铂钯数据日报-20260327

Group 1: Report Investment Rating - There is no information about the industry investment rating provided in the report. Group 2: Core Viewpoints - On March 26, platinum and palladium prices fluctuated weakly. PT2606 closed down 4.78% to 487.40 yuan/gram, and PD2606 closed down 5.23% to 35.35 yuan/gram. [6] - At the macro - level, the cease - fire negotiation statements between the US and Iran conflicted, the Middle East situation did not ease substantially, oil prices remained high, inflation expectations and monetary policy tightening expectations continued to compete, and the US dollar liquidity environment remained tight. [6] - With high oil prices, the market's expectation of the Fed's interest rate hike has been strengthened, the probability of an interest rate hike within the year in market pricing has exceeded 50%, the US dollar and US Treasury yields fluctuated at high levels, and technical selling pressure due to short - term profit - taking after the sharp rise in platinum and palladium prices the previous day suppressed platinum and palladium prices. [6] - Fundamentally, on the 25th, the one - month platinum lease rate dropped 156bp to 8.9527%, indicating a cooling of the short - term platinum market sentiment; in the long - term, the pattern of strong platinum and weak palladium is expected to continue. [6] - It is expected that platinum and palladium will probably maintain a range - bound trend in the short term. After the uncertainty of the Middle East geopolitical situation eases, one can deploy long positions in platinum unilaterally at low prices or continue to hold the [long platinum, short palladium] strategy. [6] Group 3: Summary by Relevant Catalogs Domestic Prices - Platinum futures main contract closing price was 487.4 yuan/gram, down 3.65% from the previous value; spot platinum (99.95%) was 486 yuan/gram, down 3.38%; platinum basis (spot - futures) was - 1.4 yuan/gram, down 50.88%. [4] - Lithium futures main contract closing price was 353.35 yuan/gram, down 4.12% from the previous value; spot lithium (99.95%) was 352.5 yuan/gram, down 3.29%; lithium basis (spot - futures) was - 0.85 yuan/gram, down 79.01%. [4] International Prices - London spot platinum was 1892.3 US dollars/ounce, down 3.57% from the previous value; London spot palladium was 1402.207 US dollars/ounce, down 4.40%. [4] - NYMEX platinum was 1876.1 US dollars/ounce, down 3.85% from the previous value; NYMEX palladium was 1402.5 US dollars/ounce, down 4.07%. [4] Exchange Rate and Spread - The US dollar/renminbi central parity rate was 6.9056, up 0.21% from the previous value. [4] - The spread between domestic platinum and London platinum was 12.65 yuan/gram, down 13.18% from the previous value; the spread between domestic platinum and NYMEX platinum was 16.72 yuan/gram, down 3.53%. [4] - The spread between domestic lithium and London lithium was 1.56 yuan/gram, up 14.81% from the previous value; the spread between domestic lithium and NYMEX lithium was 2.53 yuan/gram, down 41.22%. [5] Price Ratios - The ratio of platinum to lithium on the Guangzhou Futures Exchange was 1.3794, up 0.0068 from the previous value; the ratio of London spot platinum to lithium was 1.3379, up 0.0116 from the previous value. [5] Inventory - NYMEX platinum inventory was 573,753 troy ounces, down 0.95% from the previous value; NYMEX palladium inventory was 248,374 troy ounces, with no change from the previous value. [5] Position - NYMEX total platinum position was 67,292, down 2.13% from the previous value; non - commercial net long position of platinum was 14,690, up 15.03%. [5] - NYMEX total palladium position was 15,679, down 0.78% from the previous value; non - commercial net long position of palladium was - 156, up 18.59%. [5]