Report Industry Investment Rating - Platinum: Mainly fluctuating [1] - Palladium: Narrow - range fluctuations [1] Core Viewpoints - The report presents the price, trading volume, position, ETF position, inventory, price difference, and exchange rate data of platinum and palladium, as well as relevant macro and industry news [2][4][5] Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 497.50 with a 0.90% increase; gold - exchange platinum closed at 489.65 with a 2.64% increase; New York platinum main - continuous (previous day) was 1892.90 with a 1.42% increase; London spot platinum (previous day) was 1899.00 with a 1.87% increase. Palladium futures 2606 closed at 357.30 with a - 0.25% change; RMB spot palladium was 327.00 with a - 0.91% change; New York palladium main - continuous (previous day) was 1413.50 with a - 0.67% change; London spot palladium (previous day) was 1407.50 with a 2.03% increase [2] - **Trading Volume and Position Data**: Guangzhou platinum trading volume was 5900 kg, a decrease of 146 kg from the previous day, and the position was 22154, an increase of 587. NYMEX platinum trading volume was 23068 kg, a decrease of 9452 kg from the previous day, and the position was 72515, an increase of 3314. Guangzhou palladium trading volume was 2757 kg, a decrease of 175 kg from the previous day, and the position was 8729. NYMEX palladium trading volume was 11574 kg, a decrease of 283 kg from the previous day, and the position was 46201, a decrease of 224 [2] - **ETF Position Data**: Platinum ETF position (previous day) was 3046322 ounces, a decrease of 12534 ounces. Palladium ETF position (previous day) was 1048197 ounces, a decrease of 1489 ounces [2] - **Inventory Data**: NYMEX platinum inventory (previous day) was 554241 ounces, a decrease of 4527 ounces. NYMEX palladium inventory (previous day) was 248374 ounces, with no change [2] - **Price Difference Data**: PT9995 to PT2606 price difference was - 7.85, an increase of 8.16 from the previous day; Guangzhou platinum 2606 contract to 2610 contract price difference was 3.00, a decrease of 0.70 from the previous day; the cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 6.16, an increase of 0.05 from the previous day; the price difference between Guangzhou platinum main contract and London platinum (considering VAT) was 20.38, a decrease of 4.58 from the previous day. The price difference between RMB spot palladium and PD2606 was - 30.30, a decrease of 2.10 from the previous day; Guangzhou palladium 2606 contract to 2610 contract price difference was - 0.20, a decrease of 0.90 from the previous day; the cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 4.50, a decrease of 0.01 from the previous day; the price difference between Guangzhou palladium main contract and London palladium (considering VAT) decreased by 8.15 [2] - **Exchange Rate Data**: The US dollar index was 100.51, an increase of 0.32%. The US dollar against the RMB (CNY spot) was 6.92, an increase of 0.06%. The US dollar against the offshore RMB (CNH spot) was 6.90, a decrease of 0.25%. The US dollar against the RMB (6M forward) was 6.82, an increase of 0.05% [2] Macro and Industry News - Policy is currently in a favorable position to wait and observe how the current situation develops [4] - Private credit does not currently have the conditions to evolve into a more widespread systemic event [5] - During Powell's speech, interest - rate futures showed that the market withdrew its bets on the Fed's rate hikes this year. As of this morning's press release, it was priced that there would be a rate cut of about 3BP by the end of the year [5] - Iran's parliament approved the collection of tolls on the strait, to be paid in the Iranian local currency [6] - An oil refinery in Haifa, Israel, caught fire in a missile attack, and Trump said the response "will come soon" [7] - Trump: He is having serious negotiations with Iran. If the negotiations break down, he will destroy Iran's energy, power facilities, and Kharg Island [8] - Iran's Foreign Ministry: The issue of withdrawing from the Treaty on the Non - Proliferation of Nuclear Weapons is being considered in parliament [9] - The White House: Trump hopes to reach an agreement with Iran before April 6. The dialogue with Iran is still ongoing and progressing smoothly. Trump intends to call on Arab countries to "pay for the war" [9] - Iran said the US requirements are illogical and will not participate in the war - related meeting led by Pakistan [9] - European officials said Iran is urging the Houthi armed forces to prepare for war in the Red Sea, and there are differences within the Houthi armed forces regarding the intensity of the strike [10] - Zelensky: Ukraine is ready to cease fire during Easter [12] - The EU Council extended the sanctions mechanism against Iran until April 13, 2027 [12] - US media: US federal prosecutors will investigate bets on the time of Maduro's arrest on a prediction platform [12] - Middle - East supply concerns have pushed Asian naphtha profits to a record high [12] - Fed Governor Milan: The Fed can gradually cut interest rates by one percentage point within a year [12] - Powell's speech: Energy shocks are usually short - lived, and the central bank's standard response is to "wait patiently for them to subside on their own" [12] Trend Intensity - Platinum trend intensity: 0; Palladium trend intensity: 0. The trend - intensity value ranges from - 2 to 2. - 2 means the most bearish, and 2 means the most bullish [11]

Report Industry Investment Rating - No information provided Core View of the Report - The platinum market is generally weak, while the palladium market is in a low - level shock [2][3] Summary According to Relevant Catalogs Platinum and Palladium Fundamental Data - **Price**: Platinum futures 2606 closed at 493.05 with a 1.16% increase; gold - exchange platinum was at 477.04 with a - 1.55% change; New York platinum main - continuous (previous day) was 1866.40 with a 2.93% increase; London spot platinum (previous day) was 1864.20 with a 2.51% increase. Palladium futures 2606 was 358.20 with a 1.37% increase; RMB spot palladium was 330.00 with a - 2.08% change; New York palladium main - continuous (previous day) was 1384.50 with a 1.43% increase; London spot palladium (previous day) was 1379.49 with a 1.51% increase [2] - **Trading Volume and Position**: Guangzhou platinum trading volume was 6,046 kg, up 531 kg from the previous day, and the position was 21,567 kg, up 107 kg. NYMEX platinum trading volume was 32,520 kg, up 9,221 kg, and the position was 69,201 kg, up 5,734 kg. Guangzhou palladium trading volume was 2,932 kg, down 472 kg, and the position was 8,685 kg, up 111 kg. NYMEX palladium trading volume was 11,857 kg, down 2,022 kg, and the position was 46,425 kg, up 992 kg [2] - **ETF Position**: Platinum ETF position (ounces, previous day) was 3,058,856, down 8,622; palladium ETF position (ounces, previous day) was 1,049,686, up 81 [2] - **Inventory**: NYMEX platinum inventory (ounces, previous day) was 554,241, down 4,527; NYMEX palladium inventory (ounces, previous day) was 248,374, unchanged [2] - **Price Spread**: PT9995 to PT2606 price spread was - 16.01, down 13.16 from the previous day; Guangzhou platinum 2606 contract to 2610 contract spread was 3.70, up 1.20; the cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 6.11, up 0.07. The spread between Guangzhou platinum main contract and London platinum (considering VAT) was 24.97, down 6.51. The spread between RMB spot palladium price and PD2606 was - 28.20, down 11.85. Guangzhou palladium 2606 contract to 2610 contract spread was 0.70, up 1.35; the cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 4.51, up 0.06. The spread between Guangzhou palladium main contract and London palladium (considering VAT) was 12, down 0.81 [2] - **Exchange Rate**: The US dollar index was 100.18, up 0.54%; the US dollar against RMB (CNY spot) was 6.91, unchanged; the US dollar against offshore RMB (CNH spot) was 6.92, up 0.03%; the US dollar against RMB (6M forward) was 6.82, up 0.38% [2] Trend Intensity - Platinum trend intensity is 0, and palladium trend intensity is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5] Other News - **Middle East Situation**: Houthi rebels claim to attack important Israeli military targets, and relevant military operations will continue. The Israeli military chief says the Israeli regular forces have collapsed. The Iranian military says it hit a US warship far from the Omani port of Salalah. Saudi Arabia's east - west oil pipeline has a daily oil - transportation capacity of 7 million barrels. US Marines arrive in the area of responsibility of the US Central Command. The Israeli military says it is close to completing the attack on about 90% of Iran's key military industrial facilities. The production base of UAE's Global Aluminium is damaged in the attack, and Bahrain Aluminium says its facilities are attacked by Iran on Saturday [4] - **Other Events**: Zelensky says Ukraine has reached defense cooperation agreements with Saudi Arabia, Qatar, and the UAE, involving joint production of drones. The last member of the initial creation team of Musk's Xai leaves the company. Tesla plans to double the scale of its service - center network in Japan. There are "Reject the King" rallies across the US against Trump. Vance wins the 2028 presidential preference vote at the Conservative Political Action Conference. Kuwaiti crude oil prices rise above $118. Malaysia says Iran allows Malaysian tankers to pass through the Strait of Hormuz; Thailand reaches an agreement with Iran on the passage of its tankers through the Strait of Hormuz; two more LPG tankers bound for India leave the Persian Gulf through the Strait of Hormuz; Pakistan says Iran has agreed to let 20 more Pakistani vessels pass through the Strait of Hormuz [6]

Report Industry Investment Rating - The investment rating for palladium is "shock and bearish" [1] Core View - The report provides a comprehensive analysis of the platinum and palladium markets, including price movements, trading volumes, positions, inventories, and spreads, as well as relevant macro and industry news [1][3][4] Summary by Relevant Catalogs Fundamental Tracking - **Price Information**: Platinum futures 2606 closed at 505.85 with a 3.79% increase, gold - exchange platinum at 509.42 with a 7.21% increase. New York platinum main - continuous (previous day) was 1910.00 with a - 0.55% change, and London spot platinum (previous day) was 1925.20 with a 0.01% change. Palladium futures 2606 was 368.55 with a 2.52% increase, and RMB spot palladium was 346.00 with a 1.47% increase. New York palladium main - continuous (previous day) was 1418.50 with a - 1.80% change, and London spot palladium (previous day) was 1407.50 with a - 1.95% change [1] - **Trading Volume and Position**: For Guangzhou platinum, the trading volume was 8448 kg with a - 1264 kg change, and the position was 21395 kg with a 3 kg change. NYMEX platinum had a trading volume of 23077 kg with a - 8753 kg change and a position of 58358 kg with a 27968 kg change. For Guangzhou palladium, the trading volume was 5644 kg with a - 808 kg change, and the position was 8409 kg with a 297 kg change. NYMEX palladium had a trading volume of 10637 kg with a - 1835 kg change and a position of 45109 kg with a - 190 kg change [1] - **ETF Holdings**: Platinum ETF holdings (ounces, previous day) were 3085483 with a - 14819 change, and palladium ETF holdings (ounces, previous day) were 1055913 with a - 22274 change [1] - **Inventory**: Guangzhou platinum inventory was 1 kg, NYMEX platinum inventory (ounces, previous day) was 579274 with no change, Guangzhou palladium inventory was 1 kg, and NYMEX palladium inventory (ounces, previous day) was 248374 with no change [1] - **Spreads**: PT9995 to PT2606 spread was 3.57 with a - 12.24 change from the previous day. Guangzhou platinum 2606 contract to 2610 contract spread was 5.30 with a - 4.50 change. The arbitrage cost for buying Guangzhou platinum 2606 and selling 2610 was 6.26 with a 0.22 change. The spread between Guangzhou platinum main contract and London platinum (considering VAT) was 23.78 with a 17.72 change. The spread between RMB spot palladium price and PD2606 was - 22.55 with a - 4.05 change. The spread between Guangzhou palladium 2606 contract and 2610 contract was 0.20 with a - 5.30 change. The arbitrage cost for buying Guangzhou palladium 2606 and selling 2610 was 4.63 with a 0.11 change. The spread between Guangzhou palladium main contract and London palladium (considering VAT) was 15.55 [1] - **Exchange - related Data**: The US dollar index was 99.64 with a 0.13% increase. The US dollar to RMB (CNY spot) exchange rate was 6.89 with a 0.14% increase, the US dollar to offshore RMB (CNH spot) was 6.89 with a 0.02% increase, and the US dollar to RMB (6M forward) was 6.79 with a - 0.07% change [1] Macro and Industry News - The US government lifted the sales restriction on E15 blended gasoline containing 15% ethanol [4] - Hungary suspended gas supply to Ukraine due to the obstruction of the "Friendship" oil pipeline in the Ukrainian section [4] - Zelensky said that the US proposed that if Ukraine withdraws troops from Donbass, a security guarantee agreement can be finalized [4] - The US Secretary of the Interior brought back physical gold worth $100 million during a visit to Venezuela [4] - The Venezuelan acting president said that the US imports of crude oil from Venezuela have reached the highest level since 2019 [4] - Putin signed a decree to ban the export of gold bars over 100 grams from Russia and restrict the amount of cash rubles carried to the Eurasian Economic Union [4] - According to Interfax, Russia may re - impose a temporary ban on gasoline exports [4] Trend Intensity - The trend intensity of platinum is - 1, and that of palladium is - 1. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The market sentiment of platinum has eased, and palladium has slightly recovered [1]. 3. Summary by Relevant Catalogs Platinum and Palladium Fundamental Data - **Price**: Platinum futures 2606 closed at 487.40 with a 6.48% increase; gold exchange platinum at 475.16 with a 3.33% increase; New York platinum main - continuous (previous day) at 1920.50 with a 2.46% increase; London spot platinum (previous day) at 1925.00 with a 2.33% increase. Palladium futures 2606 closed at 359.50 with a 9.65% increase; RMB spot palladium at 341.00 with a 1.79% increase; New York palladium main - continuous (previous day) at 1444.50 with a 0.38% increase; London spot palladium (previous day) at 1435.50 with a 0.47% increase [2]. - **Trading Volume and Position**: For Guangdong platinum, the trading volume was 9,712 kg (a decrease of 9,431 kg from the previous day), and the position was 21,356 kg (a decrease of 115 kg). For NYMEX platinum, the trading volume was 21,363 kg (a decrease of 34,260 kg), and the position was 53,383 kg (an increase of 14,410 kg). For Guangdong palladium, the trading volume was 6,452 kg (a decrease of 675 kg), and the position was 8,112 kg (a decrease of 417 kg). For NYMEX palladium, the trading volume was 12,438 kg (a decrease of 11,362 kg), and the position was 45,299 kg (a decrease of 862 kg) [2]. - **ETF Holdings**: Platinum ETF holdings (ounces, previous day) were 3,085,483 (a decrease of 14,819), and palladium ETF holdings (ounces, previous day) were 1,055,913 (a decrease of 22,274) [2]. - **Inventory**: NYMEX platinum inventory (ounces, previous day) was 579,274 with no change, and NYMEX palladium inventory (ounces, previous day) was 248,374 with no change [2]. - **Price Spreads**: For platinum, the spread between PT9995 and PT2606 was - 12.24 (a decrease of 14.32 from the previous day); the spread between Guangdong platinum 2606 and 2610 contracts was 9.80 (an increase of 4.70); the cost of buying Guangdong platinum 2606 and selling 2610 cross - period arbitrage was 6.03 (an increase of 0.35); the spread between Guangdong platinum main contract and London platinum (considering VAT) was 6.06 (an increase of 19.41). For palladium, the spread between RMB spot palladium and PD2606 was - 18.50 (a decrease of 25.65); the spread between Guangdong palladium 2606 and 2610 contracts was 5.50 (an increase of 9.85); the cost of buying Guangdong palladium 2606 and selling 2610 cross - period arbitrage was 4.52 (an increase of 0.36); the spread between Guangdong palladium main contract and London palladium (considering VAT) was 1 (an increase of 30.55) [2]. - **Exchange Rates**: The US dollar index was 99.21 (a decrease of 0.31%); the US dollar against the RMB (CNY spot) was 6.88 (a decrease of 0.16%); the US dollar against the offshore RMB (CNH spot) was 6.89 (a decrease of 0.21%); the US dollar against the RMB (6M forward) was 6.80 (an increase of 0.03%) [2]. Macro and Industry News - The trend strength of platinum is 0, and that of palladium is 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]. - News includes: the Philippines declared a national energy emergency; Trump's support rate dropped to the lowest since returning to the White House; the US Department of Justice admitted that the investigation of Powell lacked evidence; the Trump administration may relax summer gasoline regulations to suppress energy prices; the EU postponed the proposal to permanently ban the import of Russian oil; more central banks will increase their gold holdings due to geopolitical risks; India extended the validity of the gold import tariff quota authorization with the UAE to June 30; Turkey is considering using its $135 billion gold reserve to support the depreciating lira [5].

Report Industry Investment Rating - The platinum sector is under significant pressure, and a pessimistic view is maintained for palladium [1] Core View - The report presents the latest data on platinum and palladium, including prices, trading volumes, positions, ETF holdings, inventories, and price spreads, and also provides macro and industry news [1][4] Summary by Relevant Catalogs Fundamental Tracking - Platinum and palladium price data shows a decline, with the platinum futures 2606 closing at 506.95, down 7.49%, and the palladium futures 2606 closing at 371.45, down 7.78% [1] - Trading volume and position data indicate changes, such as the Guangdong platinum trading volume increasing by 6,439 kg to 11,075 kg, and the NYMEX platinum position decreasing by 2,448 kg to 46,217 kg [1] - ETF holdings show the platinum ETF holding 3,166,068 ounces (up 9,999 ounces), and the palladium ETF holding 1,105,170 ounces (down 1,003 ounces) [1] - Inventory data reveals that the NYMEX palladium inventory increased by 44,461 ounces to 245,177 ounces, while the NYMEX platinum inventory remained unchanged at 582,441 ounces [1] - Price spread data shows various changes, like the PT9995 to PT2606 price spread increasing by 10.40 to 3.35 [1] - Exchange rate data shows the US dollar index at 99.23, down 0.58%, and the US dollar to RMB (CNY spot) at 6.88, down 0.38% [1] Macro and Industry News - As of this morning, the interest rate futures market priced the Fed's rate cut this year at only 5.5 basis points, and bets on rate hikes emerged [4] - Trump stated that the US and Qatar were unaware of Israel's attack on Iran's South Pars gas field, and Israel would stop attacking the gas field [4] - The spokesman of Iran's Armed Forces Joint Command said that the retaliatory actions against the attack on Iran's energy infrastructure were not over [4] - Beisente said that sanctions on Iran's offshore oil might be lifted in the next few days, or oil war reserves might be released again [4] - The US Energy Secretary said that the US had no plans to restrict crude oil exports [4] - Iran plans to charge tolls for the Strait of Hormuz [4] - France, the UK, Germany, Italy, the Netherlands, and Japan announced in a joint statement that they were ready to take measures to ensure the safety of the Strait of Hormuz [4] Trend Intensity - Platinum trend intensity is -1, and palladium trend intensity is -1, indicating a bearish outlook [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On March 17, platinum and palladium prices rebounded. The PT2606 contract closed up 4.27% to 552.7 yuan/gram, and the PD2606 contract closed up 2.3% to 407.75 yuan/gram. Macroscopically, the US Treasury Secretary's remarks to soothe the market and the slowdown of the upward trends of oil prices and the US dollar boosted the precious metal prices. However, the US - Iran conflict shows no sign of resolution, oil prices remain high, and the expectation of interest rate cuts continues to weaken, which may continue to suppress the upward space of precious metal prices. Fundamentally, WPIC expects the global platinum market to have a supply shortage for the fourth consecutive year, and the imbalance between supply and demand may support the platinum price, but the narrowing gap in 2026 and the possible surplus in the global palladium market may limit the upward space of prices. In the short term, platinum and palladium are expected to maintain a range - bound trend. After the Middle East geopolitical situation becomes clear, one can choose to go long on platinum at low prices or continue to hold the [long platinum, short palladium] strategy [3] Group 3: Summary by Relevant Catalogs Price Information - **Domestic Prices**: The closing price of platinum futures main contract is 552.7 yuan/gram, up 3.73% from the previous value; the spot price of platinum (99.95%) is 552 yuan/gram, up 6.36%. The basis of platinum (spot - futures) is - 0.7 yuan/gram, a change of - 94.93%. The closing price of palladium futures main contract is 407.75 yuan/gram, up 2.31%; the spot price of palladium (99.95%) is 408 yuan/gram, up 3.42%. The basis of palladium (spot - futures) is 0.25 yuan/gram, a change of - 106.17% [3] - **International Prices**: The London spot platinum price is 2131.1 US dollars/ounce, up 3.61%; the London spot palladium price is 1601.571 US dollars/ounce, up 1.74%. The NYMEX platinum price is 2121.9 US dollars/ounce, up 3.69%; the NYMEX palladium price is 1613.5 US dollars/ounce, up 2.54% [3] - **Exchange Rate and Spread**: The US dollar/Chinese yuan central parity rate is 6.8961, down 0.14%. The spread between domestic platinum and London platinum is 18.78 yuan/gram, up 11.94%; the spread between domestic platinum and NYMEX platinum is 21.08 yuan/gram, up 8.62%. The spread between domestic palladium and London palladium is 6.50 yuan/gram, up 80.54%; the spread between domestic palladium and NYMEX palladium is 3.51 yuan/gram, down 7.21% [3] - **Price Ratio**: The ratio of Guangzhou Futures Exchange platinum to palladium is 1.3555, with a change of 0.0186; the ratio of London spot platinum to palladium is 1.3306, with a change of 0.0241 [3] Inventory and Position Information - **Inventory**: The NYMEX platinum inventory is 200,716 ounces, with no change; the NYMEX palladium inventory is 582,441 ounces, with no change [3] - **Position**: The total NYMEX platinum position is 68,758, down 1.99%; the non - commercial net long position of NYMEX platinum is 14,690, up 6.20%. The total NYMEX palladium position is 15,679, down 2.57%; the non - commercial net long position of NYMEX palladium is - 156, down 196.89% [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - On March 13, platinum and palladium prices continued to decline. The PT2606 contract closed down 3.72% to 541.6 yuan/gram, and the PD2606 contract closed down 2.43% to 408.1 yuan/gram. The geopolitical conflict between the US and Iran shows no sign of easing, with high oil prices and weakening interest - rate cut expectations, which strengthen the US dollar index and suppress platinum and palladium prices. The global platinum market is expected to face a supply shortage for the fourth consecutive year, providing support for platinum prices, but the suspension in late 2026 and potential palladium market surplus may limit the upside. In the short - term, platinum and palladium are likely to maintain a volatile and downward trend. After the Middle East geopolitical situation becomes clear, investors can consider going long on platinum at low prices or continue to hold the [long platinum, short palladium] strategy [6] 3. Summary by Relevant Catalogs Price Data - **Domestic Prices (yuan/gram)**: Platinum futures主力收盘价 dropped 4.08% to 541.6 from 564.65; spot platinum (99.95%) fell 0.91% to 544 from 549; platinum basis (spot - futures) decreased 115.34% to 2.4 from - 15.65. Palladium futures主力收盘价 declined 2.04% to 408.1 from 416.6; spot palladium (99.95%) remained unchanged at 411; palladium basis (spot - futures) decreased 151.79% to 2.9 from - 5.6 [4] - **International Prices (15:00, dollars/ounce)**: London spot platinum dropped 3.27% to 2100.3 from 2171.358; London spot palladium fell 2.41% to 1609.499 from 1649.252; NYMEX platinum decreased 3.47% to 2094.6 from 2170; NYMEX palladium declined 1.93% to 1625.5 from 1657.5 [4] - **Internal - External 15:00 Spread (yuan/gram)**: The spread of domestic platinum - London platinum decreased 27.17% to 15.05 from 20.66; the spread of domestic platinum - NYMEX platinum decreased 21.55% to 16.47 from 21.00; the spread of domestic palladium - London palladium decreased 34.54% to 3.41 from 4.59; the spread of domestic palladium - NYMEX palladium decreased 56.94% to 0.58 from 1.35 [4][5] - **Price Ratios**: The ratio of Guangzhou Futures Exchange platinum to palladium decreased to 1.3271 from 1.3554; the ratio of London spot platinum to palladium decreased to 1.3049 from 1.3166 [5] Inventory and Position Data - **Inventory (troy ounces)**: NYMEX platinum inventory remained unchanged at 204,678; NYMEX palladium inventory remained unchanged at 582,441 [5] - **Position**: NYMEX total platinum position decreased 1.99% to 68,758 from 70,154; NYMEX non - commercial net long position of platinum increased 6.20% to 13,832 from 14,690; NYMEX total palladium position decreased 2.57% to 15,679 from 16,093; NYMEX non - commercial net long position of palladium decreased 196.89% to 161 from - 156 [5]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On March 12, platinum and palladium prices generally oscillated downward. The PT2606 contract closed down 0.94% to 564.65 yuan/gram, and the PD2606 contract closed down 2.08% to 416.6 yuan/gram. Although multiple parties have jointly signaled a cooling of the conflict and introduced possible measures to stabilize oil prices, the issue of the Hormuz Strait remains unresolved, and oil prices are running at a high level. Therefore, short - term oil price fluctuations will continue to affect the price trends of platinum and palladium. Fundamentally, the WPIC expects the global platinum market to experience a supply shortage for the fourth consecutive year. The imbalance in the supply - demand structure may continue to provide support for the downside of platinum prices, but the narrowing gap in 2026 may limit its upward price space. The global palladium market may still have a surplus, with a weaker fundamental situation than platinum, and its overall performance may continue to be weaker than platinum. In summary, in the short term, platinum and palladium are likely to maintain an oscillating trend. After the geopolitical situation in the Middle East becomes clear, one can choose the opportunity to go long on platinum at a low price, or continue to hold the "long platinum, short palladium" strategy [3] 3. Summary According to Relevant Catalogs 3.1 Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 564.65, previous value 565.55, down 0.16% [3] - Platinum (99.95%) spot price: 549, down 1.52% [3] - Platinum basis (spot - futures): - 15.65, previous value - 8.05, up 94.41% [3] - Palladium futures main contract closing price: 416.6, previous value 424.25, down 1.80% [3] - Palladium (99.95%) spot price: 411, previous value 420, down 2.14% [3] - Palladium basis (spot - futures): - 5.6, previous value - 4.25, up 31.76% [3] 3.2 International Prices (15:00, dollars/ounce) - London spot platinum: 2171.358, previous value 2192.154, down 0.95% [3] - London spot palladium: 1649.252, previous value 1666.179, down 1.02% [3] - NYMEX platinum: 2170, previous value 2188.5, down 0.85% [3] - NYMEX palladium: 1657.5, previous value 1683, down 1.52% [3] 3.3 Internal - External 15:00 Spread (yuan/gram,含税) - Dollar/yuan central parity rate: 6.8959, previous value 6.8917, up 0.06% [3] - Guangzhou platinum - London platinum: 20.66, previous value 16.68, up 23.83% [3] - Guangzhou platinum - NYMEX platinum: 21.00, previous value 17.60, up 19.32% [3] - Guangzhou palladium - London palladium: 3.41, previous value 7.08, down 51.77% [3] - Guangzhou palladium - NYMEX palladium: 1.35, previous value 2.86, down 53.00% [3] 3.4 Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3554, previous value 1.3331, change 0.0223 [3] - London spot platinum/palladium price ratio: 1.3166, previous value 1.3157, change 0.0009 [3] 3.5 Inventory (ounce) - NYMEX platinum inventory: 204678, no change [3] - NYMEX palladium inventory: 582441, no change [3] 3.6 Position - NYMEX total platinum position: 70154, previous value 72351, down 3.04% [3] - NYMEX non - commercial net long platinum position: 13832, previous value 13240, up 4.47% [3] - NYMEX total palladium position: 16093, previous value 16423, down 2.01% [3] - NYMEX non - commercial net long palladium position: 161, previous value 664, down 75.75% [3]

Group 1: Industry Investment Rating - No relevant information found Group 2: Core Views - Platinum follows the fluctuations of gold and silver, while palladium fails to reach a high and remains sluggish [1][2] - The trend strength of platinum and palladium is 0, indicating a neutral stance [4] Group 3: Summary by Related Catalogs Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 562.55 with a 2.40% increase; gold exchange platinum closed at 559.13 with a 3.75% increase; New York platinum main contract (previous day) was at 2208.00 with a 0.86% increase; London spot platinum (previous day) was at 2206.00 with a 1.00% increase; palladium futures 2606 closed at 423.55 with a 2.63% increase; RMB spot palladium was at 410.00 with a 7.05% increase; New York palladium main contract (previous day) was at 1677.50 with a -2.04% decrease; London spot palladium (previous day) was at 1656.50 with a -1.72% decrease [2] - **Trading Volume and Position Data**: Guangdong platinum trading volume was 8270 kg, a decrease of 1901 kg from the previous day, and the position was 26457 kg, a decrease of 284 kg; NYMEX platinum trading volume was 29866 kg, a decrease of 3221 kg from the previous day, and the position was 63692 kg, a decrease of 2810 kg; Guangdong palladium trading volume was 2384 kg, a decrease of 1229 kg from the previous day, and the position was 9063 kg, a decrease of 190 kg; NYMEX palladium trading volume was 8547 kg, a decrease of 5512 kg from the previous day, and the position was 46008 kg, an increase of 75 kg [2] - **ETF Position Data**: Platinum ETF position (ounces) (previous day) was 3217734, a decrease of 8775; palladium ETF position (ounces) (previous day) was 1141412, a decrease of 12961 [2] - **Inventory Data**: Guangdong platinum inventory was 1 kg; NYMEX platinum inventory (ounces) (previous day) was 582441, unchanged; Guangdong palladium inventory was not available; NYMEX palladium inventory (ounces) (previous day) was 205098, unchanged [2] - **Spread Data**: PT9995 to PT2606 spread was -3.42, an increase of 7.00 from the previous day; Guangdong platinum 2606 contract to 2610 contract spread was 6.65, a decrease of 0.85 from the previous day; Buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage cost was 6.93, an increase of 0.16 from the previous day; Guangdong platinum main contract to London platinum spread (considering VAT) was 8.80, an increase of 7.04 from the previous day; RMB spot palladium price to PD2606 spread was -13.55, an increase of 16.15 from the previous day; Guangdong palladium 2606 contract to 2610 contract spread was 4.55, an increase of 1.25 from the previous day; Buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage cost was 5.28, an increase of 0.13 from the previous day; Guangdong palladium main contract to London palladium spread (considering VAT) was 8, an increase of 17.74 from the previous day [2] - **Exchange Rate Data**: The US dollar index was 98.93, a decrease of 0.03%; the US dollar to RMB (CNY spot) was 6.91, an increase of 0.12%; the US dollar to offshore RMB (CNH spot) was 6.91, a decrease of 0.03%; the US dollar to RMB (6M forward) was 6.80, a decrease of 0.22% [2] Macro and Industry News - Trump said there might be conditional negotiations with Iran, but in Iran, the foreign minister said the new supreme leader would not negotiate with the US, and the vice - president said they had not given up on resolving the issue through negotiation [5] - The US defense secretary said there would be a "highest - intensity" strike on Iran on Tuesday; part of the US THAAD system in South Korea was transferred to the Middle East, and the US military sank 16 Iranian mine - laying vessels near the Strait of Hormuz [5] - The US special envoy said Putin denied providing intelligence about the US military to Iran [5] - US media reported that Iran started laying mines in the Strait of Hormuz, with a scale of about dozens; Trump demanded that Iran remove the possibly laid mines, otherwise it would face unprecedented military consequences [5] - US media reported that the US asked Israel not to attack Iranian energy facilities [5] - The US energy minister claimed that the US military escorted oil tankers through the Strait of Hormuz, but deleted the post minutes later, and the White House also said there was no escort [5] - Market news: Saudi Arabia, the UAE, Iraq, and Kuwait jointly cut production by up to 6.7 million barrels per day [5] - Canadian Prime Minister Carney said G7 leaders would discuss energy coordination on Wednesday [5] - A tri - party meeting between the US, Russia, and Ukraine might be held in Turkey next week [5]

Report Overview - The report focuses on the research of platinum and palladium, including their price trends, fundamental data, and relevant macro and industry news [1][2] Industry Investment Rating - No information provided on industry investment rating Core Viewpoints - Platinum follows the fluctuations of gold and silver [1] - High - frequency data for palladium is pessimistic, indicating weak prices [2] Summary by Directory 1. Platinum and Palladium Fundamental Data - **Price**: Platinum futures 2606 closed at 560.50 with a - 0.61% change; gold futures 2606 closed at 421.50 with a - 1.52% change. New York platinum main - continuous (previous day) was at 2151.80 with a 1.11% change, and London spot platinum (previous day) was at 2164.10 with a 2.17% change [3] - **Trading Volume and Position**: Guangzhou platinum trading volume was 5,094 kg, down 3,537 kg from the previous day, and the position was 27,380 kg, down 313 kg. NYMEX platinum trading volume was 24,817 kg, down 3,005 kg, and the position was 69,411 kg, down 2,890 kg [3] - **ETF Position**: Platinum ETF position (ounces, previous day) was 3,245,102, down 16,293 ounces; palladium ETF position (ounces, previous day) was 1,161,510, down 5,799 ounces [3] - **Inventory**: NYMEX platinum inventory (ounces, previous day) was 582,441, down 1,011 ounces; NYMEX palladium inventory (ounces, previous day) was 205,098, with no change [3] - **Price Spread**: PT9995 to PT2606 price spread was - 8.53, up 1.17 from the previous day; the spread between Guangzhou platinum 2606 and 2610 contracts was 10.75, down 2.25 from the previous day [3] - **Exchange Rate**: The US dollar index was 98.95, down 0.32%; the US dollar to RMB (CNY spot) was 6.90, down 0.02%; the US dollar to offshore RMB (CNH spot) was 6.89, up 0.03% [3] 2. Macro and Industry News - **Trend Intensity**: Platinum trend intensity is 0, and palladium trend intensity is - 1 [5] - **US - Israel - Iran Conflict**: Iran has launched attacks on the US anti - missile radar network, the Israeli Haifa refinery, and carried out large - scale drone attacks on the US and Israel. The US has approved over $150 million in military sales to Israel and is considering increasing the military budget. Israel has carried out air strikes on Iranian military and infrastructure and oil facilities [6]