Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Platinum price is expected to fluctuate due to the uncertain development of the US - Iran situation. Trump's statements have affected market expectations, and while the long - term weakening of the US dollar is beneficial for platinum valuation, the current geopolitical conflict still significantly influences the market and platinum prices [2]. - Palladium price is also expected to oscillate. Supply - side uncertainties continue with potential tariffs and sanctions, and demand faces structural pressure. It mainly follows the overall fluctuation of the precious metal sector [3]. 3. Summary by Related Catalogs Platinum - On March 25, 2026, the platinum main contract on the Guangzhou Futures Exchange rose 5.63% to 505.85 yuan/gram [1]. - Trump's statements have led to a change in market expectations for the US - Iran situation, with a decline in oil prices and an improvement in interest - rate cut expectations, causing the platinum price to rise. However, Iran's attitude remains unchanged, and Trump's statements may be inconsistent, leading to short - term market volatility. In the long run, the weakening of the US dollar is beneficial for platinum valuation, but the US - Iran conflict still impacts the market and platinum price [2]. Palladium - On March 25, 2026, the palladium main contract on the Guangzhou Futures Exchange rose 5.07% to 368.55 yuan/gram [1]. - Supply - side uncertainties persist as the US has made a preliminary anti - dumping ruling on Russian unforged palladium, and Europe is considering new sanctions. Demand for palladium faces structural pressure. In the long term, the supply - demand situation is loosening, and in the short term, supply disruptions remain, with the price mainly following the overall precious metal sector [3]. Commodity Index - On March 25, 2026, the comprehensive index of the CITICS Futures Commodity Index was 2505.87, down 0.37%; the Commodity 20 Index was 2799.49, up 0.16%; the industrial products index was 2541.47, down 1.12% [48]. Non - ferrous Metals Index - On March 25, 2026, the non - ferrous metals index was 2594.45, with a daily increase of 0.47%, a 5 - day decrease of 0.84%, a 1 - month decrease of 4.27%, and a year - to - date decrease of 3.41% [50].