Core Viewpoint - Platinum futures experienced a rapid increase, with the main contract peaking at 762.85 yuan, closing at 734.15 yuan, reflecting an 8.13% rise [1] Group 1: Market Analysis - Jin Yuan Futures highlights the attention on the rebound of platinum and palladium prices due to geopolitical tensions increasing safe-haven demand and countries accelerating de-dollarization by significantly increasing gold holdings [2] - The volatility in silver has led to a 40% increase within a month, with the COMEX gold-silver ratio dropping to 48, the lowest in nearly 50 years, indicating strong performance in precious metals [2] - The current geopolitical instability is expected to keep precious metal prices strong in the short term, with platinum/gold and palladium/gold ratios still at low levels, suggesting potential for a rebound in platinum and palladium prices [2] Group 2: Demand Factors - Ruida Futures notes that platinum shows more resilience compared to palladium, especially after the EU postponed the internal combustion engine ban and strengthened automotive emissions standards, leading to increased platinum loading intensity [2] - The automotive catalyst's demand for platinum is expected to add approximately 450,000 ounces this year, despite a mild adjustment in global passenger car sales due to recession concerns [2] - The rise in penetration rates for hybrid and hydrogen fuel cell commercial vehicles may improve the medium to long-term demand curve for platinum, supported by the IEA's latest hydrogen outlook predicting a cumulative installation of PEM electrolyzers to exceed 17 GW by 2030 [2] Group 3: Supply and Price Dynamics - The uncertainty surrounding South African power supply and Russian exports, combined with new automotive emission policies, is expected to make platinum more resilient compared to palladium [2] - The differentiated supply-demand dynamics may continue to drive a "strong platinum, weak palladium" market trend [2] - Price levels to watch include resistance at $2,900/oz for platinum and support at $2,700/oz, while palladium has resistance at $2,100/oz and support at $1,900/oz [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Platinum and palladium prices have certain support. In the medium to long term, the differentiation in supply - demand patterns may continue to drive the "platinum - strong, palladium - weak" market trend. The London platinum is expected to face resistance at $2,500 per ounce and find support at $1,900 per ounce, while the London palladium may encounter resistance at $1,900 per ounce and support at $1,500 per ounce [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 630.65 yuan/gram, up 22.30 yuan; the closing price of the palladium main contract was 495.50 yuan/gram, up 7.80 yuan. The position of the platinum main contract was 10,387.00 lots, down 277.00 lots; the position of the palladium main contract was 3,179.00 lots, up 90.00 lots [2] 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 0.00 yuan, down 599.38 yuan; the average spot price of palladium in the Yangtze River was 450.00 yuan, up 5.00 yuan. The basis of the platinum main contract was - 630.65 yuan/gram, down 621.68 yuan; the basis of the palladium main contract was - 45.50 yuan/gram, down 2.80 yuan [2] 3.3 Supply - Demand Situation - The non - commercial long positions of platinum in CFTC were 9,966.00 contracts, down 243.00 contracts; the non - commercial long positions of palladium in CFTC were 3,003.00 contracts, down 342.00 contracts. The total supply of platinum in 2025 was expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 was expected to be 293.00 tons, down 5.00 tons. The total demand for platinum in 2025 was expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 was expected to be 287.00 tons, down 27.00 tons [2] 3.4 Macro Data - The US dollar index was 99.18, up 0.28; the VIX volatility index was 15.98. The 10 - year US Treasury real yield was 1.88%, down 0.02 percentage points [2] 3.5 Industry News - The criminal investigation of Fed Chairman Powell continued to ferment. Many former US financial officials criticized the Trump administration's investigation, and global central bank governors were drafting a statement to support Powell. The World Bank raised the 2026 global economic growth forecast to 2.6%, 0.2 percentage points higher than the previous forecast. The US GDP growth rate in 2026 was expected to reach 2.2%, the eurozone's economic growth rate would slow to 0.9%, and Japan's economic growth rate would slow to 0.8%. The US budget deficit in December 2025 was $145 billion, a record high for the month. The US CPI in December 2025 rose 2.7% year - on - year, and the core CPI rose 2.6%, both unchanged from the previous value. The US employment report was slightly stronger than expected, reducing the probability of a January interest rate cut, but there was still room for a 50 - 75 basis - point interest rate cut within the year. The Fed's balance - sheet expansion plan boosted the narrative of loose liquidity, and the precious metals market remained strong [2] 3.6 Key Points to Watch - The release of the US December PPI year - on - year data on January 14 at 21:30, the US core retail sales month - on - month data on January 14 at 21:30, the Atlanta Fed GDPNow economic growth rate on January 15 at 01:00, and the European Central Bank's release of the monetary policy meeting minutes on January 15 at 20:30 [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The geopolitical risk from the US's tough action against Venezuela boosts the safe - haven attribute of precious metals, but the trading sentiment of the platinum and palladium market weakens due to concentrated long - position reduction. The Fed's potential balance - sheet expansion provides bottom support for the precious metals market [7]. - The supply shortage of platinum persists due to long - term structural constraints in major producing areas, and the industrial demand remains resilient, especially in the automotive industry. In contrast, the demand for palladium is expected to weaken as it is over - concentrated in the automotive catalyst field and affected by the popularization of new - energy vehicles. The market is shifting from supply shortage to surplus. In the short term, the US - Venezuela situation may support platinum and palladium prices, while in the long term, the "platinum - strong, palladium - weak" trend is likely to continue [7]. - The operating ranges are: for London platinum, the upper resistance is $2500 per ounce and the lower support is $1900 per ounce; for London palladium, the upper resistance is $1900 per ounce and the lower support is $1500 per ounce [7]. 3. Summary by Directory 3.1 Week - on - Week Summary - The US - Venezuela situation boosts the safe - haven attribute of precious metals, but trading sentiment weakens due to long - position reduction. The Fed's balance - sheet expansion provides support [7]. - Platinum supply shortage persists due to structural issues in major producing areas, and industrial demand is resilient. Palladium demand is expected to weaken as the market shifts to surplus, but the bullish sentiment from rate - cut expectations may support prices [7]. - In the short term, the US - Venezuela situation may support prices; in the long term, the "platinum - strong, palladium - weak" trend is likely [7]. 3.2 Futures and Spot Markets - The platinum and palladium markets rebounded this week, showing a volatile and upward trend [8]. - As of January 9, 2026, the Guangzhou Futures Exchange's palladium main contract 2606 was at 499.05 yuan/gram, up 17.37% week - on - week; the platinum main contract 2606 was at 599.80 yuan/gram, up 13.76% week - on - week [10]. - NYMEX platinum and palladium long - position net holdings differ significantly, with palladium showing a net outflow. As of December 30, 2025, NYMEX platinum long - position net holdings were 23,636 contracts, down 6.95% month - on - month; palladium long - position net holdings were - 1546 contracts, up 5.21% month - on - month [11][15]. - This week, the basis of NYMEX platinum and palladium main contracts weakened [16]. - As of January 8, 2026, NYMEX platinum inventory was 625,014.69 ounces, down 4.26% month - on - month; palladium inventory was 211,305.82 ounces, up 0.61% month - on - month [24]. - The price ratio of NYMEX platinum to COMEX gold significantly increased at the beginning of 2025 [25]. - The rolling correlation coefficient between platinum and gold prices rises [27]. - Recently, the positive correlation between platinum prices and NYMEX platinum inventory and the US dollar index has weakened marginally [31]. 3.3 Industry Supply and Demand - As of November 2025, the import and export volumes of platinum decreased [35]. - The demand for platinum in automobile exhaust catalysts decreased marginally [40]. - The total global demand for platinum and palladium shows a moderate downward trend, and the global supply of platinum and palladium declines [45][50]. 3.4 Macroeconomics and Options - This week, the US dollar index and the 10 - year US Treasury yield rebounded steadily [54].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - This week, the platinum and palladium markets showed a generally strong trend, with their prices gradually diverging. Platinum demonstrated greater resilience, while palladium repeatedly rose and then fell during the session, confirming the market's expectation of "strong platinum and weak palladium." - In the future, platinum may continue to be supported by the Fed's easing expectations, the continuation of the supply - demand structural deficit, and the expansion of medium - and long - term demand expectations in the hydrogen economy. Palladium's demand is expected to weaken due to over - concentration in the automotive catalyst field and the popularization of new energy vehicles, but the bullish sentiment driven by interest rate cut expectations may provide some support [7]. - The recent parabolic rise in platinum and palladium prices may increase the risk of a high - level decline, and short - term technical correction pressure should be guarded against. 3. Summary by Directory 3.1 Weekly Highlights - Platinum's price elasticity has significantly increased due to the shortage of physical inventory and cross - regional arbitrage trading. The London platinum lease rate has continued to rise, and palladium ETF holdings have increased, exacerbating the supply - demand contradiction. - The high domestic - foreign price difference has stimulated arbitrage motives, pushing up the spot price and amplifying the futures price elasticity. - Next week, the upper resistance level for London platinum spot is $2500 per ounce, and the lower support level is $2000 per ounce. For London palladium spot, the upper resistance level is $1800 per ounce, and the lower support level is $1500 per ounce [7]. 3.2 Futures and Spot Markets - This week, the platinum and palladium markets on the Guangzhou Futures Exchange continued their strong upward trend, with their prices continuing to diverge. - As of December 26, 2025, the main 2606 contract of palladium on the Guangzhou Futures Exchange was at 515.65 yuan per gram, up 7.38% for the week, and the main 2606 contract of platinum was at 705.30 yuan per gram, up 32.19% for the week [8][10]. - As of December 16, 2025, the net long positions of NYMEX platinum and palladium showed a large divergence. The net long position of NYMEX platinum was 28,564 contracts, a 12.82% increase from the previous period, while the net long position of NYMEX palladium was - 2340 contracts, a 36.05% decrease from the previous period [16]. - This week, the basis of NYMEX platinum and palladium main contracts weakened, and their inventories increased. As of December 24, 2025, NYMEX platinum inventory was 645,466.92 ounces, a 3.32% increase from the previous period, and NYMEX palladium inventory was 195,833.87 ounces, a 4.81% increase from the previous period [17][25]. - This week, the price ratio of NYMEX platinum to COMEX gold increased, and the rolling correlation coefficient between platinum and gold prices also increased. Recently, the positive correlation between platinum prices and NYMEX platinum inventory and the US dollar index has weakened marginally [26][30][34]. 3.3 Industry Supply and Demand - As of November 2025, the import and export volumes of platinum both decreased. - The demand for platinum in automobile exhaust catalysts has marginally weakened. The total global demand for platinum and palladium has shown a moderate downward trend, and the global supply of platinum and palladium has declined [38][43][53]. 3.4 Macroeconomic Data - This week, the US dollar index weakened, and the 10 - year US Treasury yield increased slightly [57].