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]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On February 9, platinum and palladium prices rose overall. The PT2606 contract closed up 10.158% to 545.05 yuan/gram, and the PD2606 contract closed up 7.59% to 438.15 yuan/gram. The decline of the US dollar index and the recovery of market liquidity led to a rebound in US stocks, Bitcoin, gold, and silver, and platinum and palladium also followed suit. Fundamentally, the plans of Western countries regarding key minerals will support platinum and palladium prices, but there is no significant short - term change in their fundamentals, so the upside space may be limited. In the short term, platinum and palladium prices are expected to continue a wide - range fluctuation pattern. In the long term, the supply - demand prospects of platinum and palladium are different. There is a supply gap for platinum, while palladium tends to have a loose supply. It is recommended to configure palladium unilaterally at low prices or continue to pay attention to the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Relevant Catalogs Price Information - **Domestic Prices**: The closing price of the platinum futures main contract was 545.05 yuan, up 7.72% from the previous value; the spot price of platinum (99.95%) was 539 yuan, up 5.07%; the platinum basis (spot - futures) was - 6.05 yuan/gram, down 186.43%. The closing price of the lithium futures main contract was 438.15 yuan, up 6.74%; the spot price of lithium (99.95%) was 438 yuan, up 4.78%; the lithium basis (spot - futures) was - 0.15 yuan, down 102.00% [4]. - **International Prices**: The London spot platinum price at 15:00 was 2105.96 US dollars, up 7.39%; the London spot palladium price was 1740.136 US dollars/ounce, up 6.91%. The NYMEX platinum price was 2117.4 US dollars, up 8.93%; the NYMEX palladium price was 1759 US dollars, up 8.55% [4]. - **Exchange Rate and Spread**: The US dollar/yuan central parity rate at 15:00 was 6.9523, down 0.10%. The spread between Guangzhou platinum and London platinum was 13.13 yuan, up 28.52%; the spread between Guangzhou platinum and NYMEX platinum was 10.24 yuan, down 29.57% [4]. Ratio and Inventory Information - **Ratios**: The ratio of Guangzhou Futures Exchange platinum/palladium was 1.2326, with a change of 0.0113; the ratio of London spot platinum/palladium was 1.2102, with a change of 0.0054 [5]. - **Inventory**: The NYMEX platinum inventory was 190,874 troy ounces, with a 0.00% change; the NYMEX palladium inventory was 662,619 troy ounces, down 2.44% [5]. Position Information - **Total Positions**: The total position of NYMEX platinum was 73,590, down 7.37%; the total position of NYMEX palladium was 17,304, down 9.51% [5]. - **Non - commercial Net Long Positions**: The non - commercial net long position of NYMEX platinum was 13,106, down 5.86%; the non - commercial net long position of NYMEX palladium was 1,133, up 65.64% [5].

Report Overview - The report is a daily data report on platinum and palladium, provided by the Precious Metals and New Energy Research Center of Guomao Futures Research Institute, dated February 5, 2026 [2][3] Investment Rating - Not provided Core View - On February 4, platinum and palladium prices rebounded overall. The PT2606 contract closed up 6.72% to 599.85 yuan/gram, and the PD2606 contract closed up 6.29% to 461 yuan/gram. In the short term, platinum and palladium prices are expected to move strongly in a wide range. In the long - term, the supply - demand prospects of platinum and palladium are different. It is recommended to configure platinum on dips unilaterally or focus on the "long platinum, short palladium" arbitrage strategy [6] Data Summary Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 599.85 (previous value 572.95, up 4.69%) - Platinum spot price: 573.5 (previous value 548, up 4.65%) - Platinum basis (spot - futures): - 26.35 (previous value - 24.95, up 5.61%) - Lithium futures main contract closing price: 461 (previous value 450.55, up 2.32%) - Lithium spot price: 449 (previous value 439, up 2.28%) - Lithium basis (spot - futures): - 12 (previous value - 11.55, up 3.90%) [4] International Prices (15:00, dollars/ounce) - London spot platinum: 2322.4 (previous value 2199.613, up 5.58%) - London spot palladium: 1802.914 (previous value 1786.257, up 0.93%) - NYMEX platinum: 2304.6 (previous value 2194.9, up 5.00%) - NYMEX palladium: 1804 (previous value 1786, up 1.01%) [4] Internal - External 15:00 Spread (yuan/gram) - Dollar/yuan central parity rate: 6.9533 (previous value 6.9608, down 0.11%) - Spread between domestic platinum and London platinum: 13.18 (previous value 16.69, down 21.08%) - Spread between domestic platinum and NYMEX platinum: 17.67 (previous value 17.89, down 1.20%) [4] Platinum - Palladium Ratio - Guangzhou Futures Exchange platinum/palladium ratio: 1.3012 (previous value 1.2717, change 0.0295) - London spot platinum/palladium ratio: 1.2881 (previous value 1.2314, change 0.0567) [5] Inventory (troy ounces) - NYMEX platinum inventory: 655182 (previous value 655182, change 0.00%) - NYMEX palladium inventory: 224021 (previous value 224021, change 0.00%) [5] Position - NYMEX total position of platinum: 79009 (previous value 79441, down 0.55%) - NYMEX non - commercial net long position of platinum: 15124 (previous value 13922, up 7.95%) - NYMEX total position of palladium: 19123 (previous value 19167, down 0.23%) - NYMEX non - commercial net long position of palladium: 684 (previous value 888, down 22.97%) [5] Factors Affecting Prices - Macro aspect: The sentiment of the precious metals market continued to recover. The uncertainty of the geopolitical situation between the US and Iran resurfaced, and the ADP employment number in the US in November was lower than expected, which supported platinum and palladium prices - Fundamental aspect: Trump's plan to reform the $12 billion strategic reserve of critical minerals and the EU's consideration of new sanctions on Russian - exported platinum are beneficial to platinum and palladium prices [6]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - On January 27, platinum and palladium prices generally declined. The PT2606 contract closed down 4.61% to 705.7 yuan/gram, and the PD2606 contract closed down 2.08% to 523 yuan/gram [6]. - Macro - level factors: Trump's statement on the Iran situation eased Middle East geopolitical tensions, combined with profit - taking pressure in the precious metals market and insufficient market liquidity, causing the sector to fall back. Platinum and palladium also declined, but due to high international order uncertainty, a weakening US dollar index, their prices still have support [6]. - Fundamental aspects: There are no major changes. High overseas platinum spot lease rates highlight its shortage, supporting its price. The US decision to postpone import tariffs on key minerals eases tariff risks for platinum and palladium, but may limit their upside in the future [6]. - Short - term outlook: Platinum and palladium prices are expected to be relatively strong but with high volatility. Long - term: The supply - demand prospects of platinum and palladium differ. There is still a supply gap for platinum, while palladium supply is becoming more abundant. It is recommended to allocate platinum unilaterally at low prices or continue to focus on the [long platinum, short palladium] arbitrage strategy [6]. Summary by Relevant Catalogs Domestic Prices - Platinum: The platinum futures main contract closing price was 705.7 yuan/gram, down 5.24% from the previous value; the spot price of platinum (99.95%) was 675 yuan/gram, down 7.91%. The basis (spot - futures) was - 30.7 yuan/gram, up 162.39% [4]. - Palladium: The palladium futures main contract closing price was 523 yuan/gram, down 2.21% from the previous value; the spot price of palladium (99.95%) was 500 yuan/gram, down 4.58%. The basis (spot - futures) was - 23 yuan/gram, up 112.96% [4]. International Prices - London spot platinum was 2704.512 US dollars/ounce, down 5.15%; London spot palladium was 2000.469 US dollars/ounce, down 2.69% [4]. - NYMEX platinum was 2701.4 US dollars/ounce, down 5.45%; NYMEX palladium was 2033 US dollars/ounce, down 3.08% [4]. Internal - External 15 - point Spread - The US dollar/Chinese yuan central parity rate was 6.9858, up 0.02%. The spread between Guangdong platinum and London platinum was 19.30 yuan/gram, down 8.87%; the spread between Guangdong platinum and NYMEX platinum was 20.09 yuan/gram, up 1.83% [4]. - The spread between Guangdong palladium and London palladium was 13.17 yuan/gram (previous value 15.29), up 16.08%; the spread between Guangdong palladium and NYMEX palladium was 7.03 yuan/gram (previous value 2.58), up 172.93% [5]. Price Ratios and Inventory - Platinum - palladium price ratios: The Guangdong Futures Exchange platinum/palladium ratio was 1.3493, down 0.0432; the London spot platinum/palladium ratio was 1.3519, down 0.0351 [5]. - Inventory: NYMEX platinum inventory was 665188 troy ounces, down 0.11%; NYMEX palladium inventory was 224021 troy ounces, up 3.59% [5]. Positions - NYMEX total platinum position was 78337, up 0.86%; NYMEX non - commercial net long position for platinum was 15124, down 14.04% [5]. - NYMEX total palladium position was 19167, down 1.62%; NYMEX non - commercial net long position for palladium was 1225, down 27.51% [5].

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].