铂锂数据日报 投资咨询业务资格:证监许可【2012】31号 国贸期货研究院 贵金属与新能源研究中心 投资咨询号:Z0013700 从业资格号:F3023916 2026/3/3 | | | 日素姚 | | | WHEN I I HARALIA | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标名称 | | 現值 | 前值 | 涨跌幅 | | 主要图表 | | | | 销期货主力收费价 | 626. 5 | 623. 75 | 0. 44% | 800 | 期货收盘价《活跃合约):铂 -- 期货减盘价(活跃合约):妃 | | | 国内价格 现货:钳(99.95%) | | 603 | 609 | -0. 99% | | | | | (元/克) | 铂:基差(现-期) | -23.5 | -14.75 | 59. 32% | 600 | | | | | 把期货主力收盘价 | 463. 65 | 464. 85 | -0. 26% | | | | | | 现货: 钟(99.95%) | 455 | 455 | 0. 00% | 400 | | | ...

Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - On February 11th, platinum and palladium prices generally showed a strong trend. In the short - term, prices are expected to continue a wide - range fluctuation pattern, and investors are advised to hold light positions during the holiday. In the long - term, due to different supply - demand prospects, it is recommended to allocate platinum unilaterally at low prices or focus on the [long platinum, short palladium] arbitrage strategy [5] Group 3: Summary by Directory Domestic Prices (Yuan/gram) - Platinum futures主力收盘价 rose 2.54% to 551.15 yuan/gram, platinum spot (99.95%) rose 1.48% to 548 yuan/gram, and platinum basis (spot - futures) dropped 226.00% to - 3.15 yuan/gram [5] - Palladium futures主力收盘价 rose 2.34% to 439.1 yuan/gram, palladium spot (99.95%) rose 0.69% to 436.5 yuan/gram, and palladium basis (spot - futures) dropped 158.43% to - 2.6 yuan/gram [5] International Prices (15:00, US dollars) - London spot platinum rose 2.32% to 2119.1 US dollars, London spot palladium rose 1.61% to 1743.165 US dollars [5] - NYMEX platinum rose 2.44% to 2130 US dollars, NYMEX palladium rose 1.85% to 1758.5 US dollars [5] 15:00 Internal and External Price Differences (Yuan/gram, Tax - included) - The difference between Guangzhou platinum and London platinum rose 11.37% to 16.56 yuan/gram, and the difference between Guangzhou platinum and NYMEX platinum rose 7.90% to 13.81 yuan/gram [5] - The difference between Guangzhou palladium and London palladium dropped 83.12% to - 0.65 yuan/gram, and the difference between Guangzhou palladium and NYMEX palladium dropped 31.76% to - 4.52 yuan/gram [5] Platinum - Palladium Price Ratio - The price ratio of platinum to palladium on the Guangzhou Futures Exchange increased by 0.0024 to 1.2552, and the London spot platinum - to - palladium price ratio increased by 0.0084 to 1.2157 [5] Inventory (Troy Ounces) - NYMEX platinum inventory dropped 2.10% to 186,863 ounces, and NYMEX palladium inventory remained unchanged at 583,369 ounces [5] Positions - NYMEX total platinum positions dropped 7.37% to 73,590, and non - commercial net long platinum positions dropped 5.86% to 13,106 [5] - NYMEX total palladium positions dropped 9.51% to 17,304, and non - commercial net long palladium positions rose 65.64% to 1,133 [5]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On January 21st, platinum and palladium prices fluctuated widely and declined in the late session; the PT2606 contract closed up 2.4% to 628.5 yuan/gram, and the PD2606 contract closed up 0.21% to 485.5 yuan/gram [5] - Geopolitical and economic tensions between the US and Europe due to the Greenland crisis have increased market uncertainty, raising safe - haven demand and supporting platinum and palladium prices; the US decision to暂缓 import tariffs on key minerals eases tariff risks for platinum and palladium [5] - If tariff risks decline in the future, platinum and palladium inventories may shift from the US to non - US regions, potentially alleviating the tight spot supply situation and suppressing the short - term upward space of platinum and palladium prices [5] - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern; it is recommended to follow changes in New York inventories [5] - In the long term, with a supply - demand gap for platinum and a tendency towards supply surplus for palladium, the strategy can be to allocate platinum at low prices or choose the "long platinum, short palladium" arbitrage strategy [5] Group 3: Summary by Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 628.5, up 1.48% from the previous value of 619.35 [5] - Spot platinum (99.95%): 622, up 5.07% from the previous value of 592 [5] - Platinum basis (spot - futures): - 6.5, down 76.23% from the previous value of - 27.35 [5] - Palladium futures main contract closing price: 485.8, down 0.86% from the previous value of 490 [5] - Spot palladium (99.95%): 472, up 3.62% from the previous value of 455.5 [5] - Palladium basis (spot - futures): - 13.8, down 60.00% from the previous value of - 34.5 [5] International Prices (15:00, USD) - London spot platinum: 2434.88, up 2.27% from the previous value of 2380.82 [5] - London spot palladium: 1851.746, up 0.23% from the previous value of 1847.466 [5] - NYMEX platinum: 2437.9, up 2.38% from the previous value of 2381.2 [5] - NYMEX palladium: 1889.5, up 0.40% from the previous value of 1882 [5] Other Indicators - USD/CNY central parity rate: 7.0014, up 0.01% from the previous value of 7.0006 [5] - Domestic - international price differences (yuan/gram, tax - included): - Guangdong platinum - London platinum: 9.16, down 33.78% from the previous value of 13.83 [5] - Guangdong platinum - NYMEX platinum: 8.39, down 38.90% from the previous value of 13.73 [5] - Guangdong palladium - London palladium: 14.78, down 26.54% from the previous value of 20.13 [5] - Guangdong palladium - NYMEX palladium: 5.18, down 54.33% from the previous value of 11.34 [5] - Platinum - palladium price ratios: - Guangzhou Futures Exchange platinum/palladium ratio: 1.2937, with an increase of 0.0298 from the previous value of 1.2640 [5] - London spot platinum/palladium ratio: 1.3149, with an increase of 0.0262 from the previous value of 1.2887 [5] Inventory and Position Data - NYMEX platinum inventory: 664393, unchanged from the previous value [5] - NYMEX palladium inventory: 216664, up 4.66% from the previous value of 207020 [5] - NYMEX total platinum position: 78337, down 0.90% from the previous value of 79050 [5] - NYMEX non - commercial net long platinum position: 17594, down 2.85% from the previous value of 18110 [5] - NYMEX total palladium position: 19483, up 0.69% from the previous value of 19349 [5] - NYMEX non - commercial net long palladium position: 1225, up 111.57% from the previous value of 579 [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On January 9th, the prices of platinum and palladium generally declined. The PT2606 contract closed down 6.72% to 575 yuan/gram, and the PD2606 contract closed down 3.57% to 460.7 yuan/gram. As the Bloomberg Commodity Index (BCOM) officially entered the adjustment period, the market worried that this might bring significant selling pressure to the precious metals market. Silver, with a large adjustment weight, was greatly impacted and tumbled, and platinum and palladium were also affected by market sentiment and weakened. In the short - term, platinum and palladium may maintain a narrow - range oscillation pattern. In the long - term, given the supply - demand gap of platinum and the pattern tending towards a looser supply, the strategy can be to allocate platinum on dips or focus on the [long platinum, short palladium] arbitrage strategy [6]. 3. Summary by Related Catalogs Price Changes - **Domestic Prices**: The platinum futures' main closing price was 575 yuan/gram, down 3.93% from the previous value; the domestic platinum price was 584 yuan/gram, down 5.04%. The platinum basis (spot - futures) was 9 yuan/gram, down 45.45%. The lithium futures' main closing price was 460.7 yuan/gram, down 3.20%, and the spot lithium price was 455 yuan/gram, down 1.09%. The lithium basis was - 5.7 yuan/gram, down 64.26% [4]. - **International Prices**: The London spot platinum price was 2213.21 US dollars/ounce, down 2.66%; the London spot palladium price was 1727.258 US dollars/ounce, down 0.45%. NYMEX platinum was 2203.7 US dollars/ounce, down 3.16%, and NYMEX palladium was 1767 US dollars/ounce, down 1.67% [4]. - **Internal - External 15 - point Spread**: The US dollar/Chinese yuan central parity rate was 7.0197, up 0.01%. The spread between Guangdong platinum and London platinum was 10.57 yuan/gram, down 43.56%; the spread between Guangdong platinum and NYMEX platinum was 12.99 yuan/gram, down 28.66% [4]. Ratio and Inventory - **Ratio**: The ratio of platinum to palladium in the Guangzhou Futures Exchange was 1.2575, a change of - 0.0094; the ratio of London spot platinum to palladium was 1.2813, a change of - 0.0291 [5]. - **Inventory**: NYMEX platinum inventory was 645366 troy ounces, with no change; NYMEX palladium inventory was 211306 troy ounces, with no change. Note that due to inconsistent closing times, some platinum and palladium inventory and position data were lagged [5][6]. Position - **Platinum Position**: NYMEX total platinum position decreased by 8.30% to 90330; non - commercial net long position of platinum decreased by 6.73% to 18042 [5]. - **Palladium Position**: NYMEX total palladium position decreased by 9.32% to 22709; non - commercial net long position of palladium decreased by 568.03% to - 571 [5].