Report Industry Investment Rating - Platinum: Oscillating with an upward bias [1] - Palladium: Generally following an upward trend [1] Core Viewpoints - The report presents the price, trading volume, position, inventory, spread, and exchange rate data of platinum and palladium, as well as macro and industry news [1][4] Summary by Relevant Catalogs Fundamental Tracking Price - Platinum futures 2606 closed at 551.85 with a 1.28% increase; the Shanghai Gold Exchange platinum was at 545.09 with a 3.82% increase; the New York platinum continuous contract (previous day) was 2178.60 with a 0.60% increase; the London spot platinum (previous day) was 2171.50 with a 1.08% increase [1] - Palladium futures 2606 closed at 438.45 with a 1.95% increase; the RMB spot palladium was at 430.00 with an 8.86% increase; the New York palladium continuous contract (previous day) was 1809.50 with a 4.23% increase; the London spot palladium (previous day) was 1774.00 with a 0.51% increase [1] Trading Volume and Position - The trading volume of Shanghai platinum (kg) was 6123, a decrease of 2011 from the previous day, and the position was 25767, an increase of 17 [1] - The trading volume of NYMEX platinum (kg) was 28388, a decrease of 941 from the previous day, and the position was 80620, a decrease of 1173 [1] - The trading volume of Shanghai palladium (kg) was 3502, a decrease of 33 from the previous day, and the position was 9070, an increase of 96 [1] - The trading volume of NYMEX palladium (kg) was 17287, a decrease of 1309 from the previous day, and the position was 38273, an increase of 20786 [1] ETF Position - The platinum ETF position (ounces) (previous day) was 3270158, an increase of 2843 [1] - The palladium ETF position (ounces) (previous day) was 1178415, an increase of 988 [1] Inventory - The inventory of NYMEX platinum (ounces) (previous day) was 578195, with no change [1] - The inventory of NYMEX palladium (ounces) (previous day) was 186269, with no change [1] Spread - The spread between PT9995 and PT2606 was -6.76, a decrease of 0.99 from the previous day [1] - The spread between Shanghai platinum 2606 contract and 2610 contract was 11.55, a decrease of 0.60 from the previous day [1] - The cost of cross - period arbitrage of buying Shanghai platinum 2606 and selling 2610 was 6.80, an increase of 0.01 from the previous day [1] - The spread between Shanghai platinum main contract and London platinum (considering VAT) was 7.01, a decrease of 4.37 from the previous day [1] - The spread between RMB spot palladium price and PD2606 was -8.45, an increase of 18.65 from the previous day [1] - The spread between Shanghai palladium 2606 contract and 2610 contract was 3.20, a decrease of 5.25 from the previous day [1] - The cost of cross - period arbitrage of buying Shanghai palladium 2606 and selling 2610 was 5.46, with no change from the previous day [1] - The spread between Shanghai palladium main contract and London palladium (considering VAT) was -7, a decrease of 16.66 from the previous day [1] Exchange Rate - The US dollar index was 97.90, an increase of 0.16% [1] - The US dollar against the RMB (CNY spot) was 6.91, a decrease of 0.03% [1] - The US dollar against the offshore RMB (CNH spot) was 6.89, a decrease of 0.15% [1] - The US dollar against the RMB (6M forward) was 6.81, a decrease of 0.15% [1] Macro and Industry News - Takamatsu Sanae expressed concerns about further interest rate hikes during a meeting with the Bank of Japan governor last week [4] - The Trump administration will use AI to set reference prices for key minerals, and will set reference prices for germanium, gallium, antimony, and tungsten for the first time [4] - Regarding the Iran situation: The White House reiterated that Trump's primary choice is diplomacy but will use force if necessary; the Iranian foreign minister hopes to reach a fair agreement with the US in the shortest possible time; the US military deployed 11 F - 22 fighter jets to Israel; Iran held a military exercise in the southern coastal area [4] - Regarding the Federal Reserve: Cook said the AI investment boom may raise the neutral interest rate in the short term and may not be able to alleviate the AI - driven unemployment wave without triggering inflation risks; Goolsbee believes it is inappropriate to cut interest rates before there is more evidence that inflation is falling and is optimistic about further interest rate cuts this year; Bostic said the Fed still needs to focus on inflation even if productivity rises; Collins and Waller expect AI not to cause a major upheaval in the job market and are likely to maintain the current interest rate for some time; Barkin said monetary policy is currently in a favorable position to deal with risks and productivity improvement is not only due to AI [4] - Musk envisions launching AI satellites from the moon via electromagnetic catapult [4] - The EU expects the US to ease the impact of metal tariffs in the coming weeks [4] - China's Ministry of Commerce included 20 Japanese entities in the watch list and 20 Japanese entities in the export control list [4] - China's Ministry of Commerce spokesperson said that China will decide to adjust counter - measures against US tariffs as appropriate in response to the US recent tariff adjustment measures [4] Trend Strength - The trend strength of platinum is 0; the trend strength of palladium is 0. The range of trend strength is an integer in the [-2, 2] interval, with -2 indicating the most bearish and 2 indicating the most bullish [3]