Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - On March 30, platinum and palladium prices opened low and closed high, showing a strong and volatile trend. PT2606 rose 2.66% to 497.50 yuan/gram, and PD2606 rose 0.61% to 357.30 yuan/gram [6]. - With the market's increasing concern about the inflation risk caused by high oil prices, the U.S. stock market fell, and the U.S. Treasury yield dropped from its high, supporting platinum and palladium prices. However, the tense situation between the U.S. and Iran, high geopolitical uncertainties, and high oil prices and the U.S. dollar index may limit the upside space of platinum and palladium [6]. - Eskom, South Africa's national power company, will raise electricity prices starting from April 1, which is expected to increase the energy costs in the mining and smelting of platinum and palladium. The supply elasticity at the mineral end may further tighten, providing medium - to long - term support for platinum and palladium prices [6]. - It is expected that platinum and palladium will likely maintain a range - bound and volatile trend in the short term. After the Middle East geopolitical situation becomes relatively clear, investors can consider going long on platinum unilaterally at low prices or continue to hold the [long platinum, short palladium] strategy [6]. Group 3: Summary by Relevant Catalogs Domestic Prices (Yuan/gram) - Platinum futures main contract closing price: The current value is 497.5, the previous value is 493.05, with a daily increase of 0.90% [4]. - Spot platinum (99.95%): The current value is 484, the previous value is 475, with a daily increase of 1.89% [4]. - Platinum basis (spot - futures): The current value is - 13.5, the previous value is - 18.05, with a daily change of - 25.21% [4]. - Lithium futures main contract closing price: The current value is 357.3, the previous value is 358.2, with a daily decrease of 0.25% [4]. - Spot lithium (99.95%): The current value is 354, the previous value is 348.5, with a daily increase of 1.58% [4]. - Lithium basis (spot - futures): The current value is - 3.3, the previous value is - 9.7, with a daily change of - 65.98% [4]. International Prices (15:00, USD/ounce) - London spot platinum: The current value is 1920.923, the previous value is 1892.8, with a daily increase of 1.49% [4]. - London spot palladium: The current value is 1419.574, the previous value is 1401.427, with a daily increase of 1.29% [4]. - NYMEX platinum: The current value is 1916.2, the previous value is 1894.5, with a daily increase of 1.15% [4]. - NYMEX palladium: The current value is 1417.5, the previous value is 1406.5, with a daily increase of 0.78% [4]. Internal - External 15:00 Spread (Yuan/gram) - USD/CNY central parity rate: The current value is 6.9223, the previous value is 6.9141, with a daily increase of 0.12% [4]. - Guangzhou platinum - London platinum: The current value is 14.41, the previous value is 17.59, with a daily change of - 18.11% [4]. - Guangzhou platinum - NYMEX platinum: The current value is 15.60, the previous value is 17.17, with a daily change of - 9.15% [4]. Other Spreads and Ratios - Guangzhou lithium - London aluminum: The current value is 0.29, the previous value is 6.17, with a daily change of - 95.27% [5]. - Guangzhou lithium - NYMEX lithium: The current value is 0.81, the previous value is 4.90, with a daily change of - 83.39% [5]. - Guangzhou Futures Exchange platinum/lithium ratio: The current value is 1.3924, the previous value is 1.3765, with an increase of 0.0159 [5]. - London spot platinum/lithium ratio: The current value is 1.3506, the previous value is 1.3532, with a decrease of 0.0025 [5]. Inventory (Troy Ounces) - NYMEX platinum inventory: The current value is 554,241, the previous value is 558,768, with a daily decrease of 0.81% [5]. - NYMEX palladium inventory: The current value is 248,374, the previous value is 248,374, with a daily change of 0.00% [5]. Position - NYMEX total platinum position: The current value is 61,473, the previous value is 67,292, with a daily decrease of 8.65% [5]. - NYMEX non - commercial net long platinum position: The current value is 16,898, the previous value is 16,198, with a daily increase of 4.14% [5]. - NYMEX total palladium position: The current value is 15,556, the previous value is 15,069, with a daily increase of 3.13% [5]. - NYMEX non - commercial net long palladium position: The current value is - 185, the previous value is - 1242, with a daily increase of 571.35% [5].

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core View - On March 23, platinum and palladium prices dropped significantly. PT2606 closed down 11.38% to 457.75 yuan/gram, and PD2606 closed down 12.42% to 327.85 yuan/gram. Geopolitical risks repeatedly disturbed market sentiment. Trump's statement about the progress of US - Iran dialogue led to a decline in oil prices and a rebound in overseas platinum and palladium prices. The Guangzhou Futures Exchange will lower the daily price limit and margin standards for platinum and palladium from March 24, which is expected to improve contract liquidity. In the long - term, the supply - demand of platinum is tight under investment and industrial demand, while palladium is severely restricted by vehicle electrification. The "tight platinum and loose palladium" pattern may continue. 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 [6] Group 3: Price and Spread Summary Domestic Prices - Platinum futures主力收盘价 dropped from 509.75 to 457.75 yuan/gram, a decrease of 10.20%. The spot price of platinum (99.95%) dropped from 512 to 471 yuan/gram, a decrease of 8.01%. The platinum basis (spot - futures) increased from 2.25 to 13.25 yuan/gram, a rise of 488.89%. Lithium futures主力收盘价 dropped from 368.85 to 327.85 yuan/gram, a decrease of 11.12%. The spot price of lithium (99.95%) dropped from 374 to 347 yuan/gram, a decrease of 7.22%. The lithium basis (spot - futures) increased from 5.15 to 19.15 yuan/gram, a rise of 271.84% [4] International Prices - London spot platinum dropped from 1984.2 to 1783.657 dollars/ounce, a decrease of 10.11%. London spot lithium gold dropped from 1460.216 to 1358.745 dollars/ounce, a decrease of 6.95%. NYMEX platinum dropped from 1974.1 to 1767.7 dollars/ounce, a decrease of 10.46%. NYMEX lithium dropped from 1466.5 to 1349 dollars/ounce, a decrease of 8.01% [4] Internal - External Spread - The dollar/yuan mid - price increased from 6.8898 to 6.9041, an increase of 0.21%. The spread between Guangzhou platinum and London platinum decreased from 13.09 to 10.36 yuan/gram, a decrease of 20.85%. The spread between Guangzhou platinum and NYMEX platinum decreased from 15.62 to 14.36 yuan/gram, a decrease of 8.03%. The spread between Guangzhou lithium and London lithium decreased from - 12.96 to 3.35 yuan/gram, a decrease of 487.45%. The spread between Guangzhou lithium and NYMEX lithium decreased from - 10.52 to 1.77 yuan/gram, a decrease of 693.38% [4][5] Group 4: Ratio and Inventory Summary Ratios - The ratio of Guangzhou Futures Exchange platinum to lithium increased from 1.3820 to 1.3962, an increase of 0.0142. The ratio of London spot platinum to lithium decreased from 1.3588 to 1.3127, a decrease of 0.0461 [5] Inventories - NYMEX platinum inventory remained unchanged at 579274 troy ounces. NYMEX palladium inventory increased from 245177 to 248374 troy ounces, an increase of 1.30% [5] Group 5: Position Summary - NYMEX total platinum position decreased from 68758 to 67292, a decrease of 2.13%. NYMEX non - commercial net long position of platinum increased from 14690 to 16898, an increase of 15.03%. NYMEX total palladium position decreased from 15556 to 15679, a decrease of 0.78%. NYMEX non - commercial net long position of palladium increased from - 185 to - 156, an increase of 18.59% [5]