Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - CME platinum and palladium inventories are continuously increasing, and the tightness of overseas platinum spot has eased, but tariff transactions will still support platinum prices. The prices of platinum group metals showed weakness this week. It is expected that the prices of platinum group metals will show a weak shock pattern at high levels in the short term, and platinum prices will perform better than palladium prices [9]. - The total platinum production of the top 15 mines in 2025 is expected to be 127.47 tons, a decrease of 1.9% compared to 2024, indicating a certain contraction expectation in the mine - end supply of platinum this year. The total palladium production of the top 15 mines in 2025 will slightly contract, with a 0.86% decrease to 165.78 tons [68][71]. 3. Summary by Directory 3.1 Weekly Assessment and Market Outlook - **Price and Volume Data**: The closing price of the NYMEX platinum active contract fell 1.55% to $1,433.6 per ounce, and the trading volume (five - day average) decreased 12.18%. The closing price of the NYMEX palladium active contract fell 2.06% to $1,260 per ounce, and the trading volume (five - day average) decreased 27.76% [9]. - **Inventory and ETF Holdings**: CME platinum inventory increased significantly from 11.4 tons on July 18 to 16.04 tons on July 25, and CME palladium inventory increased from 1.49 tons to 2.01 tons. Platinum ETF holdings decreased 0.22% to 75.4 tons, and palladium ETF holdings increased 0.84% to 13.23 tons [9][50][53]. - **Technical Analysis**: NYMEX platinum's weekly - level price is relatively strong, with support at $1,376 per ounce. NYMEX palladium is expected to consolidate in the range of $1,206 - $1,373 per ounce [12][16]. 3.2 Market Review - **Price Changes**: This week, the price of the NYMEX platinum main contract fell 1.55% to $1,433.6 per ounce, and the total position decreased slightly by 1,017 lots to 90,701 lots. The price of the NYMEX palladium main contract fell 2.06% to $1,260 per ounce, and the total position was 20,819 lots. The price of Shanghai Gold Exchange platinum fell 2.66% to 332.9 yuan per gram [21][24][27]. - **CFTC Net Positions**: As of the latest report on July 22, the net long position of NYMEX platinum managed funds increased by 2,925 lots to 17,158 lots, and the net short position of NYMEX palladium managed funds was 2,617 lots [36][39]. 3.3 Inventory and ETF Holdings Changes - **Platinum**: As of July 25, CME platinum inventory increased by 7.4 tons to 16.04 tons, and platinum ETF total holdings were 75.4 tons [50][57]. - **Palladium**: CME palladium inventory is currently 2,015 kg, a significant increase of 519.8 kg from last week, and palladium ETF total holdings were 13.23 tons [53][62]. 3.4 Supply and Demand - **Supply**: The total platinum production of the top 15 mines in 2025 is expected to be 127.47 tons, a 1.9% decrease from 2024. The total palladium production of the top 15 mines in 2025 will be 165.78 tons, a 0.86% decrease [68][71]. - **Demand**: China's platinum imports in June were 11.79 tons, a decline from May; palladium imports were 2.34 tons, an increase from May [74][77]. 3.5 Monthly and Cross - Market Spreads - **NYMEX Platinum Monthly Spreads**: Relevant data charts are provided to show the price differences between different contract months of NYMEX platinum [93][94]. - **NYMEX Palladium Monthly Spreads**: Relevant data charts are provided to show the price differences between different contract months of NYMEX palladium [101][106]. - **London Spot and NYMEX Spreads**: Charts show the price differences between London spot platinum/palladium prices and NYMEX platinum/palladium prices [108].