美伊局势仍然严峻，铂钯震荡承压

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The situation between the US and Iran remains severe, causing platinum and palladium prices to be under pressure and fluctuate. The short - term geopolitical situation leads to significant market volatility, and the long - term weakening of the US dollar index is beneficial for platinum valuation, but current geopolitical conflicts still affect market expectations and prices. Palladium follows platinum's fluctuations, with short - term supply disturbances and long - term loosening of supply - demand [1][2][3] Summary by Relevant Catalogs Platinum - Price: On March 26, 2026, the platinum main contract on the Guangzhou Futures Exchange fell 4.78%, closing at 487.40 yuan/gram [1] - Main Logic: Iran has submitted a response to the US regarding the "15 - point proposal" and believes the US negotiation statement is a "third deception." Short - term geopolitical uncertainties increase market volatility, and risk preference is low. In the long run, the long - term weakening of the US dollar index is beneficial for platinum valuation, but the US - Iran conflict still influences market expectations and prices [2] - Outlook: Platinum prices are expected to fluctuate due to the high uncertainty of the US - Iran situation [2] Palladium - Price: On March 26, 2026, the palladium main contract on the Guangzhou Futures Exchange fell 5.23%, closing at 353.35 yuan/gram [1] - Main Logic: There are continuous uncertainties on the supply side. The US has made a positive preliminary anti - dumping ruling on Russian unforged palladium, and Europe is considering new sanctions on Russian palladium. On the demand side, palladium faces structural pressure. In the long - term, supply - demand is loosening, and in the short - term, there are supply disturbances, mainly following the overall fluctuations of the precious metals sector [3] - Outlook: Palladium prices are expected to fluctuate as the spot tightness has eased recently and there is macro - level suppression [3] Indexes - Commodity Indexes: The comprehensive index is not detailed. The commodity 20 index is 2811.87, up 0.44%; the industrial products index is 2545.38, up 0.15% [48] - Plate Index (Non - ferrous Metals): On March 26, 2026, the non - ferrous metals index was 2599.38, with a daily increase of 0.19%, a 5 - day increase of 0.86%, a 1 - month decrease of 4.40%, and a year - to - date decrease of 3.22% [50]