Report Summary 1. Report Industry Investment Rating No specific investment rating for the industry is provided in the report. 2. Core View of the Report - On February 26, 2026, the trends of platinum and palladium slightly diverged. The PT2666 contract closed up 2.0% at 589.5 yuan/gram, and the PD2006 contract closed up 2.27% at 446.55 yuan/gram [7]. - At the macro - level, the uncertainty of tariff policies and the tense geopolitical situation in the Middle East are the main supports for the entire precious metals market. However, in terms of fundamentals, short - term attention should be paid to the exemption of key minerals in Trump's new tariff policy, which may have a greater impact on palladium and weaken the short - term sustainability of the upward movement of the market [7]. - In the long run, the global platinum supply - demand bottleneck persists, and the global palladium supply - demand balance sheet is expected to improve. Therefore, platinum and palladium prices are still supported in the long term. - In the short term, platinum and palladium are expected to maintain a volatile trend, but the volatility may still be large. It is recommended that investors mainly buy on dips [7]. 3. Summary by Relevant Catalogs Domestic Prices - Platinum: The spot price of platinum (99.95%) has a certain value; the platinum futures main contract closed at 589.5 yuan/gram, up 0.60% from the previous value; the platinum basis (spot - futures) was - 2 yuan, down - 88.89% [5]. - Lithium: The lithium futures main contract closed at 446.55 yuan/gram, down - 2.49% from the previous value; the spot price of lithium (99.95%) was 443.5 yuan/gram, down - 2.21% from the previous value; the lithium basis (spot - futures) was - 3.05 yuan, down - 31.46% [5]. International Prices - London spot platinum was at 2306.064 dollars/ounce, up 1.23% from the previous value; London spot palladium was at 1795.576 dollars/ounce, down - 0.58% from the previous value [5]. - NYMEX platinum was at 2309.2 dollars/ounce, up 0.94% from the previous value; NYMEX palladium was at 1846.5 dollars/ounce, up 0.52% from the previous value [5]. Internal - External 15 - point Spreads - The dollar/renminbi central parity rate was 6.9228, down - 0.13% from the previous value. The spread between domestic platinum and London platinum was 9.51 yuan/gram, down - 22.52% from the previous value; the spread between domestic platinum and NYMEX platinum was 8.72 yuan/gram, down - 11.74% from the previous value [5]. Ratios and Inventory - The ratio of Guangzhou Futures Exchange platinum to palladium was 1.3201, with a change of 0.0405 from the previous value. The ratio of London spot platinum to palladium was 1.2843 [6]. - NYMEX platinum inventory was 186,269 ounces, with a change of 0.00% from the previous value; NYMEX palladium inventory was 578,195 ounces, with a change of 0.00% from the previous value [6]. Positions - NYMEX total platinum positions were 69,291, up 0.33% from the previous value; non - commercial net long positions in platinum were 12,347, up 2.18% from the previous value [6]. - NYMEX total palladium positions were 16,538, down 1.52% from the previous value; non - commercial net long positions in palladium were 513, down - 4.09% from the previous value [6].

Core Viewpoint - The geopolitical tensions in the Middle East, particularly the risk of military conflict between the US and Iran, have heightened market risk aversion, leading to a surge in gold prices, which reached a new high for February [1][5]. Price Movements - On February 25, gold prices initially surged to $5249, marking a new high for the month, but faced resistance and subsequently dropped nearly $80 to stabilize at $5145. After a brief rebound to $5191, gold fell again to $5092 before closing at $5173, indicating a high-level fluctuation [1][5]. Market Influences - The recent price action was influenced by several factors: profit-taking by investors after significant gains, the US Supreme Court's rejection of comprehensive tariffs leading to a temporary reduction in market uncertainty, and the lack of immediate military action against Iran, which shifted market focus to upcoming US-Iran negotiations [2][6]. Technical Analysis - The daily chart indicates that gold has encountered resistance after a recent high, with key support levels at $5090 (5-day moving average) and $5020 (Bollinger Band middle track). Resistance levels are noted at $5200 and $5260 [3][7]. The technical indicators suggest a potential need for adjustment after a series of gains, but the overall long-term outlook remains bullish due to expectations of interest rate cuts, geopolitical tensions, and central bank gold purchases [2][6][7].

1. Report's Investment Rating for the Industry - No specific investment rating for the industry is provided in the report. 2. Core Views of the Report - Due to increased uncertainties in tariffs and geopolitics during the Spring Festival holiday, as of February 24, 2026, the platinum and palladium prices on the Guangzhou Futures Exchange significantly increased, with the platinum main - contract rising 5.54% to 551.85 yuan/gram and the palladium main - contract rising 4.57% to 438.45 yuan/gram. The prices of platinum and palladium strengthened along with the precious metals sector [2]. - For platinum, in the short - term, the price is expected to be volatile and bullish due to the US Supreme Court's ruling on tariffs and the ongoing tense situation between the US and Iran. In the long - term, the US is in an interest - rate cut cycle, and the weakening of the US dollar's credit is conducive to the release of price elasticity. Also, although the supply shortage has marginally eased, risks still support the price. The overall outlook is volatile and bullish [3]. - For palladium, there are continuous uncertainties in the supply side. The US's anti - dumping preliminary ruling on Russian palladium and potential European sanctions have led to supply disruptions, supporting the price. On the demand side, there is still structural pressure. In the short - term, the shortage of spot and the expectation of the Fed's interest - rate cuts provide clear support for the price. The outlook is also volatile and bullish [4]. 3. Summary by Related Content Platinum - **Price Movement**: As of February 24, 2026, the platinum main - contract on the Guangzhou Futures Exchange rose 5.54% to 551.85 yuan/gram [2]. - **Main Logic**: The US Supreme Court's ruling on tariffs and the tense US - Iran situation make the short - term price volatile and bullish. The long - term weakening of the US dollar's credit and existing supply risks support the price [3]. - **Outlook**: Volatile and bullish, with a healthy supply - demand fundamental and positive macro expectations [3]. Palladium - **Price Movement**: As of February 24, 2026, the palladium main - contract on the Guangzhou Futures Exchange rose 4.57% to 438.45 yuan/gram [2]. - **Main Logic**: Supply - side uncertainties include the US's anti - dumping ruling on Russian palladium and potential European sanctions. There is structural pressure on the demand side. In the short - term, spot shortage and Fed interest - rate cut expectations support the price [4]. - **Outlook**: Volatile and bullish, with spot shortage and an improving macro environment [4]. Commodity Index - **Special Index**: The commodity index was 2417.95, up 1.86%; the commodity 20 index was 2766.04, up 2.23%; the industrial products index was 2300.06, up 1.14%; the PPI commodity index was 1405.49, up 0.67% [49]. Non - ferrous Metals Index - On February 24, 2026, the non - ferrous metals index was 2695.65, with a daily increase of 0.95%, a 5 - day increase of 0.27%, a 1 - month decrease of 3.69%, and a year - to - date increase of 0.36% [50].

Core Viewpoint - The recent geopolitical tensions in the Middle East, particularly the heightened risk of military conflict between the U.S. and Iran, have led to increased market risk aversion, supporting a rise in gold prices, which reached a new high for the month [1][2]. Price Movements - Gold prices surged to a new high of $5249 but faced resistance, leading to a significant drop of nearly $80 to $5145 before stabilizing [1]. - Following this, gold experienced another decline of about $60, reaching $5092, before rebounding to $5173, indicating a high-level fluctuation [1][4]. Market Influences - The recent increase in gold prices was influenced by several factors, including profit-taking by investors after a substantial short-term rise, which intensified selling pressure [2]. - The U.S. Supreme Court's rejection of comprehensive tariffs and the announcement of a temporary 10% tariff alternative reduced extreme policy uncertainty, weakening safe-haven buying [2]. - Anticipation of U.S.-Iran negotiations on the 26th has also contributed to a decrease in safe-haven demand, as no immediate military action occurred as previously speculated [2]. Technical Analysis - The daily chart indicates that gold is currently experiencing high-level fluctuations, with support levels at $5090 and $5020, while resistance is noted at $5200 and $5260 [4]. - Technical indicators suggest a need for adjustment after a series of increases, with the 5-day moving average showing a slight golden cross and MACD indicators also indicating a mild bullish trend [4]. Future Outlook - Despite the recent pullback, the overall long-term trend for gold remains bullish, supported by expectations of interest rate cuts, geopolitical tensions, and central bank gold purchases [2][4]. - The market is advised to adopt a range-bound trading strategy, monitoring support and resistance levels closely for potential rebounds [4].

Core Viewpoint - The domestic retail price of refined oil in China is expected to increase due to rising international crude oil prices, with the next adjustment window anticipated to open on February 24, 2026 [1]. Group 1: Price Adjustments - The reference change rate for crude oil as of February 23 is 3.98%, leading to an expected increase of 175 yuan per ton for gasoline and 170 yuan per ton for diesel [1]. - The price increase translates to an expected rise of 0.14 yuan for 92 gasoline, 0.15 yuan for 95 gasoline, and 0.14 yuan for 0 diesel per liter [1]. Group 2: Impact on Consumers and Industries - For private car owners, filling a 50L tank will cost an additional 7 yuan, and over a month of driving 2000 kilometers, the fuel cost will increase by approximately 10 yuan [2]. - In the logistics sector, a heavy truck running 10,000 kilometers with a fuel consumption of 38L per 100 kilometers will see an increase in fuel costs of about 231 yuan before the next price adjustment window [2]. Group 3: Market Outlook - The crude oil market will continue to be influenced by geopolitical tensions in the Middle East, which are expected to support oil prices despite being at a high level [2]. - The next adjustment window for refined oil prices is projected for March 9, 2026, with the crude oil change rate remaining in a positive range [2].

Core Viewpoint - Gold prices experienced significant volatility and downward pressure, primarily due to a decrease in market risk aversion, which weakened gold's appeal as a safe-haven asset [1][4]. Group 1: Market Movements - On February 18, gold prices fell sharply, dropping over $60 shortly after the Asian market opened, followed by a near $90 decline during the session, and another nearly $80 drop after the U.S. market opened, reaching a one-week low of $4842, with an intraday decline exceeding 2% [1][4]. - Following this, gold prices stabilized and were trading around $4914 [1][4]. Group 2: Geopolitical Factors - Breakthroughs in indirect negotiations between the U.S. and Iran contributed to a clearer outlook for future discussions, which helped reduce market anxiety [1][4]. - Peace talks between Russia and Ukraine also commenced, providing a positive expectation for diplomatic resolutions, further cooling market risk aversion [1][4]. Group 3: Technical Analysis - Short-term support levels for gold are identified at approximately $4850 and $4800, while resistance levels are noted at $4950 and $5000 [2][5]. - Technical indicators such as the 5-day moving average, MACD, KDJ, and RSI suggest potential risks for further declines in gold prices [2][6].

Core Viewpoint - The significant drop in gold prices is attributed to multiple factors, including strong U.S. employment data, a sharp decline in U.S. stock markets, and profit-taking activities in the silver market, leading to a chain reaction affecting gold prices [2]. Group 1: Market Reactions - Gold prices fluctuated between $5040 and $5080 until a sharp decline occurred, dropping nearly $200 to a low of $4878 before stabilizing around $4888 [1]. - Following the drop, gold rebounded to a high of $4997 but faced resistance near the $5000 mark, currently trading around $4977 [1]. Group 2: Economic Indicators - The U.S. non-farm payroll data released on Wednesday showed an increase of 130,000 jobs, significantly above the expected 70,000 and previous value of 50,000, with the unemployment rate decreasing from 4.4% to 4.3% [2]. - This strong employment data has led to expectations that the Federal Reserve will maintain higher interest rates for a longer period until inflation is controlled, causing a delay in market expectations for the Fed's first rate cut this year [2]. Group 3: Market Sentiment and Technical Analysis - The decline in U.S. stock markets, driven by fears of AI disrupting traditional industries, prompted panic selling and increased demand for margin, leading some investors to liquidate gold positions for cash [2]. - Profit-taking in the silver market, which had seen significant gains, also contributed to the pressure on gold prices, as the volatility in silver prompted investors to exit positions in gold [2]. - Technical indicators suggest that gold prices are experiencing a rebound demand despite the recent drop, with support levels identified at $4930 and $4880, while resistance is noted at $5000 and $5100 [4].

Core Viewpoint - The market's expectation of a Federal Reserve interest rate cut is supporting gold prices, creating opportunities for upward movement in gold prices, with key support levels at $5050 and $5000, and resistance at $5100 and $5200 [1][5]. Group 1: Market Analysis - Gold prices have been fluctuating around high levels, with a potential for upward breakout due to factors such as Federal Reserve rate cut expectations, geopolitical tensions, and strong central bank demand [2][6]. - The U.S. non-farm payroll data for January showed an increase of 130,000 jobs, significantly higher than December's 50,000 and above the market expectation of 70,000, with the unemployment rate dropping from 4.4% to 4.3% [2][6]. - Despite strong non-farm data, the market still anticipates two rate cuts by the Federal Reserve within the year, which continues to support gold prices [3][7]. Group 2: Technical Analysis - On the daily chart, gold attempted to break above the $5100 level but failed to maintain that position, resulting in a high-level consolidation [3][7]. - Key support levels to watch include the daily low of $5044 and the psychological level of $5000, while resistance remains at $5100, with a potential upward target of $5200 [3][7]. - Technical indicators show mixed signals, with the 5-day moving average forming a golden cross, while the MACD indicator's bearish crossover is slowing down, indicating a potential rebound demand for gold [3][7].

Group 1 - Gold prices continued to rebound, reaching $5080.28 per ounce, up 2.72%, with a high of $5082.14 and a low of $4908.40 [1] - Geopolitical tensions, particularly between the US and Iran, are supporting gold prices as the US military shot down an Iranian drone near an aircraft carrier [1] - The diplomatic process between the US and Iran is complicated, with Iran insisting on bilateral talks limited to nuclear issues, adding uncertainty to potential resolutions [1] Group 2 - The US House of Representatives passed a significant funding bill to end a partial government shutdown, with a vote of 217 to 214, which highlights domestic political instability [2] - The nomination of Warsh to the Federal Reserve introduces new variables to monetary policy, with expectations that he may not push for rapid rate cuts, impacting the yield curve [2] - Richmond Fed President Barkin indicated that rate cuts could help maintain a healthy job market, while productivity improvements are easing cost pressures for businesses [2] Group 3 - The gold market showed a strong upward trend, opening at $4673.4, with a subsequent high of $4995.1 and a closing price of $4946.3, indicating bullish sentiment [3] - The market is expected to see a pullback, with potential buying opportunities around $4830 and targets set at $4900, $4950, and $5000, with further resistance at $5035 and $5082 [3]

Group 1 - The core viewpoint of the article indicates that after a weak adjustment, copper prices have returned to a strong trend, with the main contract showing an increase of nearly 3% in the morning [1] - Precious metals have also surged again, contributing to a positive atmosphere in the domestic futures market, which is influencing copper price movements [1] - Global visible copper inventories have recently increased, and high prices are still suppressing downstream demand; however, ongoing geopolitical tensions and a weakening US dollar provide some support for copper prices [1]