1. Report Industry Investment Rating - No information provided in the documents 2. Core View of the Report - The report maintains a bullish outlook on platinum and palladium in the long - term, but in the short - term, the prices are more volatile due to technical corrections and Fed personnel changes. As of March 3, 2026, platinum and palladium have fallen 21.4% and 19.7% respectively from their January highs, and have also significantly retreated from their February 24 repair highs. The main short - term disturbance is Trump's nomination of Kevin Warsh as the next Fed Chair. Despite short - term uncertainties, in the long - run, factors such as the weakening of the US dollar's credit, the global central bank's gold - buying spree, and the supply - demand situation in the platinum and palladium industries support the prices [4]. 3. Summary According to Related Catalogs 3.1 Futures Market - **Platinum Futures**: For contracts pt2606, pt2608, and pt2610, the current prices are 505.85, 504.20, and 500.55 respectively. The price increases are 26.95, 25.55, and 25.70, with corresponding increases of 5.63%, 5.34%, and 5.41%. The trading volumes are 8038, 258, and 117 respectively, and the open interests are all 13033 [1]. - **Palladium Futures**: For contracts pd2606, pd2608, and pd2610, the current prices are 368.55, 368.15, and 368.35 respectively. The price increases are 17.80, 19.85, and 17.80, with corresponding increases of 5.07%, 5.70%, and 5.08%. The trading volumes are 5453, 65, and 72 respectively, and the open interests are all 4522 [1]. 3.2 Spot Market - **Platinum Spot**: The Shanghai platinum price increased by 34.26 to 509.42, with an increase of 0.072%. The London platinum price increased by 58.00 to 1950.00, with an increase of 0.031%. The prices of Zhou Dafu and Lao Fengxiang platinum are 783.00 and 850.00 respectively, with the former increasing by 54.00 (0.074%) and the latter remaining unchanged [1]. - **Palladium Spot**: The Chinese palladium price increased by 13.00 to 361.00, with an increase of 0.037%. The Russian palladium price decreased by 5.79 to 3769.05, with a decrease of 0.002% [1]. 3.3 Inventory - **Platinum Inventory**: The NYMEX platinum inventory and registered warehouse receipts remained unchanged at 579,273.64 ounces and 308,556.37 ounces respectively. The Shanghai Gold Exchange's platinum trading volume increased by 24.0 kilograms to 68.00 kilograms, and the trading value increased by 1371.30 ten - thousand yuan to 3462.82 ten - thousand yuan [1]. - **Palladium Inventory**: The NYMEX palladium inventory and registered warehouse receipts remained unchanged at 248,373.69 ounces and 211,887.35 ounces respectively [1]. 3.4 Related Derivatives and Indexes - **Related Indexes**: The US dollar index increased by 0.40 to 99.63, the S&P 500 index increased by 35.53 to 6591.90, the US Treasury yield decreased by 0.06 to 4.33, the Nasdaq index increased by 167.94 to 21929.83, the Dow Jones index increased by 305.43 to 46429.49, and the US dollar - RMB exchange rate remained unchanged at 6.89 [1]. - **Related Derivatives**: For Shanghai gold contracts 2604, 2606, and 2608, the prices increased by 33.76, 34.16, and 34.40 respectively. For Shanghai silver contracts 2604, 2606, and 2608, the prices increased by 979, 1026, and 1057 respectively [1]. 3.5 Macroeconomic News - **Fed Policy**: The Fed kept the federal funds rate target range at 3.50% - 3.75%, with a 11 - 1 vote. Fed Governor Milan opposed the decision, advocating a 25 - basis - point rate cut. The dot - plot shows only one rate cut in 2026 and 2027 each, indicating a more conservative rate - cut path [2]. - **Geopolitical Event**: The military strikes by the US and Israel against Iran have disrupted shipping in the Strait of Hormuz [2]. - **Fed Chair Nomination**: Trump nominated Kevin Warsh as the next Fed Chair, but the nomination needs Senate approval. Some senators oppose the nomination [2]. - **China's Central Bank Policy**: The People's Bank of China held a 2026 payment and settlement work conference, aiming to promote the high - quality development of the modern payment system, including accelerating the construction of the RMB cross - border payment system and strengthening regulatory measures [3].

Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4] Core Viewpoint of the Report - The long - term core logic for platinum and palladium remains unchanged, but short - term fluctuations are intensified due to technical corrections and Fed personnel changes. Although prices have rebounded from the lows in late January, they have not fully recovered the previous declines. The nomination of Kevin Warsh by Trump as the next Fed Chair is a core disturbance. Macro factors and industry - end fundamentals support the long - term upward trend [4] Summary by Relevant Catalogs Futures Market - **Prices and Changes**: For platinum futures (pt2606, pt2608, pt2610), the current prices are 523.80, 517.10, and 509.20 respectively, with price drops of - 21.35, - 22.15, and - 25.40 and percentage drops of - 3.92%, - 4.11%, and - 4.75%. For palladium futures (pd2606, pd2608, pd2610), the current prices are 416.80, 410.00, and 409.15 respectively, with price drops of - 13.35, - 17.60, and - 18.45 and percentage drops of - 3.10%, - 4.12%, and - 4.31% [1] - **Trading Volume and Open Interest**: The open interest for platinum futures is 12639 for all three contracts, and the trading volumes are 6333, 216, and 118 respectively. For palladium futures, the open interest is 4196 for all three contracts, and the trading volumes are 3225, 57, and 93 respectively [1] - **Spot Premium**: The spot premiums for platinum futures are 1.25, 7.95, and 15.85 respectively, and for palladium futures are - 6.8, 0, and 0.85 respectively [1] Spot Market - **Prices and Changes**: The previous closing prices of Shanghai platinum, London platinum, Chow Tai Fook platinum, Lao Fengxiang platinum, Chinese palladium, and Russian palladium are 525.05, 2145.00, 836.00, 960.00, 410.00, and 4123.41 respectively. The price changes are - 15.99, 24.00, 31.00, 0.00, - 9.00, and - 136.93 respectively, and the percentage changes are - 0.030%, 0.011%, 0.039%, 0.000%, - 0.021%, and - 0.032% respectively [1] - **Price Ratios**: The current values of platinum/palladium, Shanghai platinum/London platinum, pt2608 - pt2606, pt2610 - pt2606, Chinese palladium/Russian palladium, and pd2608 - pd2606 are 1.28, 1.06, - 6.70, - 14.60, 1.08, and - 6.80 respectively, with corresponding previous values of 1.78, - 2.88, - 9.10, - 11.10, 0.72, and 0.00 [1] Inventory - **Platinum and Palladium Inventory**: The current NYMEX platinum inventory is 578,195.22 ounces, the registered warehouse receipts are 313,567.94 ounces, the Shanghai Gold Exchange's trading volume is 0.00 (in ten thousand yuan), and the trading volume is 0.00 (in kilograms). The current NYMEX palladium inventory is 186,268.54 ounces, and the registered warehouse receipts are 148,317.64 ounces. There are no changes compared to the previous values [1] Related Derivatives and Market Indicators - **Market Indicators**: The current values of the US dollar index, S&P 500 index, US Treasury yield, Nasdaq index, Dow Jones index, and US dollar - RMB exchange rate are 97.74, 6,837.75, 4.03, 22,627.27, 48,804.06, and 0.00 respectively. The changes compared to the previous values are 0.00, - 71.76, - 0.05, - 258.80, - 821.91, and 0.00 respectively [1] - **Futures of Gold and Silver**: The current prices of Shanghai gold futures (2604, 2606, 2608) are 1110.10, 1113.46, and 1116.38 respectively, with price drops of - 16.02, - 16.28, and - 15.44. The current prices of Shanghai silver futures (2604, 2606, 2608) are 19782.00, 19570.00, and 19432.00 respectively, with price drops of - 844, - 778, and - 608 [1] Macro News - **Fed Policy**: The Fed maintains the benchmark interest rate at 3.50% - 3.75%, pausing after three consecutive 25 - basis - point rate cuts, which is in line with market expectations. Fed Chair candidate Waller supports a 25 - basis - point rate cut, consistent with Trump - appointed director Milan [2] - **Fed Chair Nomination**: Trump nominates former Fed governor Kevin Warsh as the next Fed Chair, but the nomination needs Senate approval. Some senators oppose the nomination [2] - **China's Economic Data**: In January 2026, China's manufacturing market demand tightened, but production expanded, and the industrial structure continued to optimize. The manufacturing PMI was 49.3%, down 0.8 percentage points from the previous month. The PMIs of the equipment manufacturing and high - tech manufacturing industries were 50.1% and 52% respectively, showing stable and positive development [2] - **PBOC Meeting**: The People's Bank of China requires promoting the high - quality development of the modern payment system in 2026, including accelerating the construction of the RMB cross - border payment system, strengthening regulatory measures, and improving payment services [3] Comments and Strategies - **Price Trends**: As of February 24, 2026, NYMEX platinum and palladium prices have rebounded from the lows in late January, but have not fully recovered the previous declines. The nomination of Kevin Warsh has short - term impacts on prices [4] - **Macro Factors**: The judicial investigation of Powell shakes the US dollar's credit, the global central bank gold - buying wave continues, and the geopolitical risks in Greenland provide support. The expectation of a Fed rate cut in June remains unchanged [4] - **Industry - End Fundamentals**: There is a clear supply - demand gap for platinum, with surging hydrogen energy demand and South African production constraints. Palladium supply is rigid, and demand is supported by hybrid vehicle demand and strict emission policies [4]