladium price difference was 2.53 (previous value 2.95, down 14.33%) [5] - Platinum - Palladium Price Ratios: Guangzhou Futures Exchange platinum/palladium price ratio was 1.3725 (previous value 1.3558, change 0.0168); London spot platinum/palladium price ratio was 1.3379 (previous value 1.3210, change 0.0169) [5] Inventory and Position Data - Inventory (Troy ounces): NYMEX platinum inventory was 579,274 (unchanged from the previous value); NYMEX palladium inventory was 248,374 (unchanged from the previous value) [5] - Position: NYMEX total platinum position was 67,292 (previous value 68,758, down 2.13%); NYMEX non - commercial net long position of platinum was 16,898 (previous value 14,690, up 15.03%); NYMEX total palladium position was 15,556 (previous value 15,679, down 0.78%); NYMEX non - commercial net long position of palladium was - 185 (previous value - 156, up 18.59%) [5]