Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The platinum and palladium markets rebounded during intraday trading today but fell sharply due to market sentiment. The prices of platinum and palladium have been following the trends of gold and silver recently, with macro - narratives driving price fluctuations. The market trading sentiment has improved, but the strengthening of the US dollar and US bond yields has created strong upward resistance. In the short term, due to many macro - level disturbances, high market volatility may continue, and the subsequent development of the US - Iran situation needs to be observed. It is recommended to conduct light - position range - bound trading [2]. 3. Summary by Directory 3.1 Futures Market - Platinum's main contract closing price (daily, yuan/gram) is 563.95, up 3.55; palladium's main contract closing price (daily, yuan/gram) is 428.00, down 3.95. - Platinum's main contract open interest (daily, lots) is 10387.00, down 277.00; palladium's main contract open interest (daily, lots) is 3179.00, up 90.00 [2]. 3.2 Spot Market - The Shanghai Gold Exchange's platinum spot price (Pt9995) is 554.25, up 2.57; the Yangtze River's average palladium spot price is 392.00, unchanged. - Platinum's main contract basis (daily, yuan/gram) is - 9.70, down 0.98; palladium's main contract basis (daily, yuan/gram) is - 36.00, up 3.95 [2]. 3.3 Supply - Demand Situation - Platinum's CFTC non - commercial long positions (weekly, contracts) are 9966.00, down 243.00; palladium's CFTC non - commercial long positions (weekly, contracts) are 3003.00, down 342.00. - The total supply of platinum in 2025 is expected to be 220.40 tons, down 0.80; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00. - The total demand for platinum in 2025 is expected to be 261.60 tons, up 25.60; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 [2]. 3.4 Macro Data - The US dollar index is 98.80, down 0.47; the 10 - year US Treasury real yield is 1.80%, up 0.03. - The VIX volatility index is 21.15, down 2.42 [2]. 3.5 Industry News - The US Secretary of Defense said that the US - Iran conflict may last for 8 weeks or longer, and the US will control the rhythm and intensity of the operation. NATO's interception of Iranian missiles will not trigger the collective defense clause. - The US Treasury Secretary said that the tariff rate will soon return to the level before the Supreme Court rejected Trump's reciprocal tariffs and that the US may adopt a 15% global tariff rate this week. - US President Trump officially nominated Kevin Warsh as the next Fed Chairman. If confirmed by the Senate, Warsh will replace the current Fed Chairman Powell for a four - year term. - The US ADP employment in February increased by 63,000, the largest increase since November 2025, with an expected increase of 50,000. The previous value was revised from an increase of 22,000 to an increase of 11,000. The US ISM services PMI in February was 56.1, significantly rebounding from 53.8 in January, higher than the market expectation of 53.5 and reaching the fastest expansion rate since August 2022. - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in March is 2.7%, and the probability of keeping interest rates unchanged is 97.3%. The probability of a cumulative 25 - basis - point rate cut by April is 12.5%, the probability of keeping interest rates unchanged is 87.3%, and the probability of a cumulative 50 - basis - point rate cut is 0.3%. The probability of a cumulative 25 - basis - point rate cut by June is 32.1% [2]. 3.6 Key Points to Watch - At 20:30 on March 5th, the US January trade balance data and the US February Challenger job - cut data will be released [2].