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]

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].

Core Viewpoint - The U.S. Trade Representative indicates that the Department of Commerce is considering whether to investigate key minerals under Section 232 of the Trade Expansion Act of 1962, which assesses the impact of imports on national security [1] Group 1: Section 232 Overview - Section 232 allows the U.S. Department of Commerce to investigate whether the import of specific products poses a threat to national security [1] - Following the initiation of an investigation, the Department has 270 days to submit a report to the President [1] - The President has 90 days to decide on any final measures regarding the import of the relevant products [1]