Report Industry Investment Rating - Not provided Core View of the Report - On February 10, platinum and palladium prices overall rose and then fell. The PT2606 contract closed down 0.5% to 537.5 yuan/gram, and the PD2606 contract closed down 1.06% to 429.05 yuan/gram. The decline of the US dollar index and the recovery of market liquidity led to the rise of platinum and palladium. Fundamentals such as Western countries' plans for critical minerals and relatively limited changes in New York inventories support platinum and palladium prices, but there is no significant short - term change in fundamentals, so the upside space is relatively limited. In the short term, platinum and palladium prices are expected to continue the pattern of narrow - range fluctuations. In the long - term, the supply - demand prospects of platinum and palladium are different. There is still a supply gap for platinum, while palladium tends to have a loose supply. It is recommended to allocate platinum unilaterally at low prices or continue to pay attention to the "long platinum short palladium" arbitrage strategy [5]. Summary by Relevant Catalog Price and Fluctuation - **Domestic Futures and Spot Prices**: The closing price of platinum futures main contract was 537.5 yuan/gram, down 1.39% from the previous value; the spot price of platinum (99.95%) was 540 yuan/gram, up 0.19%. The closing price of palladium futures main contract was 429.05 yuan/gram, down 2.08%; the spot price of palladium (99.95%) was 433.5 yuan/gram, down 1.03% [5]. - **International Prices**: The London spot platinum (15:00) was 2071.1 US dollars/ounce, down 1.66%; the London spot palladium was 1715.5 US dollars/ounce, down 1.42%. NYMEX platinum was 2079.3 US dollars/ounce, down 1.80%; NYMEX palladium was 1726.5 US dollars/ounce, down 1.85% [5]. - **Price Differences**: The difference between Guangzhou platinum and London platinum was 14.87 yuan/gram, up 13.28%; the difference between Guangzhou platinum and NYMEX platinum was 12.80 yuan/gram, up 25.05%. The difference between Guangzhou palladium and London palladium was - 3.84 yuan/gram, up 180.17%; the difference between Guangzhou palladium and NYMEX palladium was - 6.62 yuan/gram, up 7.88% [5]. - **Price Ratios**: The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2528, an increase of 0.0088; the ratio of London spot platinum to palladium was 1.2073, a decrease of 0.0029 [5]. Inventory and Position - **Inventory**: NYMEX platinum inventory was 190,874 ounces, with no change; NYMEX palladium inventory was 646,441 ounces, down 2.44% [5]. - **Position**: NYMEX total platinum position was 73,590, down 7.37%; non - commercial net long position of platinum was 13,106, down 5.86%. NYMEX total palladium position was 17,304, down 9.51%; non - commercial net long position of palladium was 1,133, up 65.64% [5].