Report Industry Investment Rating - Platinum: Mainly fluctuating [1] - Palladium: Narrow - range fluctuations [1] Core Viewpoints - The report presents the price, trading volume, position, ETF position, inventory, price difference, and exchange rate data of platinum and palladium, as well as relevant macro and industry news [2][4][5] Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 497.50 with a 0.90% increase; gold - exchange platinum closed at 489.65 with a 2.64% increase; New York platinum main - continuous (previous day) was 1892.90 with a 1.42% increase; London spot platinum (previous day) was 1899.00 with a 1.87% increase. Palladium futures 2606 closed at 357.30 with a - 0.25% change; RMB spot palladium was 327.00 with a - 0.91% change; New York palladium main - continuous (previous day) was 1413.50 with a - 0.67% change; London spot palladium (previous day) was 1407.50 with a 2.03% increase [2] - **Trading Volume and Position Data**: Guangzhou platinum trading volume was 5900 kg, a decrease of 146 kg from the previous day, and the position was 22154, an increase of 587. NYMEX platinum trading volume was 23068 kg, a decrease of 9452 kg from the previous day, and the position was 72515, an increase of 3314. Guangzhou palladium trading volume was 2757 kg, a decrease of 175 kg from the previous day, and the position was 8729. NYMEX palladium trading volume was 11574 kg, a decrease of 283 kg from the previous day, and the position was 46201, a decrease of 224 [2] - **ETF Position Data**: Platinum ETF position (previous day) was 3046322 ounces, a decrease of 12534 ounces. Palladium ETF position (previous day) was 1048197 ounces, a decrease of 1489 ounces [2] - **Inventory Data**: NYMEX platinum inventory (previous day) was 554241 ounces, a decrease of 4527 ounces. NYMEX palladium inventory (previous day) was 248374 ounces, with no change [2] - **Price Difference Data**: PT9995 to PT2606 price difference was - 7.85, an increase of 8.16 from the previous day; Guangzhou platinum 2606 contract to 2610 contract price difference was 3.00, a decrease of 0.70 from the previous day; the cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 6.16, an increase of 0.05 from the previous day; the price difference between Guangzhou platinum main contract and London platinum (considering VAT) was 20.38, a decrease of 4.58 from the previous day. The price difference between RMB spot palladium and PD2606 was - 30.30, a decrease of 2.10 from the previous day; Guangzhou palladium 2606 contract to 2610 contract price difference was - 0.20, a decrease of 0.90 from the previous day; the cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 4.50, a decrease of 0.01 from the previous day; the price difference between Guangzhou palladium main contract and London palladium (considering VAT) decreased by 8.15 [2] - **Exchange Rate Data**: The US dollar index was 100.51, an increase of 0.32%. The US dollar against the RMB (CNY spot) was 6.92, an increase of 0.06%. The US dollar against the offshore RMB (CNH spot) was 6.90, a decrease of 0.25%. The US dollar against the RMB (6M forward) was 6.82, an increase of 0.05% [2] Macro and Industry News - Policy is currently in a favorable position to wait and observe how the current situation develops [4] - Private credit does not currently have the conditions to evolve into a more widespread systemic event [5] - During Powell's speech, interest - rate futures showed that the market withdrew its bets on the Fed's rate hikes this year. As of this morning's press release, it was priced that there would be a rate cut of about 3BP by the end of the year [5] - Iran's parliament approved the collection of tolls on the strait, to be paid in the Iranian local currency [6] - An oil refinery in Haifa, Israel, caught fire in a missile attack, and Trump said the response "will come soon" [7] - Trump: He is having serious negotiations with Iran. If the negotiations break down, he will destroy Iran's energy, power facilities, and Kharg Island [8] - Iran's Foreign Ministry: The issue of withdrawing from the Treaty on the Non - Proliferation of Nuclear Weapons is being considered in parliament [9] - The White House: Trump hopes to reach an agreement with Iran before April 6. The dialogue with Iran is still ongoing and progressing smoothly. Trump intends to call on Arab countries to "pay for the war" [9] - Iran said the US requirements are illogical and will not participate in the war - related meeting led by Pakistan [9] - European officials said Iran is urging the Houthi armed forces to prepare for war in the Red Sea, and there are differences within the Houthi armed forces regarding the intensity of the strike [10] - Zelensky: Ukraine is ready to cease fire during Easter [12] - The EU Council extended the sanctions mechanism against Iran until April 13, 2027 [12] - US media: US federal prosecutors will investigate bets on the time of Maduro's arrest on a prediction platform [12] - Middle - East supply concerns have pushed Asian naphtha profits to a record high [12] - Fed Governor Milan: The Fed can gradually cut interest rates by one percentage point within a year [12] - Powell's speech: Energy shocks are usually short - lived, and the central bank's standard response is to "wait patiently for them to subside on their own" [12] Trend Intensity - Platinum trend intensity: 0; Palladium trend intensity: 0. The trend - intensity value ranges from - 2 to 2. - 2 means the most bearish, and 2 means the most bullish [11]

1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core Viewpoints of the Report - Last week, the Shanghai copper price slightly retraced. As of March 27, it closed at 95,930 yuan/ton, with a week-on-week decrease of 1.26%. Geopolitical conflicts in the Middle East and the strengthening of the US dollar index have suppressed copper prices. However, the significant reduction of domestic social inventories and the arrival of the peak copper consumption season will support copper prices [5]. - Affected by macro - factors, copper prices will first decline and then rise this week. Geopolitical conflicts in the Middle East, inflation, and the strengthening of the US dollar will continue to suppress copper prices. Fundamentally, the tight supply situation at the mine end continues, and some enterprises have signaled production cuts. Downstream demand is relatively active, and domestic inventories are significantly decreasing. Copper prices may maintain a volatile adjustment [10]. 3. Summary by Directory 3.1 Main Viewpoints and Strategies - **Market Review**: Last week, the Shanghai copper price slightly retraced. Geopolitical conflicts in the Middle East and the strengthening of the US dollar index have suppressed copper prices. The shortage at the mine end has not been substantially repaired, and the spot processing fee for copper concentrates remains at a historical low. Some enterprises have signaled production cuts, and domestic smelting enterprises will enter the peak maintenance period in the second quarter. The decline in copper prices has led to an increase in downstream orders and开工, and domestic copper inventories continue to decline [5]. - **Supply - side**: The shortage of copper concentrates persists. As of March 27, the domestic copper concentrate port inventory was 458,000 tons, a year - on - year decrease of 24.55%. The spot TC of copper concentrates has reached a historical low. The supply of scrap - produced blister copper and anode plates is relatively abundant, and the domestic blister copper processing fee is at a multi - year high [8][29]. - **Demand - side**: The decline in copper prices has led to an increase in the开工 rate of refined copper rods, and the copper foil industry has maintained a high level of prosperity. Last week (March 20 - March 26), the average weekly starting rate of domestic major refined copper rod enterprises was 83.17%, a week - on - week increase of 1.66 percentage points. The starting rates of copper foil, copper strip, and copper rod in February were 88.56%, 41.98%, and 22.78% respectively [8][32]. - **Inventory**: Domestic copper inventories continue to decline, while LME inventories continue to accumulate. As of March 27, the copper inventory on the Shanghai Futures Exchange was 35.91 tons, a week - on - week decrease of 12.65%. As of March 26, the copper inventory in the mainstream regions of the country was 427,400 tons, a decrease of 18.29% compared to March 19. As of March 27, the LME copper inventory was 360,300 tons, a week - on - week increase of 5.23%. The COMEX copper inventory was 588,900 short tons, a week - on - week increase of 0.04% [9][35]. - **Strategy Suggestion**: Affected by macro - factors, copper prices will first decline and then rise this week. Geopolitical conflicts in the Middle East, inflation, and the strengthening of the US dollar will continue to suppress copper prices. Fundamentally, the tight supply situation at the mine end continues, and some enterprises have signaled production cuts. Downstream demand is relatively active, and domestic inventories are significantly decreasing. Copper prices may maintain a volatile adjustment [10]. 3.2 Futures and Spot Market and Positioning - **Premium and Discount**: The significant decline in social inventories has led to a stable premium and discount of Shanghai copper in the game. The LME copper inventory continues to accumulate, the LME 0 - 3 discount continues to widen, and the New York - London copper price difference remains negative [16]. - **Domestic and Overseas Positions**: As of March 27, the trading volume and open interest of Shanghai copper have both decreased. As of March 20, the net long positions of LME copper investment companies and credit institutions increased by 59.95% week - on - week. As of March 24, the net long positions of COMEX copper asset management institutions decreased by 24.21% week - on - week [20]. 3.3 Fundamental Data - **Supply - side**: The shortage of copper concentrates persists. As of March 27, the domestic copper concentrate port inventory was 458,000 tons, a year - on - year decrease of 24.55%. The spot TC of copper concentrates has reached a historical low. The supply of scrap - produced blister copper and anode plates is relatively abundant, and the domestic blister copper processing fee is at a multi - year high. The electrolytic copper production in February was 1.1424 million tons, a month - on - month decrease of 3.13% and a year - on - year increase of 7.96%. It is expected that the electrolytic copper production in March will further increase [29]. - **Downstream Starting Rate**: The starting rates of copper foil, copper strip, and copper rod in February were 88.56%, 41.98%, and 22.78% respectively. The starting rate of copper foil is much higher than the same period in previous years. Last week (March 20 - March 26), the average weekly starting rate of domestic major refined copper rod enterprises was 83.17%, a week - on - week increase of 1.66 percentage points [32]. - **Inventory**: Domestic copper inventories continue to decline, while LME inventories continue to accumulate. As of March 27, the copper inventory on the Shanghai Futures Exchange was 35.91 tons, a week - on - week decrease of 12.65%. As of March 26, the copper inventory in the mainstream regions of the country was 427,400 tons, a decrease of 18.29% compared to March 19. As of March 27, the LME copper inventory was 360,300 tons, a week - on - week increase of 5.23%. The COMEX copper inventory was 588,900 short tons, a week - on - week increase of 0.04% [35].

1. Report Industry Investment Rating - Not available 2. Core Viewpoints - The US economy in the second quarter is facing a very complex situation, with the weak real - economy and rising inflation posing challenges to the economic outlook [11] - The Federal Reserve is expected to maintain a wait - and - see attitude in the second quarter [11] - The Iran - US war is likely to end in April, and inflation caused by the energy shock is temporary [11] - There is a trend of the US dollar index weakening in the second quarter [11] 3. Summary by Related Contents Economic Situation - The current US economic situation is complex. Although recent real - economy data has risen, the labor market shows signs of a trend of weakness, and it is expected to continue to deteriorate while the downward pressure on the real economy will increase [3] Inflation and Monetary Policy - Inflation will rise significantly due to the energy shock, but this energy price increase is more of a one - time shock. Central bank monetary policy will remain relatively cautious, and there is no obvious expectation of expanding easing in the second quarter [5] Real Estate Market - The real estate market remains weak. Due to the energy shock, the credit spread has begun to rise, further pressuring the weak real estate market. Attention should be paid to the evolution of the real - estate market's chain reaction in the second quarter, especially the negative impact of the real - estate market's negative feedback on the credit spread under the pressure of private fund redemptions [8] Dollar Index - The market expects the forward interest - rate cut rhythm to be postponed, and inflation pressure will cause the Federal Reserve to maintain relatively high interest rates. The energy crisis is likely to be resolved in the second quarter. The US dollar index may weaken in the second quarter if the energy crisis does not continue [10]

Domestic Economic Indicators - March PPI is expected to be around 0.6% month-on-month, with a year-on-year PPI of approximately 0.1%, potentially ending a 41-month streak of negative PPI[5] - From January to February, industrial profits increased by 15.2% year-on-year, with significant contributions from high-tech manufacturing and related raw material industries[5] Global Economic Risks - Two of the four major global economic pressures have emerged: oil prices exceeding $100 could lead to an early recession in the U.S.; the dollar index breaking 100 may pressure non-U.S. liquidity[5] - The 10-year U.S. Treasury yield surpassing 5% could burden U.S. fiscal health, while the S&P 500 index may adjust by 20% if it reaches its peak, as indicated by historical patterns[5] Market Trends - Oil prices are fluctuating around $100 per barrel, prompting significant political responses, while the dollar index has reached 100, leading to gold sell-offs by central banks in Poland and Turkey[5] - If the U.S. maintains control over the situation, a critical point may be reached in mid to late April, potentially improving global risk appetite[5] Monetary Policy and Liquidity - The central bank has continued net liquidity injections, with a total net injection of 281.9 billion yuan during the week of March 23-27[21] - The average rates for R001, DR001, R007, and DR007 were 1.3871%, 1.3179%, 1.5069%, and 1.4398%, respectively, showing minor fluctuations compared to the previous week[22] Government Debt Financing - Local government debt net financing was 1305.97 billion yuan, and national debt net financing was 948.10 billion yuan, totaling approximately 2254.07 billion yuan for the week[23] - Upcoming local government debt issuance is planned at 1184.24 billion yuan, with net financing expected to be 399.68 billion yuan[23] Stock Market Performance - Major indices in the A-share market experienced declines, with the ChiNext index showing the largest drop of 1.68%[39] - The U.S. stock market also faced downward pressure, with the Nasdaq index leading the decline at 3.23%[39]

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core Viewpoints of the Report - The copper market is facing a complex situation with macro uncertainties and micro improvements. The price of copper is supported within the range of 88,000 - 98,000 yuan/ton. Macro factors such as geopolitical risks in the Middle East and the strength of the US dollar have a significant impact on copper prices. Micro factors, including supply and demand dynamics and inventory changes, also play a role in price support. [3] 3. Summary by Relevant Catalogs 3.1 Trading End - **Volatility**: Volatility in INE, SHFE, COMEX, and LME has rebounded. LME copper price volatility is around 15%, and SHFE copper volatility is about 23%. [9] - **Term Spread**: The B - structure of SHFE copper has narrowed, and the LME copper spot discount has also narrowed. The COMEX copper near - end C - structure has expanded. [11][13] - **Position**: Positions in INE, SHFE, and LME copper have decreased. SHFE copper positions decreased by 40,000 to 534,000 hands. [14] - **Fund and Industry Positions**: The net short positions of LME commercial enterprises have decreased. The net long positions of CFTC non - commercial have also decreased. [19] - **Spot Premium**: The domestic copper spot discount has expanded, and the Yangshan Port copper premium has increased. The US copper premium remains at 7.5 cents/pound, Rotterdam copper premium at 190 dollars/ton, and Southeast Asian copper premium at 95 dollars/ton. [23][26] - **Inventory**: Global total copper inventory has decreased, with an increase in LME inventory and a significant decrease in social inventory. COMEX inventory has increased and is at a historically high level. [27][30] - **Position - to - Inventory Ratio**: The position - to - inventory ratio of LME copper has declined, and that of SHFE copper is at a relatively low level compared to the same period in history. [31] 3.2 Supply End - **Copper Concentrate**: Copper concentrate imports increased year - on - year, but processing fees continued to be weak. The port inventory of copper concentrate increased, and smelting losses narrowed. [34][37] - **Recycled Copper**: Recycled copper imports decreased year - on - year, while domestic production increased significantly. The scrap - to - refined copper price difference rebounded but was still below the break - even point, and import profitability narrowed. [38][43] - **Blister Copper**: Blister copper imports decreased month - on - month, and processing fees rebounded. [47] - **Refined Copper**: Domestic refined copper production increased year - on - year, imports decreased, and the profitability of copper spot imports narrowed. [50] 3.3 Demand End - **开工率**: In February, the operating rates of copper product enterprises rebounded month - on - month but were lower than the same period last year. The operating rate of wire and cable enterprises rebounded marginally in the week of March 26. [54] - **Profit**: Copper rod processing fees are at a relatively low level compared to the same period in history, and copper tube processing fees have declined. Brass plate and strip processing fees have increased, and lithium - ion copper foil processing fees have remained stable at a low level. [56][60] - **Raw Material Inventory**: The raw material inventory of wire and cable enterprises has decreased marginally. The raw material inventory of copper rod enterprises is at a relatively low level compared to the same period in history, and that of copper tube enterprises is at a historically low level. [61] - **Finished Product Inventory**: The finished product inventory of copper rod enterprises is at a high level compared to the same period in history, the finished product inventory of wire and cable enterprises has decreased, and that of copper tube enterprises is at a relatively low level compared to the same period in history. [64] 3.4 Consumption End - **Apparent Consumption**: Apparent consumption has weakened marginally, and power grid investment remains an important support. The actual consumption of copper in China is good, but both actual and apparent consumption have decreased year - on - year. Power grid investment growth has slowed down. [67] - **Air - Conditioner and New - Energy Vehicle Production**: In February, domestic air - conditioner production was 12.898 million units, a year - on - year decrease of 23.16%. Domestic new - energy vehicle production was 694,000 units, a year - on - year decrease of 21.85%. [69]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The situation between the US and Iran remains severe, causing platinum and palladium prices to be under pressure and fluctuate. The short - term geopolitical situation leads to significant market volatility, and the long - term weakening of the US dollar index is beneficial for platinum valuation, but current geopolitical conflicts still affect market expectations and prices. Palladium follows platinum's fluctuations, with short - term supply disturbances and long - term loosening of supply - demand [1][2][3] Summary by Relevant Catalogs Platinum - **Price**: On March 26, 2026, the platinum main contract on the Guangzhou Futures Exchange fell 4.78%, closing at 487.40 yuan/gram [1] - **Main Logic**: Iran has submitted a response to the US regarding the "15 - point proposal" and believes the US negotiation statement is a "third deception." Short - term geopolitical uncertainties increase market volatility, and risk preference is low. In the long run, the long - term weakening of the US dollar index is beneficial for platinum valuation, but the US - Iran conflict still influences market expectations and prices [2] - **Outlook**: Platinum prices are expected to fluctuate due to the high uncertainty of the US - Iran situation [2] Palladium - **Price**: On March 26, 2026, the palladium main contract on the Guangzhou Futures Exchange fell 5.23%, closing at 353.35 yuan/gram [1] - **Main Logic**: There are continuous uncertainties on the supply side. The US has made a positive preliminary anti - dumping ruling on Russian unforged palladium, and Europe is considering new sanctions on Russian palladium. On the demand side, palladium faces structural pressure. In the long - term, supply - demand is loosening, and in the short - term, there are supply disturbances, mainly following the overall fluctuations of the precious metals sector [3] - **Outlook**: Palladium prices are expected to fluctuate as the spot tightness has eased recently and there is macro - level suppression [3] Indexes - **Commodity Indexes**: The comprehensive index is not detailed. The commodity 20 index is 2811.87, up 0.44%; the industrial products index is 2545.38, up 0.15% [48] - **Plate Index (Non - ferrous Metals)**: On March 26, 2026, the non - ferrous metals index was 2599.38, with a daily increase of 0.19%, a 5 - day increase of 0.86%, a 1 - month decrease of 4.40%, and a year - to - date decrease of 3.22% [50]

Summary of Key Points from Conference Call Records Industry Overview - **Gold and Zinc Industry**: The records focus on the gold and zinc markets, highlighting significant changes in consumption patterns and price forecasts for both commodities. Key Insights on Gold Market - **Consumption Shift**: In 2025, China's gold consumption structure underwent a milestone change, with gold bars and coins consumption (501.238 tons, +35.14%) surpassing jewelry consumption (363.836 tons, -31.6%), indicating a shift from consumption to investment dominance in the market [4][1]. - **Price Forecast**: Short-term gold prices are expected to be pressured by delayed interest rate cuts from the Federal Reserve and a strong dollar, with COMEX gold prices projected to fluctuate between $4,200 and $5,200 per ounce. Long-term support is anticipated from U.S. debt expansion and strong global central bank gold purchases (700-850 tons annually) [6][1]. - **Production and Import Data**: In 2025, domestic gold production was 381.339 tons (+1.09%), and imported gold was 170.681 tons (+8.8%). Total consumption was 950.096 tons (-3.57%) [4][1]. Key Insights on Zinc Market - **Supply and Demand Dynamics**: The global refined zinc market is expected to face a surplus in 2026, with optimistic projections indicating a surplus of 240,000 tons. Domestic refined zinc production is expected to increase by approximately 170,000 tons, primarily from the Wanyang project (+100,000 tons) and the Huoshaoyun project [1][9]. - **Price Trends**: Zinc prices are projected to decline, with expectations for Shanghai zinc prices to range between 21,000 and 25,000 RMB/ton in 2026. In April, prices are expected to remain weak due to high inventory levels and demand pressures [2][19]. - **Downstream Consumption Changes**: The traditional drivers for zinc consumption are weakening, with the share of galvanized consumption expected to drop from 65% to 55% due to declining real estate investment and new construction [1][15]. Additional Important Insights - **Zinc Smelting Challenges**: The zinc smelting sector is facing dual pressures from high overseas electricity prices and low domestic processing fees (TC), with smelting profits heavily reliant on by-product sulfuric acid prices, which have increased by 23.46% year-to-date [1][11]. - **Market Inventory Levels**: As of March 2026, domestic zinc inventories are at 260,000 tons, with significant increases in London zinc inventories as well, indicating a potential oversupply situation [18][19]. - **Geopolitical and Economic Influences**: The geopolitical landscape, particularly in the Middle East, and macroeconomic factors such as U.S. monetary policy are influencing both gold and zinc prices, with expectations of continued volatility in the markets [6][8][19]. This summary encapsulates the critical points from the conference call records, providing a comprehensive overview of the gold and zinc markets, their current dynamics, and future outlooks.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - On March 24, 2026, the platinum and palladium futures prices on the Guangzhou Futures Exchange rebounded, with the platinum main contract rising 3.61% to 487.40 yuan/gram and the palladium main contract rising 4.89% to 359.50 yuan/gram [1]. - Platinum: Market sentiment improved, and platinum prices rebounded from a low level. Trump's remarks changed market expectations for the US - Iran situation, leading to a sharp drop in oil prices and an improved interest - rate cut expectation. However, Iran's attitude has not significantly eased, and Trump's remarks may be inconsistent. In the long term, the weakening of the US dollar index is beneficial for platinum valuation, but the US - Iran conflict still affects market expectations and platinum prices. The outlook is for a volatile trend [2]. - Palladium: Market sentiment improved, and palladium prices recovered. Supply - side uncertainties continue, with the US imposing anti - dumping duties on Russian palladium and Europe considering new sanctions. Demand faces structural pressure. In the long term, the supply - demand situation is loosening, and in the short term, there are still supply disturbances. The outlook is for a volatile trend [3]. 3. Summary by Related Catalogs Commodity Index - On March 24, 2026, the comprehensive index was 2515.21, down 0.65%; the commodity 20 index was 2795.15, down 0.56%; the industrial products index was 2570.33, down 0.49% [48]. Non - ferrous Metals Index - On March 24, 2026, the non - ferrous metals index was 2582.35, with a daily increase of 1.12%, a 5 - day decline of 3.44%, a 1 - month decline of 4.20%, and a year - to - date decline of 3.86% [50].

Group 1: Report Investment Rating - No relevant information provided Group 2: Core Viewpoints - No relevant information provided Group 3: Summary by Categories 1. Futures Closing Prices - **Domestic Futures**: On March 24, 2026, the AU2606 contract closed at 977.28 yuan/gram, up 37.28 yuan or 3.97% from March 23; the AG2606 contract closed at 17085 yuan/kilogram, up 1674 yuan or 10.86%; the PT2606 contract closed at 487.40, up 29.65 or 6.48%; the PD2606 contract closed at 359.50 yuan/gram, up 31.65 yuan or 9.65% [1] - **Foreign Futures**: The COMEX gold主力合约 closed at 4474.90 on March 24, up 64.50 or 1.46% from March 23; the COMEX白银主力合约 closed at 71.45, up 2.13 or 3.07%; the NYMEX铂金主力合约 closed at 1920.50 dollars/ounce, up 46.10 or 2.46%; the NYMEX钮金主力合约 closed at 1444.50, up 5.50 or 0.38% [1] 2. Spot Prices - **International Spots**: London gold was at 4472.02 on March 24, up 64.67 or 1.47% from the previous value; London silver was at 71.28, up 2.17 or 3.13%; spot platinum was at 1892.00 dollars/ounce, down 1.00 or -0.05%; spot palladium was at 1393.00, down 55.00 or -3.80% [1] - **Domestic Spots**: The Shanghai Gold Exchange's gold T+D was at 977.99 yuan/gram on March 24, up 57.00 yuan or 6.19% from the previous value; the silver T+D was at 17166 yuan/kilogram, up 1897 yuan or 12.42%; the platinum 9995 was at 475 yuan/gram, up 15 yuan or 3.33% [1] 3. Basis - The gold TD - Shanghai gold主力 was at 0.71, up 19.72 from the previous day, with a 1 - year historical quantile of 46.10%; the silver TD - Shanghai silver主力 was at 81, up 223, with a 1 - year historical quantile of 60.60% [1] - London gold - COMEX gold was at - 9.13, up 4.16, with a 1 - year historical quantile of 75.60%; London silver - COMEX silver was at - 0.37, down 0.15, with a 1 - year historical quantile of 21.70% [1] 4. Ratios - COMEX gold/silver was at 62.63, down 0.99 or -1.56% from the previous value; the Shanghai Futures Exchange's gold/silver was at 57.20, down 3.79 or -6.22% [1] - NYMEX platinum/palladium was at 1.33, up 0.03 or 2.07%; the Guangzhou Futures Exchange's platinum/palladium was at 1.36, down 0.04 or -2.90% [1] 5. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was at 4.39%, up 0.05 percentage points or 1.2% from the previous value; the 2 - year US Treasury yield was at 3.90%, up 0.07 percentage points or 1.8% [1] - The 10 - year TIPS Treasury yield was at 2.06%, up 0.05 percentage points or 2.5%; the US Dollar Index was at 99.23, up 0.07 or 0.07% [1] - The offshore RMB exchange rate was at 6.8926, up 0.0066 or 0.10% [1] 6. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 106743 kilograms, down 3 kilograms or 0.00% from the previous value; the silver inventory was 365923, up 1374 or 0.38% [1] - COMEX gold inventory was 32016435, down 16108 or -0.05%; COMEX silver inventory was 331451807 ounces, down 638687 or -0.19% [1] - COMEX gold registered warehouse receipts were 16544929, up 29708 or 0.18%; COMEX silver registered warehouse receipts were 76548579, down 2650968 or -3.35% [1] - The SPDR gold ETF position was 1053, up 0.29 or 0.03% [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The escalation of the US-Iran war has become the core disturbance factor in the global market, triggering expectations of a significant increase in crude oil prices and further fueling global inflation concerns. In this context, central banks around the world have adopted a cautious approach to monetary policy easing, with major central banks such as the Federal Reserve, the Bank of Japan, the Bank of England, and the European Central Bank all choosing to maintain current interest rates. The latest statement from Chicago Fed President Goolsbee sent a hawkish signal, indicating that further interest rate hikes cannot be ruled out. The central banks' cautious stance has further strengthened the market trend of a simultaneous increase in real interest rates and the US dollar. Coupled with a continuous decline in the market's expectation of near-term interest rate cuts, the US dollar index has strengthened, and US bond yields have risen, putting continuous pressure on the valuation of precious metals. If the US dollar remains strong and the expectation of interest rate cuts continues to be postponed, the downward pressure will persist. The report suggests a cautious bearish strategy, with the reference operating range for the main contract of Shanghai Gold being 920 - 1050 yuan/gram and that for the main contract of Shanghai Silver being 14,500 - 20,500 yuan/kilogram [4]. Group 3: Summary of Related Catalogs Market Quotes - Shanghai Gold fell 1.30% to 980.00 yuan/gram, and Shanghai Silver rose 1.88% to 17,246.00 yuan/kilogram. COMEX Gold rose 0.37% to 4,423.80 US dollars/ounce, and COMEX Silver rose 0.49% to 69.70 US dollars/ounce. The US 10-year Treasury yield was reported at 4.34%, and the US dollar index was reported at 99.11 [2]. Policy Information - The Federal Reserve's March FOMC meeting decided to maintain the federal funds rate target range at 3.5% - 3.75%. Chicago Fed President Goolsbee stated that inflation has become the primary risk, and an interest rate hike cannot be ruled out, but there is still room for interest rate cuts within the year. Fed Governor Milan said that if there is a second-round effect of inflation and wage increases, there is a theoretical need for an interest rate hike, but there is currently no need to consider it, and he still expects four interest rate cuts in 2026 [2]. Geopolitical Information - US President Trump posted on social media that the US and Iran had conducted good and productive talks on comprehensively resolving hostilities in the Middle East in the past two days, and the talks would continue this week. He has instructed the Department of Defense to postpone a five-day military strike on Iranian power plants and energy infrastructure, provided that the talks are successful. The Iranian Foreign Ministry, senior leadership, and Iranian media all denied having negotiations with the US, stating that Trump's aim was to lower energy prices and gain time for his military plan [3]. Gold and Silver Data Summary - **COMEX Gold**: The closing price of the active contract was not available, the trading volume was not available, the open interest decreased by 0.62% to 41.14 million lots, and the inventory decreased by 0.07% to 996 tons [6]. - **LBMA Gold**: The closing price decreased by 0.82% to 4,562.55 US dollars/ounce, the closing price of the active contract in yuan/gram decreased by 9.55% to 940.00 yuan/gram, the trading volume increased by 25.38% to 85.46 million lots, the open interest decreased by 2.27% to 29.31 million lots, the inventory decreased by 0.09% to 106.75 tons, the settled funds decreased by 11.60% to 44.082 billion yuan, and the closing price of the short-to-long position decreased by 11.49% to 920.99 yuan/gram [6]. - **SHFE Gold**: The trading volume of AuT+D increased by 24.04% to 104.37 tons, and the open interest increased by 6.20% to 241.49 tons [6]. - **COMEX Silver**: The closing price of the active contract was not available, the open interest decreased by 0.61% to 11.48 million lots, and the inventory decreased by 0.18% to 10,329 tons [6]. - **LBMA Silver**: The closing price increased by 3.83% to 72.37 US dollars/ounce, the closing price of the active contract in yuan/kilogram decreased by 12.56% to 15,411.00 yuan/kilogram, the trading volume increased by 10.80% to 202.63 million lots, the open interest decreased by 0.58% to 45.60 million lots, the inventory increased by 0.57% to 364.55 tons, the settled funds decreased by 13.07% to 18.973 billion yuan, and the closing price of the short-to-long position decreased by 14.12% to 15,269.00 yuan/kilogram [6]. - **SHFE Silver**: The trading volume of AgT+D decreased by 7.90% to 478.84 tons, and the open interest decreased by 0.08% to 2,916.42 tons [6]. ETF Holdings - **Gold ETFs**: The iShare US gold ETF's holding decreased by 0.31% to 475.87 tons, the SGBS Swiss gold ETF's holding decreased by 0.08% to 35.05 tons, while the GBS UK, PHAU UK, and GOLD UK gold ETFs' holdings remained unchanged [67]. - **Silver ETFs**: The closing price of silver ETFs increased by 1.54% to 62.47 US dollars, the holding increased by 1.74% to 15,513.67 tons, the settled funds of the SLV US silver ETF decreased by 5.50% to 3.352 billion US dollars, the trading volume increased by 27.25% to 7,182.99 million shares, and the holdings of the ETPMAG Australia, PSLV Canada, and CEF Canada silver ETFs remained unchanged [67].