Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - On February 11th, platinum and palladium prices generally showed a strong trend. In the short - term, prices are expected to continue a wide - range fluctuation pattern, and investors are advised to hold light positions during the holiday. In the long - term, due to different supply - demand prospects, it is recommended to allocate platinum unilaterally at low prices or focus on the [long platinum, short palladium] arbitrage strategy [5] Group 3: Summary by Directory Domestic Prices (Yuan/gram) - Platinum futures主力收盘价 rose 2.54% to 551.15 yuan/gram, platinum spot (99.95%) rose 1.48% to 548 yuan/gram, and platinum basis (spot - futures) dropped 226.00% to - 3.15 yuan/gram [5] - Palladium futures主力收盘价 rose 2.34% to 439.1 yuan/gram, palladium spot (99.95%) rose 0.69% to 436.5 yuan/gram, and palladium basis (spot - futures) dropped 158.43% to - 2.6 yuan/gram [5] International Prices (15:00, US dollars) - London spot platinum rose 2.32% to 2119.1 US dollars, London spot palladium rose 1.61% to 1743.165 US dollars [5] - NYMEX platinum rose 2.44% to 2130 US dollars, NYMEX palladium rose 1.85% to 1758.5 US dollars [5] 15:00 Internal and External Price Differences (Yuan/gram, Tax - included) - The difference between Guangzhou platinum and London platinum rose 11.37% to 16.56 yuan/gram, and the difference between Guangzhou platinum and NYMEX platinum rose 7.90% to 13.81 yuan/gram [5] - The difference between Guangzhou palladium and London palladium dropped 83.12% to - 0.65 yuan/gram, and the difference between Guangzhou palladium and NYMEX palladium dropped 31.76% to - 4.52 yuan/gram [5] Platinum - Palladium Price Ratio - The price ratio of platinum to palladium on the Guangzhou Futures Exchange increased by 0.0024 to 1.2552, and the London spot platinum - to - palladium price ratio increased by 0.0084 to 1.2157 [5] Inventory (Troy Ounces) - NYMEX platinum inventory dropped 2.10% to 186,863 ounces, and NYMEX palladium inventory remained unchanged at 583,369 ounces [5] Positions - NYMEX total platinum positions dropped 7.37% to 73,590, and non - commercial net long platinum positions dropped 5.86% to 13,106 [5] - NYMEX total palladium positions dropped 9.51% to 17,304, and non - commercial net long palladium positions rose 65.64% to 1,133 [5]

国贸期货研究院 贵金属与新能源研究中心 白素娜 投资咨询号: Z0013700 从业资格号:F3023916 2026/2/10 投资咨询业务资格:证监许可【2012】31号 铂把数据日报 世界500强投资企业 国贸期货股份有限公司 成为一流的衍生品综合服务商 ITG国贸期货 (含稅) 广锂-伦敦兜 -1. 37 37.82% -1. 00 广贸-NYMEX贸, 0. 80 -866. 29% -6. 14 指标名称 现值 前值 变化 nd a lot no 200 220 22 25 20 2010 广期所铂/贸比价 铂贸比价 1. 2326 1. 2440 0. 0113 年存:NYMEX:铂金(金衡品司) 伦敦现货铂/贸比价 1. 2102 1. 2048 0. 0054 8000000 库存:NYMEX:留金(金衡备司) 指标名称 现值 涨跌幅 前值 库存(金 600000 NYMEX:铂金库存 190874 190874 0. 00% 衡盎司) NYMEX:钟令库存 662619 -2. 44% 646441 4000000 指标名称 现值 前值 派族临 NYMEX:总持仓:铂 -7.37% 735 ...

投资咨询业务资格:证监许可【2012】31号 | | | | 白素娜 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标名称 现货:铂(99.95%) | 现值 | 前値 | 涨跌幅 | 800 | 主要图表 - 期货收益价(活跃合约):铂 | -期货收益价(活跃合约):把 | | | 铂期货主力收盘价 | 599. 85 | 572. 95 | 4.69% | | | | | 国内价格 | | 573.5 | 548 | 4.65% | | | 5 | | (元/克) | 铂:基差(现-期) | -26. 35 | -24. 95 | 5.61% | 600 | | | | | 锂期货主力收盘价 | 461 | 450. 55 | 2. 32% | | | | | | 现货: 锂(99.95%) | 449 | 439 | 2. 28% | 400 | | | | | 贸:基差(现-期) | -12 | -11.55 | 3.90% | | | | | 国际价格 | 指标名称 | 现值 | 前值 | 涨跌幅 | 200 | | ...

投资咨询业务资格:证监许可【2012】31号 铂把数据日报 国贸期货研究院 贵金属与新能源研究中心 投资咨询号: Z0013700 从业资格号:F3023916 1月27日，铂、纽价格整体下跌: PT2606合约收跌4.61%至705.7元/克: PD2606合约收跌2.08%至523元/克。宏观层面。特朗普对于 伊朗局势的表态令中东地缘紧张局势风险有所缓和、叠加贵金属市场面临较大获利了结压力和市场流动性困对不足、导致板块整体冲 高回落，铂、耙受到影响跟随下挫，但由于国际秩序不确定性仍旧高企。尤其是伊朗地缘局势仍旧复杂、美国政府月底仍有关门风险 小结 、特朗普再度挥舞关税大棒等，叠加美元指数走弱，其价格尚有支撑。基本面方面，暂未有较大变化，海外知现货租赁利率维持高位 凸显铂的紧缺，继续支持其价格;但美国决定暂缓对关键矿产加征进口关税，缓解铂、把的关税风险,未来一旦确认,仍可能会对其 上行空间构成压制。综上，预计铂、把价格短期或偏强运行，但波动幅度仍会较大。 中长期来看，铂把供需前景存在差异，铂供需缺 口仍存、把则趋于供应宽松,故策略上建议以单边逢低配置铂为主,或继续关注【多铂空把】套利策略。（仅供参考） 20 ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - Short - term, platinum and palladium are expected to maintain a wide - range oscillation pattern. Future attention should be paid to the movement of platinum inventory. - Medium - to long - term, with a supply - demand gap for platinum and a tendency towards supply relaxation for palladium, the strategy can focus on low - position allocation of platinum or the "long platinum, short palladium" arbitrage strategy [6]. 3. Summary by Relevant Catalogs Price Changes - **Domestic Futures and Spot Prices**: Platinum futures' main contract closing price rose 0.69% to 619.35 yuan/gram, while spot platinum (99.95%) dropped 2.63% to 592 yuan/gram. Palladium futures' main contract closing price rose 2.52% to 490 yuan/gram, and spot palladium (99.95%) fell 0.55% to 455.5 yuan/gram [4]. - **International Spot and Futures Prices**: London spot platinum rose 1.29% to 2380.82 dollars/ounce, and London spot palladium rose 2.78% to 1847.466 dollars/ounce. NYMEX platinum rose 0.81% to 2381.2 dollars/ounce, and NYMEX palladium rose 1.87% to 1882 dollars/ounce [4]. - **Exchange Rate and Price Differences**: The dollar/yuan central parity rate fell 0.06% to 7.0006. The price difference between Guangdong platinum and London platinum decreased 18.33% to 13.83 yuan/gram, and the price difference between Guangdong platinum and NYMEX platinum decreased 1.77% to 13.73 yuan/gram [4]. Ratio and Inventory - **Platinum - Palladium Ratio**: The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2870, down 0.0230 from the previous value. The ratio of London spot platinum to palladium was 1.2887, down 0.0189 from the previous value [5]. - **Inventory**: NYMEX platinum inventory increased 0.01% to 664393 ounces, and NYMEX palladium inventory decreased 1.84% to 207020 ounces [5]. Position - **Total Position and Net Long Position**: NYMEX total position of platinum decreased 0.90% to 78337, and non - commercial net long position of platinum decreased 2.85% to 17594. NYMEX total position of palladium increased 0.69% to 19483, and non - commercial net long position of palladium increased 111.57% to 579 [5]. Macro - influencing Factors - Trump's threat to impose tariffs on 8 European countries due to the Greenland issue has increased geopolitical and trade tensions, raising market risk demand and supporting platinum and palladium prices. - The US decision to postpone imposing import tariffs on key minerals and seek agreement negotiations has alleviated the tariff risk for platinum and palladium. Once the tariff risk decreases, platinum and palladium inventory may shift from the US to non - US regions, potentially easing the tight spot situation and suppressing the upward space of platinum and palladium prices in the short term [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On January 16, the price trends of platinum and palladium first rose and then fell, with the final trends diverging. The PT2606 contract closed up 0.6% at 610.05 yuan/gram, while the PD2606 contract closed down 1.72% at 469.35 yuan/gram. Macro - level factors such as the cooling of the Iranian geopolitical situation and changes in the front - runner for the Fed Chair dampened market expectations of interest rate cuts, weakening the macro - driving factors and putting pressure on the precious metals market, including platinum and palladium. Fundamentally, Trump's decision to temporarily suspend import tariffs on key minerals and seek agreement negotiations alleviated the tariff risks for platinum and palladium. In the future, if the tariff risk decreases, platinum and palladium inventories may flow from the US to non - US regions, easing the tight spot situation and suppressing platinum and palladium prices in the short term. In the short term, it is advisable to allocate platinum on dips or adopt a [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Relevant Catalogs Domestic Prices - Platinum futures main contract closing price was 610.05 yuan/gram, up 0.16% from the previous value; spot platinum (99.95%) was 603 yuan/gram, up 1.86%; the basis (spot - futures) was - 7.05 yuan/gram, down 58.65%. Palladium futures main contract closing price was 469.35 yuan/gram, down 1.93%; spot palladium (99.95%) was 448.5 yuan/gram, down 1.75%; the basis (spot - futures) was - 20.85 yuan/gram, down 5.66% [4]. International Prices - London spot platinum was 2338.8 dollars/ounce, up 0.07%; London spot palladium was 1747.624 dollars/ounce, down 3.20%. NYMEX platinum was 2336 dollars/ounce, up 0.24%; NYMEX palladium was 1795 dollars/ounce, down 1.72% [4]. Internal - External 15 - point Spreads - The dollar/yuan central parity rate was 7.0078, up 0.02%. The spread of domestic platinum - London platinum was 14.60 yuan/gram, up 3.17%; the spread of domestic platinum - NYMEX platinum was 15.31 yuan/gram, down 3.28%. The spread of domestic palladium - London palladium was 19.05 yuan/gram, up 28.17%; the spread of domestic palladium - NYMEX palladium was 12.35 yuan/gram, down 9.68% [4][5]. Ratios - The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2726, with a change of 0.0272. The ratio of London spot platinum to palladium was 1.3383, with a change of 0.0438 [5]. Inventories - NYMEX platinum inventory was 634,522 troy ounces, up 1.63%; NYMEX palladium inventory was 210,908 troy ounces, unchanged [5]. Positions - NYMEX total platinum position was 78,337, down 0.90%; non - commercial net long position of platinum was 17,594, down 2.85%. NYMEX total palladium position was 19,483, up 0.69%; non - commercial net long position of palladium was 579, up 111.57% [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On January 14, platinum and palladium prices generally rose. The PT2606 contract closed up 3.67% to $630.6 per gram, and the PD2606 contract closed up 1.69% to $495.5 per gram. The escalating geopolitical situation in Iran has boosted the precious metals market, and platinum and palladium have followed the upward trend. However, the better-than-expected US retail sales data and higher PPI in November indicate that the US economy is still performing well, and the probability of interest rate cuts in the short term is low. The price movement of platinum and palladium may still fluctuate as the results of the US 232 investigation are about to be announced. In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern. In the long - term, considering the supply - demand gap of platinum and the relatively loose supply of palladium, strategies such as buying platinum at low prices or implementing a [long platinum, short palladium] arbitrage strategy can be considered [6]. Group 3: Summary by Related Catalogs Price Information - **Domestic Prices**: The closing price of platinum futures was $630.65, up 4.23% from the previous value; the spot price of platinum (99.95%) was $626, up 5.39%; the platinum basis (spot - futures) was -$4.65, down 57.92%. The closing price of palladium futures was $495.5, up 2.53%; the spot price of palladium (99.95%) was $476, up 2.48%; the palladium basis was -$19.5, up 4.00% [4]. - **International Prices (15:00)**: London spot platinum was $2390.2, up 3.28%; London spot gold was $1861.863, up 3.65%; NYMEX platinum was $2408.5, up 3.73%; NYMEX gold was $1924, up 3.83% [4]. - **Internal - External 15:00 Spread**: The US dollar/Chinese yuan central parity rate was 7.012, up 0.02%. The spread between Guangdong platinum and London platinum was $21.75, up 39.17%; the spread between Guangdong platinum and NYMEX platinum was $17.09, up 25.03% [4]. Ratio and Inventory Information - **Ratios**: The ratio of Guangdong Futures Exchange platinum to palladium was 1.2728, an increase of 0.0207; the ratio of London spot platinum to palladium was 1.2838, a decrease of 0.0046 [5]. - **Inventory (in troy ounces)**: NYMEX platinum inventory was 624,345, unchanged; NYMEX palladium inventory was 210,908, unchanged. Note that due to inconsistent closing times, some platinum and palladium inventory and position data are lagging [5][6]. Position Information - **Total Positions**: NYMEX total platinum positions decreased by 4.57% to 82,836; NYMEX total palladium positions decreased by 6.04% to 19,349 [5]. - **Non - commercial Net Long Positions**: NYMEX non - commercial net long platinum positions increased by 0.38% to 18,110; NYMEX non - commercial net long palladium positions decreased by 201.40% to - 571 [5].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - On January 13, platinum and palladium prices generally declined. The PT2606 contract closed down 3.32% to 605.05 yuan/gram, and the PD2606 contract closed down 5.22% to 483.25 yuan/gram. Due to geopolitical tensions, the Fed's independence crisis, and the lower-than-expected core CPI in the US in December leading to increased attention on interest rate cuts, precious metal prices rose significantly again, and platinum and palladium may follow the upward trend. However, from a fundamental perspective, the upward logic of platinum and palladium is not as strong as that of precious metals. As the results of the US 232 investigation are about to be announced, their price movements may still be volatile. In the short term, platinum and palladium are expected to maintain a range-bound pattern, and it is recommended to closely monitor the results of the US 232 investigation. In the long term, with a supply gap in platinum and a tendency towards a loose supply in palladium, the strategy can be to allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6] Group 3: Summary by Relevant Catalogs Domestic Prices - Platinum futures main contract closing price: 605.05 yuan/gram, previous value 622.8 yuan/gram, down 2.85%. - Spot platinum (99.95%): 594 yuan/gram, previous value 611 yuan/gram, down 2.78%. - Platinum basis (spot - futures): -11.05 yuan/gram, previous value -11.8 yuan/gram, down 6.36%. - Palladium futures main contract closing price: 483.25 yuan/gram, previous value 505.1 yuan/gram, down 4.33%. - Spot palladium (99.95%): 464.5 yuan/gram, previous value 477.5 yuan/gram, down 2.72%. - Palladium basis (spot - futures): -18.75 yuan/gram, previous value -27.6 yuan/gram, down 32.07% [4] International Prices (15:00) - London spot platinum: $2314.3/ounce, previous value $2349.286/ounce, down 1.49%. - London spot palladium: $1796.275/ounce, previous value $1872.791/ounce, down 4.09%. - NYMEX platinum: $2322/ounce, previous value $2376/ounce, down 2.27%. - NYMEX palladium: $1853/ounce, previous value $1935/ounce, down 4.24% [4] Internal - External 15:00 Spread - USD/CNY central parity rate: 7.0103, previous value 7.0108, down 0.01%. - Guangzhou platinum - London platinum: 15.63 yuan/gram, previous value 24.43 yuan/gram, down 36.01%. - Guangzhou platinum - NYMEX platinum: 13.67 yuan/gram, previous value 17.62 yuan/gram, down 22.44%. - Guangzhou palladium - London palladium: 25.76 yuan/gram, previous value 28.09 yuan/gram, down 8.29%. - Guangzhou palladium - NYMEX palladium: 11.32 yuan/gram, previous value 12.25 yuan/gram, down 7.60% [4][5] Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.2520, previous value 1.2330, up 0.0190. - London spot platinum/palladium ratio: 1.2884, previous value 1.2544, up 0.0340 [5] Inventories - NYMEX platinum inventory: 624,755 troy ounces, previous value 625,015 troy ounces, down 0.04%. - NYMEX palladium inventory: 211,306 troy ounces, previous value 211,306 troy ounces, unchanged [5] Positions - NYMEX total platinum positions: 82,836, previous value 79,050, down 4.57%. - NYMEX non - commercial net long positions in platinum: 18,110, previous value 18,042, up 0.38%. - NYMEX total palladium positions: 19,349, previous value 20,593, down 6.04%. - NYMEX non - commercial net long positions in palladium: -571, previous value 579, down 201.40% [5]

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report - On January 12, platinum and palladium prices generally rose. The PT2606 contract closed up 4.65% to 622.8 yuan/gram, and the PD2606 contract closed up 3.59% to 505.1 yuan/gram. Macro - level factors such as geopolitical tensions, a criminal investigation into Fed Chairman Powell weakening Fed independence, and lower - than - expected US non - farm payrolls in December boosted platinum and palladium prices. The upcoming release of the US 232 investigation results, with market expectations of possible import tariffs on platinum and palladium (especially palladium), also supported the prices. - In the short term, platinum and palladium are expected to maintain a moderately strong trading range. It is recommended to closely monitor the results of the US 232 investigation. - In the long - term, with a supply - demand gap for platinum and a trend towards supply loosening for palladium, the strategy can be to allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Relevant Catalog Domestic Prices (yuan/gram) - **Platinum**: The platinum futures main contract closing price was 622.8 yuan/gram (previous value 599.8 yuan/gram, up 3.83%), the spot platinum (99.95%) price was 611 yuan/gram (previous value 580 yuan/gram, up 5.34%), and the basis (spot - futures) was - 11.8 yuan/gram (previous value - 19.8 yuan/gram, down 40.40%) [4]. - **Palladium**: The palladium futures main contract closing price was 505.1 yuan/gram (previous value 499.05 yuan/gram, up 1.21%), the spot palladium (99.95%) price was 477.5 yuan/gram (previous value 455 yuan/gram, up 4.95%), and the basis (spot - futures) was - 27.6 yuan/gram (previous value - 44.05 yuan/gram, down 37.34%) [4]. International Prices (15:00, dollars/ounce) - **Platinum**: London spot platinum was 2349.286 dollars/ounce (previous value 2279 dollars/ounce, up 3.08%), NYMEX platinum was 2376 dollars/ounce (previous value 2289.5 dollars/ounce, up 3.78%) [4]. - **Palladium**: London spot palladium was 1872.791 dollars/ounce (previous value 1851.135 dollars/ounce, up 1.17%), NYMEX palladium was 1935 dollars/ounce (previous value 1916.5 dollars/ounce, up 0.97%) [4]. Internal - External 15:00 Price Differences (yuan/gram) - **Platinum**: The price difference between domestic platinum and London platinum was 24.43 yuan/gram (previous value 19.16 yuan/gram, up 27.47%), and the price difference between domestic platinum and NYMEX platinum was 17.62 yuan/gram (previous value 16.49 yuan/gram, up 6.88%) [4]. - **Palladium**: The price difference between domestic palladium and London palladium was 27.42 yuan/gram (previous value 28.09 yuan/gram, down 2.44%), and the price difference between domestic palladium and NYMEX palladium was 12.25 yuan/gram (previous value 10.77 yuan/gram, up 13.72%) [5]. Ratios - The ratio of platinum to palladium on the Guangzhou Futures Exchange was 1.2330 (previous value 1.2019, an increase of 0.0311), and the ratio of London spot platinum to palladium was 1.2544 (previous value 1.2311, an increase of 0.0233) [5]. Inventory (troy ounces) - NYMEX platinum inventory was 624755 troy ounces (previous value 625015 troy ounces, down 0.04%), and NYMEX palladium inventory was 211306 troy ounces (previous value 211306 troy ounces, unchanged) [5]. Positions - NYMEX total platinum position was 82836 (previous value 79050, down 4.57%), non - commercial net long platinum position was 18110 (previous value 18042, up 0.38%). NYMEX total palladium position was 19349 (previous value 20593, down 6.04%), non - commercial net long palladium position was - 571 (previous value 284, down 201.40%) [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On January 9th, platinum and palladium prices generally rose, with palladium showing significant increases due to the market's early anticipation of potential tariffs on key minerals. The PT2606 contract for platinum closed up 1.11% at 598.8 yuan/gram, and the PD2606 contract for palladium closed up 6.01% at 499.05 yuan/gram [6]. - Geopolitical tensions and the lower - than - expected US December non - farm payrolls supported platinum and palladium prices. The market anticipates that the US may impose import tariffs on platinum and palladium following the upcoming 232 investigation results, leading to palladium outperforming platinum recently. This is evidenced by the increasing palladium inventory in New York and the expanding price difference between London and New York palladium. EEFs show implied tariff pricings of about 7% for platinum and 12% for palladium [6]. - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern. It is recommended to closely monitor the results of the US 232 investigation. In the long term, with a supply - demand gap for platinum and a relatively loose supply for palladium, strategies could include allocating platinum at low prices or using a "long platinum, short palladium" arbitrage strategy [6]. 3. Summary by Relevant Categories Price Changes - **Domestic Prices**: Platinum futures' main contract closing price was 599.8 yuan/gram, up 4.31% from the previous value; the spot price of platinum (99.95%) was 580 yuan/gram, down 0.68%. The platinum basis (spot - futures) was - 19.8 yuan/gram, down 320.00%. Palladium futures' main contract closing price was 499.05 yuan/gram, up 8.32%; the spot price of palladium (99.95%) was 455 yuan/gram, unchanged. The palladium basis (spot - futures) was - 44.05 yuan/gram, up 672.81% [4]. - **International Prices (15:00)**: London spot platinum was $2279 per ounce, up 2.97%; London spot gold was $1851.135 per ounce, up 7.17%. NYMEX platinum was $2289.5 per ounce, up 3.89%; NYMEX palladium was $1916.5 per ounce, up 8.46% [4]. - **Internal - External Price Differences (15:00)**: The US dollar/Chinese yuan central parity rate was 7.0128, down 0.10%. The price difference between domestic platinum and London platinum was 19.16 yuan/gram, up 81.30%; the difference between domestic platinum and NYMEX platinum was 16.49 yuan/gram, up 26.88%. The difference between domestic palladium and London palladium was 27.42 yuan/gram, up 35.75%; the difference between domestic palladium and NYMEX palladium was 10.77 yuan/gram, up 6.99% [4][5]. Ratio and Inventory Data - **Ratios**: The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2481, down 0.0462; the ratio of London spot platinum to palladium was 1.2311, down 0.0502 [5]. - **Inventory**: NYMEX platinum inventory was 624,755 troy ounces, down 0.04%; NYMEX palladium inventory was 211,306 troy ounces, unchanged. Note that due to inconsistent closing times, some platinum and palladium inventory and position data are lagged [5][6]. Position Data - NYMEX total platinum position was 82,836, down 4.57%. Non - commercial net long position in platinum was 18,110, up 0.38%. NYMEX total palladium position was 19,349, down 6.04%. Non - commercial net long position in palladium was - 571, down 201.40% [5].