Report Industry Investment Rating - The rating for platinum and palladium is bullish in the long - term [4] Report's Core View - The long - term core logic for being bullish on platinum and palladium remains unchanged, but short - term fluctuations are intensified due to technical corrections and Fed personnel changes. Despite significant short - term pullbacks, the long - term value of platinum and palladium as reserves is highlighted under the de - dollarization trend, and the supply - demand fundamentals in the industrial sector are favorable [4] Summary by Related Catalogs Futures Market - **Platinum Futures**: For contracts pt2606, pt2608, and pt2610, the current prices are 493.10, 493.55, and 489.90 respectively. The price changes are 0.80, 2.45, and 0.15, with percentage changes of 0.16%, 0.50%, and 0.03%. The trading volumes are 7351, 271, and 105 respectively, and the open interests are all 13298. The spot premiums are 1.96, 1.51, and 5.16 [1] - **Palladium Futures**: For contracts pd2606, pd2608, and pd2610, the current prices are 361.40, 361.10, and 358.70 respectively. The price changes are 3.20, 2.50, and 0.50, with percentage changes of 0.89%, 0.70%, and 0.14%. The trading volumes are 2782, 69, and 23 respectively, and the open interests are all 4904. The spot premiums are - 5.4, - 5.1, and - 2.7 [1] Spot Market - **Platinum Spot**: The price of Shanghai platinum is 495.06 yuan/gram, with a change of 5.41 and a percentage change of 0.011%. The price of London platinum is 1908.00 US dollars/ounce, with a change of - 12.00 and a percentage change of - 0.006%. The prices of Zhou Dafu and Lao Fengxiang platinum are 758.00 yuan/gram and 850.00 yuan/gram respectively, with changes of 16.00 and 0.00 and percentage changes of 0.022% and 0.000% [1] - **Palladium Spot**: The price of Chinese palladium is 356.00 yuan/gram, with a change of 12.00 and a percentage change of 0.035%. The price of Russian palladium is 3735.53 rubles/gram, with a change of 110.32 and a percentage change of 0.030% [1] Inventory - **Platinum Inventory**: The current NYMEX inventory is 541,249.04 ounces, a decrease of 12991.8 ounces compared to the previous value. The registered warehouse receipts are 311,333.49 ounces, a decrease of 1006.9 ounces. The trading volume of the Gold Exchange is 792.11 million yuan, a decrease of 3814.5 million yuan, and the trading volume is 16.00 kilograms, a decrease of 80.0 kilograms [1] - **Palladium Inventory**: The current NYMEX inventory is 247,765.39 ounces, a decrease of 608.3 ounces compared to the previous value. The registered warehouse receipts remain unchanged at 211,887.35 ounces [1] Related Derivatives and Indexes - **Related Indexes**: The current dollar index is 99.88, a decrease of 0.62 compared to the previous value. The S&P 500 index is 6528.52, an increase of 184.80. The US Treasury yield is 4.30, a decrease of 0.05. The Nasdaq index is 21590.63, an increase of 795.99. The Dow Jones index is 46341.51, an increase of 1125.37. The US dollar to RMB exchange rate remains unchanged at 6.92 [1] - **Related Derivatives**: The current prices of Shanghai Gold contracts 2604, 2606, and 2608 are 1010.00, 1020.10, and 1023.30 respectively, with changes of - 1.02, 5.22, and 5.38. The current prices of Shanghai Silver contracts 2604, 2606, and 2608 are 18137.00, 18126.00, and 18114.00 respectively, with changes of 381, 419, and 432 [1] Macro News - **Fed Policy**: The Fed keeps the federal funds rate target range at 3.50% - 3.75%, and the dot - plot shows only one rate cut in 2026 - 2027, indicating a more conservative stance [2] - **Geopolitical Event**: The military strikes by the US and Israel against Iran have disrupted shipping in the Strait of Hormuz [2] - **Fed Personnel Nomination**: Trump nominates Kevin Warsh as the next Fed Chair, but the nomination faces opposition in the Senate [2] - **PBOC Meeting**: The People's Bank of China emphasizes promoting the high - quality development of the modern payment system in 2026 [3] Comments and Strategies - **Short - term Situation**: As of March 3, 2026, platinum and palladium have pulled back significantly from their highs, mainly due to Trump's nomination of Kevin Warsh as the next Fed Chair, which has led to short - term strengthening of the US dollar [4] - **Long - term Logic**: The long - term bullish logic remains intact, supported by factors such as the weakening of the US dollar's credit, the global central bank's gold - buying spree, and favorable supply - demand fundamentals in the industrial sector [4]

1. Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4] 2. Core View 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 there are short - term disturbances, the long - term bullish logic remains intact [4] 3. Summary by Relevant Catalogs Futures Market - **Prices and Changes**: For platinum futures (pt2606, pt2608, pt2610), the current prices are 532.80, 529.45, and 525.95 respectively, with decreases of - 19.25, - 21.10, and - 24.75 compared to the previous closing prices, and the decline rates are - 3.49%, - 3.83%, and - 4.49% respectively. For palladium futures (pd2606, pd2608, pd2610), the current prices are 398.55, 397.60, and 393.80 respectively, with decreases of - 17.60, - 14.50, and - 19.45 compared to the previous closing prices, and the decline rates are - 4.23%, - 3.52%, and - 4.71% respectively [1] - **Trading Volume and Open Interest**: The open interest for platinum and palladium futures is 12856 and 4361 respectively, and the trading volumes are 6410, 177, 25 for platinum futures and 3041, 86, 104 for palladium futures [1] - **Spot Premium and Discount**: The spot premium and discount for platinum futures are - 4.15, - 0.8, 2.7, and for palladium futures are - 8.55, - 7.6, - 3.8 [1] Spot Market - **Prices and Changes**: The previous closing prices of Shanghai platinum, London platinum, Chow Tai Fook platinum, and Lao Fengxiang platinum are 528.65 yuan/gram, 2118.00 dollars/ounce, 798.00 yuan/gram, and 960.00 yuan/gram respectively. The price changes are - 12.70, 41.00, - 51.00, and 0.00 respectively, and the change rates are - 0.023%, 0.020%, - 0.060%, and 0.000% respectively. The previous closing prices of Chinese palladium and Russian palladium are 390.00 yuan/gram and 4200.66 rubles/gram respectively, with price changes of - 10.00 and - 34.56 and change rates of - 0.025% and - 0.008% 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 1.36, 1.08, - 3.35, - 6.85, 1.01, and - 0.95 respectively, and the previous values are 1.35, 0.26, - 3.45, - 6.40, 3.15, and 4.00 respectively [1] Inventory - **Platinum and Palladium Inventory**: The current NYMEX platinum inventory is 582,440.79 ounces, the registered warehouse receipts are 313,567.94 ounces, the Shanghai Gold Exchange turnover is 19,668.18 ten - thousand yuan, and the trading volume is 372.00 kilograms. The current NYMEX palladium inventory is 200,716.01 ounces, and the registered warehouse receipts are 164,229.68 ounces. There is no change in inventory compared to the previous value [1] Related Derivatives and Macroeconomic Indicators - **Macroeconomic 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 99.80, 6,699.38, 4.23, 22,374.18, 46,946.41, and 6.91 respectively, with changes of - 0.70, 67.19, - 0.05, 268.82, 387.94, and 0.00 respectively compared to the previous values [1] - **Precious Metal Derivatives**: The current values of Shanghai gold futures (2604, 2606, 2608) are 1118.34, 1121.50, 1124.70 respectively, with decreases of - 14.66, - 14.40, - 14.06 compared to the previous closing prices. The current values of Shanghai silver futures (2604, 2606, 2608) are 20380.00, 20301.00, 20249.00 respectively, with decreases of - 723, - 622, - 598 compared to the previous closing prices [1] Macroeconomic News - **Geopolitical Events**: Military strikes by the US and Israel against Iran have disrupted shipping in the Strait of Hormuz [2] - **Fed Personnel Changes**: US President Trump has nominated former Fed governor Kevin Warsh as the next Fed chair. However, some senators oppose the nomination. Warsh's policy stance is dovish but not as expected, and the nomination process and subsequent policy independence are uncertain [2][4] - **Fed Interest Rate Policy**: The Fed has maintained 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 [2] - **China's Central Bank Policy**: The People's Bank of China has held a 2026 payment and settlement work meeting, 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]

1. Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4] 2. Core View of the Report - The long - term core logic for platinum and palladium remains unchanged, but short - term volatility has increased due to technical corrections and Fed personnel changes. As of March 3, 2026, platinum and palladium have fallen by 21.4% and 19.7% respectively from their January highs, and have also significantly retraced from their February 24 repair highs. The main short - term disturbance is Trump's nomination of Kevin Warsh as the next Fed chair. Although Warsh's policy stance is dovish, it is less than expected. The short - term strengthening of the US dollar after the nomination announcement has dragged down platinum and palladium. In the long run, the judicial investigation of Powell has shaken the US dollar's credit, the global central bank gold - buying wave continues, and the geopolitical risks in Greenland provide support. In the industrial sector, there is a clear supply - demand gap for platinum, and the supply of palladium is rigid, with strong demand support [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - For platinum futures (pt2606, pt2608, pt2610), the current prices are 564.65, 562.55, and 556.15 respectively, with price drops of - 5.35, - 4.40, and - 8.20, and percentage drops of - 0.94%, - 0.78%, and - 1.45% respectively. The trading volumes are 3352, 58, and 70 respectively. For palladium futures (pd2606, pd2608, pd2610), the current prices are 416.60, 417.00, and 414.05 respectively, with price drops of - 8.85, - 6.90, and - 7.40, and percentage drops of - 2.08%, - 1.63%, and - 1.76% respectively. The trading volumes are 1720, 7, and 15 respectively [1] 3.2 Spot Market - The previous closing prices of Shanghai platinum, London platinum, Chow Tai Fook platinum, and Lao Fengxiang platinum are 553.23 yuan/gram, 2150.00 US dollars/ounce, 852.00 yuan/gram, and 960.00 yuan/gram respectively. The price changes are - 3.85, - 55.00, - 19.00, and 0.00 respectively, and the percentage changes are - 0.007%, - 0.025%, - 0.022%, and 0.000% respectively. For palladium, the previous closing prices of Chinese palladium and Russian palladium are 405.00 yuan/gram and 4207.12 rubles/gram respectively, with price changes of - 9.00 and - 53.43, and percentage changes of - 0.022% and - 0.013% respectively [1] 3.3 Inventory - The current NYMEX platinum inventory is 582,440.79 ounces, the registered warehouse receipts are 313,567.94 ounces, the Shanghai Gold Exchange's platinum trading volume is 168.00 kilograms, and the trading amount is 9,256.15 ten - thousand yuan. The current NYMEX palladium inventory is 204,678.02 ounces, and the registered warehouse receipts are 162,278.54 ounces. Compared with the previous values, the changes in platinum inventory and registered warehouse receipts are 0.0, while the trading volume and amount have increased by 152.0 kilograms and 8364.8 ten - thousand yuan respectively. The changes in palladium inventory and registered warehouse receipts are 0.0 [1] 3.4 Related Derivatives and Macro - related Data - The current values of the US dollar index, S&P 500 index, US Treasury bond yield, Nasdaq index, Dow Jones index, and US dollar - RMB exchange rate are 99.74, 6,672.62, 4.27, 22,311.98, 46,677.85, and 6.90 respectively. Compared with the previous values, the US dollar index has increased by 0.48, the S&P 500 index has decreased by - 103.18, the US Treasury bond yield has increased by 0.06, the Nasdaq index has decreased by - 404.15, the Dow Jones index has decreased by - 739.42, and the US dollar - RMB exchange rate has increased by 0.00. The current values of Shanghai gold futures (2604, 2606, 2608) are 1148.10, 1151.52, and 1154.20 respectively, with decreases of - 3.88, - 4.00, and - 3.86 respectively. The current values of Shanghai silver futures (2604, 2606, 2608) are 22225.00, 22062.00, and 21983.00 respectively, with decreases of - 184, - 194, and - 202 respectively [1] 3.5 Macro News - Military strikes by the US and Israel against Iran have disrupted shipping in the Strait of Hormuz [2] - US President Trump has nominated former Fed governor Kevin Warsh as the next Fed chair, but the nomination faces opposition from some senators. Warsh's policy stance has shifted from hawkish to supporting Trump's tariff policies and accelerated rate - cuts [2] - The Fed has maintained 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's appointed director Milan [2] - The People's Bank of China has held a 2026 payment and settlement work meeting, aiming to promote the high - quality development of the modern payment system, including accelerating the construction of the RMB cross - border payment system, strengthening regulatory measures, and improving payment services [3]

Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4] Core Viewpoint - 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. Despite short - term setbacks, the long - term bullish view is still valid, and investors should be aware of risks related to the nomination process and external market corrections [4] Summary According to Relevant Contents Futures Market - **Platinum Futures**: For pt2606, pt2608, and pt2610, the current prices are 563.95, 558.80, and 550.95 respectively. The price increases are 3.55, 5.55, and 3.20, with increases of 0.63%, 1.00%, and 0.58% respectively. The trading volumes are 8223, 289, and 101, and the open interests are all 13003 [1] - **Palladium Futures**: For pd2606, pd2608, and pd2610, the current prices are 428.00, 420.00, and 422.50 respectively. The price decreases are 3.95, 10.50, and 8.30, with decreases of 0.91%, 2.44%, and 1.93% respectively. The trading volumes are 3013, 81, and 27, and the open interests are all 4464 [1] Spot Market - **Platinum Spot**: The current price of Shanghai platinum is 554.25 + 2.57 = 556.82 yuan/gram, with a slight increase of 0.005%. The price of London platinum is 2149.00 - 18.00 = 2131.00 dollars/ounce, with a decrease of 0.008%. The prices of Zhou Dafu and Lao Fengxiang platinum are 871.00 + 34.00 = 905.00 yuan/gram and 960.00 yuan/gram respectively [1] - **Palladium Spot**: The current price of Chinese palladium remains at 421.00 yuan/gram, and the price of Russian palladium is 4179.76 - 266.68 = 3913.08 rubles/gram, with a decrease of 0.060% [1] Inventory - **Platinum Inventory**: The current NYMEX inventory is 585,530.93 ounces, a decrease of 1627.6 ounces compared to the previous value. The NYMEX registered warehouse receipts remain at 313,567.94 ounces. The turnover of the Gold Exchange is 7,106.69 million yuan, an increase of 253.3 million yuan, and the trading volume is 128.00 kilograms, an increase of 4.0 kilograms [1] - **Palladium Inventory**: The NYMEX inventory and registered warehouse receipts remain unchanged at 202,180.58 ounces and 159,361.58 ounces respectively [1] Related Derivatives and Indexes - **Related Indexes**: The current values of the US dollar index, S&P index, US Treasury yield, Nasdaq index, Dow Jones index, and US dollar - RMB exchange rate are 99.04, 6,830.71, 4.13, 22,748.99, 47,954.74, and 6.90 respectively. Compared with the previous values, the US dollar index increased by 0.25, the S&P index decreased by 38.79, the US Treasury yield increased by 0.04, the Nasdaq index decreased by 58.49, the Dow Jones index decreased by 784.67, and the US dollar - RMB exchange rate decreased by 0.01 [1] - **Related Derivatives**: For Shanghai gold futures (2604, 2606, 2608) and Shanghai silver futures (2604, 2606, 2608), the current prices and price changes are as follows: Shanghai gold 2604 is 1152.00, a decrease of 1.06; Shanghai gold 2606 is 1155.06, a decrease of 1.14; Shanghai gold 2608 is 1158.44, a decrease of 0.62; Shanghai silver 2604 is 21639.00, a decrease of 215; Shanghai silver 2606 is 21369.00, a decrease of 209; Shanghai silver 2608 is 21314.00, a decrease of 200 [1] Macroeconomic News - **Geopolitical Event**: The military strike by the US and Israel against Iran has disrupted shipping in the Strait of Hormuz [2] - **Fed Personnel Change**: US President Trump has nominated former Fed governor Kevin Warsh as the next Fed chair. However, some senators oppose the nomination. Warsh's policy stance is dovish but not as expected. His nomination has led to a short - term strengthening of the US dollar, which has affected platinum and palladium prices [2][4] - **Fed Interest Rate Decision**: The Fed has maintained 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's "appointed" director Milan [2] - **China's Central Bank Policy**: The People's Bank of China has held a 2026 payment and settlement work meeting, aiming to promote the high - quality development of the modern payment system, including accelerating the construction of the RMB cross - border payment system, strengthening regulatory measures, and improving payment services [3]

1. Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4] 2. Core View 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 as the next Fed Chair is the core disturbance, with short - term uncertainty in the nomination process and policy independence. Macro factors and industry - side fundamentals support the long - term bullish view [4] 3. Summary by Relevant Catalogs Futures Market - **Prices and Changes**: For platinum futures (pt2606, pt2608, pt2610), the current prices are 626.50, 617.95, and 613.10 respectively, with increases of 12.65, 11.25, and 8.15 and corresponding increases of 2.06%, 1.85%, and 1.35%. For palladium futures (pd2606, pd2608, pd2610), the current prices are 463.65, 459.15, and 454.45 respectively, with increases of 4.60, 3.65, and 0.85 and corresponding increases of 1.00%, 0.80%, and 0.19% [1] - **Trading Volume and Open Interest**: The open interest for platinum futures is 12,625 for all contracts, and trading volumes are 16,977, 336, and 105 respectively. For palladium futures, the open interest is 4,424 for all contracts, and trading volumes are 5,432, 98, and 14 respectively [1] - **Spot Premiums**: The spot premiums for platinum futures are - 20.15, - 11.6, and - 6.75, and for palladium futures are - 18.65, - 14.15, and - 9.45 [1] Spot Market - **Prices and Changes**: The previous closing prices of Shanghai platinum, London platinum, Chow Tai Fook platinum, and Lao Fengxiang platinum are 606.35 yuan/g, 2329.00 US dollars/ounce, 931.00 yuan/g, and 960.00 yuan/g respectively, with changes of - 3.64, - 37.00, 38.00, and 0.00 and corresponding changes of - 0.006%, - 0.016%, 0.043%, and 0.000%. The previous closing prices of Chinese palladium and Russian palladium are 445.00 yuan/g and 4448.76 rubles/g respectively, with changes of 5.00 and 53.85 and corresponding changes of 0.011% and 0.012% [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 1.36, 1.12, - 8.55, - 13.40, 1.09, and - 4.50 respectively, compared with previous values of - 0.73, 0.42, - 6.95, - 13.10, 1.01, and - 6.35 [1] Inventory - **Platinum**: The current NYMEX inventory is 588,065.94 ounces, an increase of 10,330.4 ounces from the previous value. The NYMEX registered warehouse receipts remain unchanged at 313,567.94 ounces. The Shanghai Gold Exchange's trading volume is 86.00 kilograms, an increase of 24.00 kilograms, and the trading value is 52.76 million yuan, an increase of 15.80 million yuan [1] - **Palladium**: The current NYMEX inventory is 202,180.58 ounces, an increase of 15,912.00 ounces from the previous value. The NYMEX registered warehouse receipts also increase by 15,912.00 ounces to 164,229.68 ounces [1] Related Derivatives and Macroeconomic Indicators - **Macroeconomic 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 98.55, 6,881.62, 4.05, 22,748.86, 48,904.78, and 6.92 respectively, with changes of 0.90, 2.74, 0.08, 80.65, - 73.14, and 0.00 compared with the previous values [1] - **Related Derivatives**: The current values of Shanghai gold futures (2604, 2606, 2608) are 1,197.22, 1,200.60, and 1,203.80 respectively, with increases of 49.32, 49.26, and 49.52. The current values of Shanghai silver futures (2604, 2606, 2608) are 24,431.00, 24,061.00, and 23,984.00 respectively, with increases of 1,412, 1,286, and 1,248 [1] Macroeconomic News - **Geopolitical**: The military strike by the US and Israel against Iran has disrupted shipping in the Strait of Hormuz [2] - **Fed Personnel**: US President Trump has nominated Kevin Warsh as the next Fed Chair, but the nomination faces opposition in the Senate. Warsh's policy stance is dovish but less than expected, and the process and policy independence are uncertain [2][4] - **Monetary Policy**: The Fed maintains the benchmark interest rate at 3.50% - 3.75%, pausing after three consecutive 25 - basis - point cuts, in line with market expectations. Fed Chair candidate Waller supports a 25 - basis - point rate cut, consistent with Trump's nominee Milan [2] - **China's Central Bank**: The People's Bank of China has held a payment and settlement work meeting, 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]

1. Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4] 2. Core View 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 the prices of NYMEX platinum and palladium have rebounded from the lows in late January, they have not fully recovered the previous declines. The nomination of Kevin Warsh by Trump has affected the prices, but long - term factors such as the weakening of the US dollar's credit, the continuation of the global central bank's gold - buying wave, and supply - demand imbalances in the industry still support the prices [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Price and Volume Information**: For platinum futures (pt2606, pt2608, pt2610), the current prices are 623.75, 616.80, and 610.65 respectively, with price increases of 31.60, 29.85, and 30.25 and increases of 5.34%, 5.09%, and 5.21% respectively. The trading volumes are 16904, 384, and 138 respectively. For palladium futures (pd2606, pd2608, pd2610), the current prices are 464.85, 458.50, and 458.00 respectively, with price increases of 12.55, 10.20, and 10.70 and increases of 2.77%, 2.28%, and 2.39% respectively. The trading volumes are 4636, 84, and 27 respectively [1] - **Position Information**: The positions of platinum and palladium futures are all 12639 and 4428 respectively [1] - **Spot Premium Information**: The spot premiums of platinum futures (pt2606, pt2608, pt2610) are - 13.76, - 6.81, and - 0.66 respectively. The spot premiums of palladium futures (pd2606, pd2608, pd2610) are - 16.85, - 10.5, and - 10 respectively [1] 3.2 Spot Market - **Price and Change Information**: The previous closing prices of Shanghai platinum, London platinum, Chow Tai Fook platinum, and Lao Feng Xiang platinum are 609.99 yuan/g, 2366.00 dollars/ounce, 893.00 yuan/g, and 960.00 yuan/g respectively. The price changes are 18.39, 111.00, - 12.00, and 0.00 respectively, with price increase rates of 0.031%, 0.049%, - 0.013%, and 0.000% respectively. The previous closing prices of Chinese palladium and Russian palladium are 448.00 yuan/g and 4394.91 rubles/g respectively, with price changes of 2.00 and - 147.57 respectively, and price increase rates of 0.004% and - 0.032% respectively [1] - **Ratio Information**: The current values of platinum/palladium, Shanghai platinum/London platinum, pt2608 - pt2606, pt2610 - pt2606, Chinese palladium/Russian palladium, and pd2608 - pd2606 are 1.36, 1.11, - 6.95, - 13.10, 1.11, and - 6.35 respectively, while the previous values are 9.19, 0.72, - 6.50, - 10.60, - 0.15, and - 0.55 respectively [1] 3.3 Inventory - **Platinum Inventory**: The current NYMEX platinum inventory is 577,735.59 ounces, a decrease of 459.6 ounces compared to the previous value. The NYMEX registered platinum warehouse receipts remain unchanged at 313,567.94 ounces. The trading volume of platinum on the gold exchange is 3,696.15 ten - thousand yuan, an increase of 1685.6 ten - thousand yuan compared to the previous value, and the trading volume is 62.00 kilograms, an increase of 28.00 kilograms compared to the previous value [1] - **Palladium Inventory**: The NYMEX palladium inventory and registered warehouse receipts remain unchanged at 186,268.54 ounces and 148,317.64 ounces respectively [1] 3.4 Related Derivatives - **Related Indexes**: The current values of the US dollar index, S&P index, US Treasury bond yield, Nasdaq index, Dow Jones index, and US dollar - RMB exchange rate are 97.64, 6,878.88, 3.97, 22,668.21, 48,977.92, and 6.92 respectively, with changes of - 0.14, - 29.98, - 0.05, - 210.17, - 521.28, and 0.00 respectively compared to the previous values [1] - **Gold and Silver Futures**: The current values of Shanghai gold futures (2604, 2606, 2608) are 1147.90, 1151.34, and 1154.28 respectively, with increases of 1.42, 1.24, and 1.28 respectively compared to the previous closing prices. The current values of Shanghai silver futures (2604, 2606, 2608) are 23019.00, 22775.00, and 22736.00 respectively, with increases of 447, 489, and 558 respectively compared to the previous closing prices [1] 3.5 Macroeconomic News - **Geopolitical Events**: The military strikes by the US and Israel against Iran have led to disruptions in shipping in the Strait of Hormuz [2] - **US Fed Personnel Changes**: Trump has nominated Kevin Warsh as the next Fed Chairman, but the nomination faces opposition. The Fed has maintained the benchmark interest rate at 3.50% - 3.75%, and Fed Chairman candidate Waller supports a 25 - basis - point interest rate cut [2] - **China's Central Bank Policy**: The People's Bank of China has 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 industry investment rating is to maintain a bullish tone on platinum and palladium [4] Core View of the Report - The long - term core logic for platinum and palladium remains unchanged, but short - term fluctuations are intensifying due to technical corrections and Fed personnel changes. Short - term disturbances do not change the long - term bullish logic [4] Summary According to Relevant Contents Futures Market - **Platinum Futures**: For pt2606, pt2608, and pt2610, the current prices are 589.50, 583.00, and 578.90 respectively. They rose by 11.55, 12.20, and 15.00 with percentage changes of 2.00%, 2.14%, and 2.66%. The trading volumes are 9917, 364, and 106 respectively [1] - **Palladium Futures**: For pd2606, pd2608, and pd2610, the current prices are 446.55, 446.00, and 443.00 respectively. They fell by 10.35, 8.40, and 11.05 with percentage changes of - 2.27%, - 1.85%, and - 2.43%. The trading volumes are 3300, 210, and 19 respectively [1] Spot Market - **Platinum Spot**: The Shanghai platinum price rose 7.58 to a certain value, with a percentage change of 0.013%. The London platinum price fell 68.00 to 2255.00, with a percentage change of - 0.029%. The prices of Zhou Dafu and Lao Fengxiang platinum also had corresponding changes [1] - **Palladium Spot**: The Chinese palladium price rose 16.00 to 446.00, with a percentage change of 0.037%. The Russian palladium price rose 296.66 to 4542.48, with a percentage change of 0.070% [1] Inventory - **Platinum Inventory**: The NYMEX platinum inventory and registered warehouse receipts remained unchanged. The gold exchange's trading volume decreased by 224.0 kg, and the trading value decreased by 12885.3 ten thousand yuan [1] - **Palladium Inventory**: The NYMEX palladium inventory and registered warehouse receipts remained unchanged [1] Related Derivatives and Indexes - **Indexes**: The US dollar index rose 0.13 to 97.78. The S&P 500 index fell 37.27 to 6908.86. The US Treasury yield fell 0.03 to 4.02. Other indexes also had corresponding changes [1] - **Derivatives**: The prices of Shanghai gold and silver futures contracts decreased to varying degrees [1] Macroeconomic News - **Fed Policy**: The Fed kept the benchmark interest rate at 3.50% - 3.75%, pausing after three consecutive 25 - basis - point cuts, which was in line with market expectations. Fed Chair candidate Waller supported a 25 - basis - point cut [2] - **Fed Chair Nomination**: Trump nominated Kevin Warsh as the next Fed Chair, but this nomination faced opposition in the Senate. Warsh's policy stance was hawkish before but has turned dovish in recent years [2] - **China's Economic Data**: In January 2026, China's 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 showed positive trends [2] - **PBOC Meeting**: The People's Bank of China held a payment - settlement work meeting, aiming to promote the high - quality development of the modern payment system, including cross - border payment construction and regulatory improvement [3] Comments and Strategies - **Price Movement**: As of February 24, 2026, NYMEX platinum and palladium prices rebounded from the lows in late January but were still lower than the highs in late January. The main short - term disturbance was Trump's nomination of Kevin Warsh [4] - **Macro Factors**: The judicial investigation of Powell undermined the US dollar's credibility, and the global central bank gold - buying trend continued. The geopolitical risk in Greenland provided support, and the expectation of a Fed rate cut in June remained [4] - **Industry Factors**: There was a clear supply - demand gap for platinum, and the supply of palladium was rigid. Both had strong demand support [4]

1. Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4] 2. Core View 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 as the next Fed Chairman by Trump is the core disturbance. In the long run, the weakening of the US dollar's credit, the continuation of the global central bank's gold - buying spree, and the supply - demand situation in the industry all support the prices of platinum and palladium [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Platinum Futures**: For contracts pt2606, pt2608, and pt2610, the current prices are 586.00, 579.70, and 576.50 respectively, with price increases of 38.50, 40.40, and 37.70, and rise - fall rates of 7.03%, 7.49%, and 7.00% respectively. The trading volumes are 10895, 290, and 267, and the open interests are all 12796 [1] - **Palladium Futures**: For contracts pd2606, pd2608, and pd2610, the current prices are 457.95, 454.75, and 455.00 respectively, with price increases of 19.70, 19.35, and 21.30, and rise - fall rates of 4.50%, 4.44%, and 4.91% respectively. The trading volumes are 4461, 103, and 47, and the open interests are all 4334 [1] 3.2 Spot Market - **Platinum Spot**: The Shanghai platinum price increased by 38.93 to 584.02, with a rise - fall rate of 0.071%. The London platinum price increased by 185.00 to 2323.00, with a rise - fall rate of 0.087%. The prices of Zhou Dafu and Lao Fengxiang platinum are 869.00 and 960.00 respectively, with a change of 33.00 and 0.00 and rise - fall rates of 0.039% and 0.000% [1] - **Palladium Spot**: The Chinese palladium price increased by 16.00 to 446.00, with a rise - fall rate of 0.037%. The Russian palladium price decreased by 68.37 to 4245.82, with a rise - fall rate of - 0.016% [1] 3.3 Inventory - **Platinum Inventory**: The NYMEX inventory and registered warehouse receipts remain unchanged at 578,195.22 ounces and 313,567.94 ounces respectively. The trading volume on the Gold Exchange increased by 192.0 kilograms to 258.00 kilograms, and the trading amount increased by 11306.2 ten - thousand yuan to 14,895.82 ten - thousand yuan [1] - **Palladium Inventory**: The NYMEX inventory and registered warehouse receipts remain unchanged at 186,268.54 ounces and 148,317.64 ounces respectively [1] 3.4 Related Derivatives and Indexes - **Related Indexes**: The US dollar index decreased by 0.23 to 97.66, the S&P 500 index increased by 56.06 to 6,946.13, the US Treasury yield increased by 0.01 to 4.05, the Nasdaq index increased by 288.40 to 23,152.08, the Dow Jones index increased by 307.65 to 49,482.15, and the US dollar - RMB exchange rate decreased by 0.01 to 6.93 [1] - **Related Derivatives**: For Shanghai gold contracts 2604, 2606, and 2608, the prices increased by 0.56, 0.52, and 1.00 respectively. For Shanghai silver contracts 2604, 2606, and 2608, the prices increased by 702, 756, and 819 respectively [1] 3.5 Macroeconomic 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 Chairman candidate Waller supports a 25 - basis - point rate cut, consistent with Trump - nominated director Milan [2] - **Fed Chairman Nomination**: Trump nominates former Fed governor Kevin Warsh as the next Fed Chairman, 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] - **Payment Settlement 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 supervision, and improving service quality [3]

Core Viewpoint - The statement from Federal Reserve Governor Milan indicates a willingness to remain in his position long-term, but the decision is not in his hands, highlighting the uncertainty surrounding Federal Reserve leadership transitions [1] Group 1 - Federal Reserve Governor Milan's term has expired, making his position available for nomination by President Trump [1] - The future of this position depends on multiple factors, including potential vacancies, presidential choices, and Senate confirmation decisions [1] - Current Federal Reserve Chair Powell has not indicated his intentions regarding his position as his term ends in mid-May [1]

1. Report Industry Investment Rating - The report maintains a bullish tone on platinum and palladium [4]. 2. Core View 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. Despite short - term disturbances, the long - term bullish logic persists, though risks such as the nomination process and foreign market corrections need to be watched [4]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Platinum Futures**: For contracts pt2606, pt2608, and pt2610, the current prices are 506.00, 498.55, and 491.60 respectively, with price drops of -42.85, -47.45, and -42.25, and percentage drops of -7.81%, -8.69%, and -7.91% respectively. The trading volumes are 27928, 1414, and 623 respectively. The open interest for all three contracts is 12001 [1]. - **Palladium Futures**: For contracts pd2606, pd2608, and pd2610, the current prices are 410.50, 408.45, and 405.55 respectively, with price drops of -26.75, -26.25, and -17.60, and percentage drops of -6.12%, -6.04%, and -4.16% respectively. The trading volumes are 12296, 392, and 177 respectively. The open interest for all three contracts is 4172 [1]. 3.2 Spot Market - **Platinum Spot**: The Shanghai platinum price dropped by -18.48 to 527.99 yuan per gram, a -0.034% change. The London platinum price rose by 279.00 to 2303.00 dollars per ounce, a 0.138% change. The prices of Zhou Dafu and Lao Fengxiang platinum are 805.00 and 960.00 yuan per gram respectively, with changes of -89.00 and 0.00 [1]. - **Palladium Spot**: The Chinese palladium price dropped by -20.00 to 410.00 yuan per gram, a -0.047% change. The Russian palladium price dropped by -351.93 to 4161.93 rubles per gram, a -0.078% change [1]. 3.3 Inventory - **Platinum Inventory**: The NYMEX platinum inventory increased by 533.3 ounces to 662,618.73 ounces, while the registered warehouse receipts remained unchanged at 326,637.95 ounces. The Shanghai Gold Exchange's platinum trading volume decreased by 116.0 kilograms to 108.00 kilograms, and the trading value decreased by 6562.1 ten - thousand yuan to 5,635.35 ten - thousand yuan [1]. - **Palladium Inventory**: The NYMEX palladium inventory decreased by 17582.4 ounces to 190,873.50 ounces, and the registered warehouse receipts remained unchanged at 148,317.64 ounces [1]. 3.4 Related Fluctuations - **Macro - indicators**: The US dollar index decreased by -0.35 to 97.61, the S&P 500 index increased by 133.90 to 6,932.30, the US Treasury yield increased by 0.01 to 4.22, the Nasdaq index increased by 490.62 to 23,031.21, the Dow Jones index increased by 1206.95 to 50,115.67, and the US dollar to RMB exchange rate remained unchanged at 6.96 [1]. - **Related Derivatives**: The prices of Shanghai gold contracts 2604, 2606, and 2608 decreased by -15.64, -16.38, and -16.32 respectively. The prices of Shanghai silver contracts 2604, 2606, and 2608 decreased by -1456, -1546, and -1594 respectively [1]. 3.5 Macro News - **Fed Policy**: The Fed maintained the benchmark interest rate at 3.50% - 3.75% after three consecutive 25 - basis - point cuts. Fed Chair candidate Waller supports a 25 - basis - point cut, in line with Trump - appointed director Milan [2]. - **Fed Chair Nomination**: Trump nominated 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 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, indicating stable and positive development [2]. - **Payment System Meeting**: The People's Bank of China held a 2026 payment and settlement work meeting, with requirements including promoting the high - quality development of the modern payment system, accelerating the construction of the RMB cross - border payment system, and strengthening regulatory measures [3]. 3.6 Comments and Strategies - The long - term bullish logic for platinum and palladium remains unchanged. Short - term fluctuations are caused by technical corrections and Fed personnel changes. The nomination of Kevin Warsh as Fed chair has affected the prices. Macro factors such as the weakening of the US dollar's credit and the global central bank's gold - buying trend support the long - term value of platinum and palladium. On the industrial side, platinum has a clear supply - demand gap, and palladium has a rigid supply and strong demand [4].