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].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - On March 27, the prices of platinum and palladium opened low and moved high but maintained a volatile trend due to the lack of significant positive drivers. PT2606 closed down 0.02% to 493.05 yuan/gram, and PD2606 closed down 0.01% to 358.20 yuan/gram. Geopolitical risks may continue to escalate, and the high oil price may support the real - interest rate at a high level, while the weakening of the US stock market and the decline of the US bond yield support the prices. The decline of the 1 - month palladium lease rate indicates a short - term relief of the palladium shortage, which may limit its upward drive. It is expected that platinum and palladium will probably maintain a range - bound trend in the short term. After the Middle - East geopolitical situation becomes relatively clear, investors can consider buying platinum unilaterally at low prices or continue to hold the [long platinum, short palladium] strategy [6]. 3. Summary by Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures主力收盘价 rose 1.16% to 493.05 from 487.4; spot platinum (99.95%) fell 2.26% to 475 from 486; platinum basis (spot - futures) increased 1189.29% to - 18.05 from - 1.4. - Lithium futures主力收盘价 rose 1.37% to 358.2 from 353.35; spot lithium (99.95%) fell 1.13% to 348.5 from 352.5; lithium basis (spot - futures) increased 1041.18% to - 9.7 from - 0.85 [4]. International Prices (15:00, dollars/ounce) - London spot platinum rose 0.03% to 1892.8 from 1892.3; London spot palladium fell 0.06% to 1401.427 from 1402.207. - NYMEX platinum rose 0.98% to 1894.5 from 1876.1; NYMEX palladium rose 0.29% to 1406.5 from 1402.5 [4]. Internal - External 15:00 Spread (yuan/gram) - The dollar/yuan mid - price rose 0.12% to 6.9141 from 6.9056. - The spread of domestic platinum - London platinum increased 39.04% to 17.59 from 12.65; the spread of domestic platinum - NYMEX platinum increased 2.68% to 17.17 from 16.72 [4]. Ratios - The ratio of Guangzhou Futures Exchange platinum to lithium changed - 0.0029 to 1.3794 from 1.3765; the ratio of London spot platinum to lithium changed 0.0011 to 1.3495 from 1.3506 [5]. Inventory (Troy Ounces) - NYMEX platinum inventory fell 0.81% to 554241 from 558768; NYMEX palladium inventory remained unchanged at 248374 [5]. Positions - NYMEX total platinum position fell 8.65% to 61473 from 67292; NYMEX non - commercial net long position of platinum fell 4.14% to 16198 from 16898. - NYMEX total palladium position rose 3.13% to 15556 from 15069; NYMEX non - commercial net long position of palladium increased 571.35% to - 185 from - 1242 [5].

Group 1: Report Investment Rating - There is no information about the industry investment rating provided in the report. Group 2: Core Viewpoints - On March 26, platinum and palladium prices fluctuated weakly. PT2606 closed down 4.78% to 487.40 yuan/gram, and PD2606 closed down 5.23% to 35.35 yuan/gram. [6] - At the macro - level, the cease - fire negotiation statements between the US and Iran conflicted, the Middle East situation did not ease substantially, oil prices remained high, inflation expectations and monetary policy tightening expectations continued to compete, and the US dollar liquidity environment remained tight. [6] - With high oil prices, the market's expectation of the Fed's interest rate hike has been strengthened, the probability of an interest rate hike within the year in market pricing has exceeded 50%, the US dollar and US Treasury yields fluctuated at high levels, and technical selling pressure due to short - term profit - taking after the sharp rise in platinum and palladium prices the previous day suppressed platinum and palladium prices. [6] - Fundamentally, on the 25th, the one - month platinum lease rate dropped 156bp to 8.9527%, indicating a cooling of the short - term platinum market sentiment; in the long - term, the pattern of strong platinum and weak palladium is expected to continue. [6] - It is expected that platinum and palladium will probably maintain a range - bound trend in the short term. After the uncertainty of the Middle East geopolitical situation eases, one can deploy long positions in platinum unilaterally at low prices or continue to hold the [long platinum, short palladium] strategy. [6] Group 3: Summary by Relevant Catalogs Domestic Prices - Platinum futures main contract closing price was 487.4 yuan/gram, down 3.65% from the previous value; spot platinum (99.95%) was 486 yuan/gram, down 3.38%; platinum basis (spot - futures) was - 1.4 yuan/gram, down 50.88%. [4] - Lithium futures main contract closing price was 353.35 yuan/gram, down 4.12% from the previous value; spot lithium (99.95%) was 352.5 yuan/gram, down 3.29%; lithium basis (spot - futures) was - 0.85 yuan/gram, down 79.01%. [4] International Prices - London spot platinum was 1892.3 US dollars/ounce, down 3.57% from the previous value; London spot palladium was 1402.207 US dollars/ounce, down 4.40%. [4] - NYMEX platinum was 1876.1 US dollars/ounce, down 3.85% from the previous value; NYMEX palladium was 1402.5 US dollars/ounce, down 4.07%. [4] Exchange Rate and Spread - The US dollar/renminbi central parity rate was 6.9056, up 0.21% from the previous value. [4] - The spread between domestic platinum and London platinum was 12.65 yuan/gram, down 13.18% from the previous value; the spread between domestic platinum and NYMEX platinum was 16.72 yuan/gram, down 3.53%. [4] - The spread between domestic lithium and London lithium was 1.56 yuan/gram, up 14.81% from the previous value; the spread between domestic lithium and NYMEX lithium was 2.53 yuan/gram, down 41.22%. [5] Price Ratios - The ratio of platinum to lithium on the Guangzhou Futures Exchange was 1.3794, up 0.0068 from the previous value; the ratio of London spot platinum to lithium was 1.3379, up 0.0116 from the previous value. [5] Inventory - NYMEX platinum inventory was 573,753 troy ounces, down 0.95% from the previous value; NYMEX palladium inventory was 248,374 troy ounces, with no change from the previous value. [5] Position - NYMEX total platinum position was 67,292, down 2.13% from the previous value; non - commercial net long position of platinum was 14,690, up 15.03%. [5] - NYMEX total palladium position was 15,679, down 0.78% from the previous value; non - commercial net long position of palladium was - 156, up 18.59%. [5]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core View - On March 25th, platinum and palladium prices continued to rebound. PT2606 closed up 5.63% to 505.85 yuan/gram, and PD2606 closed up 5.07% to 368.55 yuan/gram. Macroscopically, the establishment of a dialogue channel between the US and Iran through a third - party released a calming signal, oil prices continued to decline, and market sentiment recovery drove the rebound of platinum and palladium. However, Middle - East geopolitical risks have not been fundamentally eliminated, and there may be a risk of military escalation, and the expectation of tight liquidity still dominates, limiting the rebound space of platinum and palladium. Fundamentally, platinum supply is tight due to investment and industrial demand support, while palladium is severely restricted by the electrification transformation of the automotive industry. The "platinum - tight, palladium - loose" pattern is expected to continue. In the short term, platinum and palladium are likely to maintain a range - bound 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 [5] 3. Summary by Relevant Catalogs Price Data - **Domestic Prices (Yuan/gram)**: Platinum futures主力收盘价 was 505.85 (previous value 487.4, up 3.79%); spot platinum (99.95%) was 503 (previous value 474, up 6.12%); platinum basis (spot - futures) was - 2.85 (previous value - 13.4, down 78.73%); palladium futures主力收盘价 was 368.55 (previous value 359.5, up 2.52%); spot palladium (99.95%) was 364.5 (previous value 351.5, up 3.70%); palladium basis (spot - futures) was - 4.05 (previous value - 8, down 49.37%) [5] - **International Prices (15:00, US dollars/ounce)**: London spot platinum was 1962.3 (previous value 1884.09, up 4.15%); London spot palladium was 1466.675 (previous value 1426.243, up 2.83%); NYMEX platinum was 1951.3 (previous value 1871.6, up 4.26%); NYMEX palladium was 1462 (previous value 1423.5, up 2.70%) [5] - **Internal - External 15:00 Price Differences (Yuan/gram,含税)**: The US dollar/yuan central parity rate was 6.8911 (previous value 6.8943, down 0.05%); platinum - London platinum price difference was 14.58 (previous value 15.49, down 5.88%); Guangzhou platinum - NYMEX platinum price difference was 17.33 (previous value 18.62, down 6.91%); Guangzhou palladium - London palladium price difference was 1.36 (previous value 2.27, down 40.01%); Guangzhou palladium - NYMEX palladium price difference was 2.53 (previous value 2.95, down 14.33%) [5] - **Platinum - Palladium Price Ratios**: Guangzhou Futures Exchange platinum/palladium price ratio was 1.3725 (previous value 1.3558, change 0.0168); London spot platinum/palladium price ratio was 1.3379 (previous value 1.3210, change 0.0169) [5] Inventory and Position Data - **Inventory (Troy ounces)**: NYMEX platinum inventory was 579,274 (unchanged from the previous value); NYMEX palladium inventory was 248,374 (unchanged from the previous value) [5] - **Position**: NYMEX total platinum position was 67,292 (previous value 68,758, down 2.13%); NYMEX non - commercial net long position of platinum was 16,898 (previous value 14,690, up 15.03%); NYMEX total palladium position was 15,556 (previous value 15,679, down 0.78%); NYMEX non - commercial net long position of palladium was - 185 (previous value - 156, up 18.59%) [5]

Report Industry Investment Ratings No relevant content provided. Core Views - Gold: Geopolitical tensions ease [2][4] - Silver: Falls from the oscillation platform [2][4] - Copper: The rising US dollar exerts pressure on prices [2][8] - Zinc: Ranges sideways [2][11] - Lead: Reduced inventory supports prices [2][14] - Tin: Monitor the stabilization of macro - sentiment [2][17] - Aluminum: Ranges within a certain interval; Alumina: Runs weakly; Cast aluminum alloy: Follows electrolytic aluminum [2][20] - Platinum: Oscillates with a bearish bias, and attention should be paid to the retracement elasticity; Palladium: Oscillates with a bearish bias [2][23] - Nickel: There are contradictions between macro and the mining end, and short - term long - short games intensify; Stainless steel: Overseas macro factors suppress, while real - world costs provide support [2][27] Summary by Commodity Gold and Silver - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2602 was 940.00 with a daily decline of 9.55%, and the night - session closing price was 980.00 with a decline of 1.30%. For silver, the closing price of Shanghai Silver 2602 was 15498 with a daily decline of 12.30%, and the night - session closing price was 17246.00 with an increase of 3.47%. The trading volume and positions of gold and silver futures also changed to varying degrees [4]. - **Inventory and Spread**: The inventory of Shanghai gold decreased by 99 kilograms, and the inventory of Comex silver decreased by 1,989,464 ounces. The spreads of gold and silver also showed different changes, such as the spread between Gold T + D and AU2602 remaining unchanged at - 19.01 [4]. Copper - **Price and Trading Volume**: The closing price of the Shanghai copper main contract was 95,590 with a daily increase of 1.66%, and the night - session closing price was 96250 with an increase of 0.69%. The trading volume of the Shanghai copper index decreased by 105,601, and the position decreased by 1,739 [8]. - **Inventory and Spread**: The inventory of Shanghai copper decreased by 10,599 tons, and the inventory of LME copper increased by 900 tons. The LME copper cash - 3M spread decreased by 6.47 [8]. - **Industry News**: Zambia aims to triple copper production to over 3 million tons by 2031. Rio Tinto suspended the operation of its Kennecott copper mine in Utah after a worker died in an accident on March 12 [8][10]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai zinc main contract was 22935 with a decline of 0.17%, and the closing price of the LME zinc 3M electronic disk was 3038.5 with a decline of 2.08%. The trading volume and positions of Shanghai zinc and LME zinc also changed [11]. - **Inventory and Spread**: The inventory of Shanghai zinc decreased by 1354 tons, and the inventory of LME zinc decreased by 625 tons. The LME CASH - 3M spread of zinc decreased by 3.97 [11]. Lead - **Price and Trading Volume**: The closing price of the Shanghai lead main contract was 16495 with an increase of 0.46%, and the closing price of the LME lead 3M electronic disk remained unchanged at 1898.5. The trading volume and positions of Shanghai lead and LME lead changed [14]. - **Inventory and Spread**: The inventory of Shanghai lead decreased by 1701 tons, and the inventory of LME lead decreased by 200 tons. The LME CASH - 3M spread of lead increased by 2.75 [14]. Tin - **Price and Trading Volume**: The closing price of the Shanghai tin main contract was 352,430 with an increase of 1.91%, and the night - session closing price was 354,680 with an increase of 0.69%. The trading volume of the Shanghai tin main contract decreased by 33,699, and the position decreased by 2,195 [17]. - **Inventory and Spread**: The inventory of Shanghai tin decreased by 408 tons, and the inventory of LME tin decreased by 25 tons. The LME tin (spot/three - month) spread increased by 21 [17]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai aluminum main contract was 23860, and the closing price of the LME aluminum 3M was 3242. The trading volume and positions of aluminum, alumina, and cast aluminum alloy futures all changed [20]. - **Inventory and Spread**: The domestic aluminum ingot social inventory was 135.60 million tons, and the LME aluminum ingot inventory was 42.68 million tons. The spreads of aluminum, alumina, and cast aluminum alloy also showed different changes [20]. Platinum and Palladium - **Price and Trading Volume**: The closing price of platinum futures 2606 was 505.85 with an increase of 3.79%, and the closing price of palladium futures 2606 was 368.55 with an increase of 2.52%. The trading volume and positions of platinum and palladium futures changed [23]. - **Inventory and Spread**: The inventory of platinum and palladium futures remained unchanged in some cases, and the spreads of platinum and palladium also changed [23]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai nickel main contract was 136,130, and the closing price of the stainless - steel main contract was 14,490. The trading volume and positions of nickel and stainless - steel futures changed [27]. - **Industry News**: The Indonesian government plans to revise the benchmark price formula for nickel ore, and some nickel mines in Indonesia and other regions have production changes, such as the planned restart of a nickel mine in Guatemala and production quota adjustments in Indonesia [27][28][30].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On March 24, platinum and palladium prices rebounded slightly. PT2606 closed up 3.61% to 487.40 yuan/gram, and PD2606 closed up 4.89% to 359.50 yuan/gram. The suspension of US strikes on Iranian energy infrastructure and the establishment of a dialogue channel between the US and Iran through a third - party led to a marginal expansion of market panic, driving the rebound of platinum and palladium. However, the expectation of liquidity tightening still dominates, with the US dollar and US Treasury bonds at high levels, limiting the upward space of platinum and palladium. Fundamentally, platinum has a tight supply - demand situation supported by investment and industrial demand, while palladium is severely restricted by the electrification of automobiles. The "platinum tight, palladium loose" pattern is expected to continue. In the short term, platinum and palladium are likely to maintain a range - bound shock. After the geopolitical situation in the Middle East becomes clear, one can choose the opportunity to go long on platinum at low prices, or continue to hold the [long platinum, short palladium] strategy [5] 3. Summary by Relevant Catalogs 3.1 Domestic Price - Platinum futures main contract closing price: 487.4, previous value 457.75, up 6.48% - Spot platinum (99.95%): 474, previous value 471, up 0.64% - Platinum basis (spot - futures): - 13.4, previous value 13.25, down 201.13% - Palladium futures main contract closing price: 359.5, previous value 327.85, up 9.65% - Spot palladium (99.95%): 351.5, previous value 347, up 1.30% - Palladium basis (spot - futures): - 8, previous value 19.15, down 141.78% [5] 3.2 International Price (15:00) - London spot platinum: 1884.09, previous value 1783.657, up 5.63% - London spot palladium: 1426.243, previous value 1358.745, up 4.97% - NYMEX platinum: 1871.6, previous value 1767.7, up 5.88% - NYMEX palladium: 1423.5, previous value 1349.0, up 5.52% [5] 3.3 Internal - External 15:00 Spread (yuan/gram,含税) - Dollar/yuan central parity rate: 6.8943, previous value 6.9041, down 0.14% - Platinum - London platinum: 15.49, previous value 10.36, up 49.52% - Guangzhou platinum - NYMEX platinum: 18.62, previous value 14.36, up 29.63% - Guangzhou palladium - London palladium: 2.27, previous value - 12.96, up 117.48% - Guangzhou palladium - NYMEX palladium: 2.95, previous value - 10.52, up 128.08% [5] 3.4 Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3558, previous value 1.3962, down 0.0404 - London spot platinum/palladium price ratio: 1.3210, previous value 1.3127, up 0.0083 [5] 3.5 Inventory (Troy Ounces) - NYMEX platinum inventory: 579274, previous value 579274, up 0.00% - NYMEX palladium inventory: 248374, previous value 248374, up 0.00% [5] 3.6 Position - NYMEX total platinum position: 67292, previous value 68758, down 2.13% - NYMEX non - commercial net long platinum position: 16898, previous value 14690, up 15.03% - NYMEX total palladium position: 15556, previous value 15679, down 0.78% - NYMEX non - commercial net long palladium position: - 185, previous value - 156, up 18.59% [5]

1. Report Industry Investment Rating - The report maintains a bullish outlook on platinum and palladium [4]. 2. Core Views of the Report - The long - term core logic for platinum and palladium remains unchanged, but short - term volatility has increased due to technical corrections and Fed personnel changes [4]. - As of March 3, 2026, platinum and palladium have fallen 21.4% and 19.7% respectively from their January highs, and have also significantly retreated from their February 24 repair highs, with the previous rebound space mostly given back [4]. - The core disturbance is Trump's nomination of Kevin Warsh as the next Fed chair. Warsh's policy stance is dovish but not as expected. After the nomination, the US dollar strengthened in the short - term, dragging down platinum and palladium. The nomination process and subsequent policy independence are still uncertain, and short - term monetary policy expectation games continue [4]. - Macroscopically, the judicial investigation of Powell shakes the US dollar's credit, the global central bank gold - buying wave continues, and the reserve value of platinum and palladium is prominent under de - dollarization. Geopolitical risks in Greenland provide periodic support, and the expectation of a Fed rate cut in June remains unchanged, with long - term loose environment still providing support [4]. - In the industrial sector, the supply - demand gap for platinum is clear, and the surge in hydrogen energy demand and South African production capacity constraints provide strong support. Palladium supply is rigid, and hybrid demand and strict emission policies support demand, with the spot market in tight balance [4]. 3. Summary by Related Catalogs Futures Market - Platinum futures: The prices of pt2606, pt2608, and pt2610 are 457.75, 453.80, and 452.65 respectively, with price drops of - 58.80, - 60.75, and - 59.50, and price decline rates of - 11.38%, - 11.81%, and - 11.62% respectively. The持仓 volume is 13077 for all, and the trading volumes are 18262, 571, and 221 respectively [1]. - Palladium futures: The prices of pd2606, pd2608, and pd2610 are 327.85, 333.00, and 332.20 respectively, with price drops of - 46.50, - 40.95, and - 38.05, and price decline rates of - 12.42%, - 10.95%, and - 10.28% respectively. The持仓 volume is 4478 for all, and the trading volumes are 6786, 161, and 88 respectively [1]. Spot Market - Platinum: The Shanghai platinum price is 459.83 yuan/gram, with a price drop of - 49.05 and a decline rate of - 0.096%. The London platinum price is 1893.00 US dollars/ounce, with a price drop of - 85.00 and a decline rate of - 0.043%. The prices of Zhou Dafu platinum and Lao Fengxiang platinum are 745.00 yuan/gram and 850.00 yuan/gram respectively, with price drops of - 44.00 and 0.00, and decline rates of - 0.056% and 0.000% respectively [1]. - Palladium: The Chinese palladium price is 350.00 yuan/gram, with a price drop of - 20.00 and a decline rate of - 0.054%. The Russian palladium price is 3774.84 rubles/gram, with a price drop of - 108.63 and a decline rate of - 0.028% [1]. Inventory - Platinum: The NYMEX inventory is 579,273.64 ounces, with no change. The NYMEX registered warehouse receipts are 308,556.37 ounces, a decrease of 5011.6 ounces. The Shanghai Gold Exchange trading volume is 438.00 kilograms, an increase of 294.00 kilograms, and the trading amount is 21,006.18 ten - thousand yuan, an increase of 13715.2 ten - thousand yuan [1]. - Palladium: The NYMEX inventory is 248,373.69 ounces, an increase of 3196.9 ounces. The NYMEX registered warehouse receipts are 211,887.35 ounces, an increase of 3196.9 ounces [1]. Related Derivatives and Indexes - Related indexes: The US dollar index is 99.16, a decrease of - 0.35; the S&P 500 index is 6,581.00, an increase of 74.52; the US bond yield is 4.34, a decrease of - 0.05; the Nasdaq index is 21,946.76, an increase of 299.15; the Dow Jones index is 46,208.47, an increase of 631.00; the US dollar - RMB exchange rate is 6.90, an increase of 0.01 [1]. - Related derivatives: The prices of Shanghai gold futures (2604, 2606, 2608) are 940.00, 942.80, and 945.50 respectively, with decreases of - 99.22, - 99.22, and - 99.50. The prices of Shanghai silver futures (2604, 2606, 2608) are 15498.00, 15411.00, and 15384.00 respectively, with decreases of - 2216, - 2214, and - 2217 [1]. Macroeconomic News - The Fed keeps the federal funds rate target range at 3.50% - 3.75%, with a 11 - 1 vote. Fed Governor Milan opposes the decision and advocates a 25 - basis - point rate cut. The economic outlook is highly uncertain, and the dot - plot shows only one rate cut in 2026 - 2027, indicating a more conservative rate - cut path [2]. - The US and Israel's military strikes on Iran have blocked shipping in the Strait of Hormuz [2]. - Trump nominates Kevin Warsh as the next Fed chair, but the nomination needs Senate approval. Some senators oppose the nomination [2]. - The People's Bank of China requires promoting the high - quality development of the modern payment system in 2026, including accelerating the construction of the RMB cross - border payment system, strengthening supervision, and improving service quality [3].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The price of palladium is expected to be mainly volatile, while the price of platinum is expected to show some recovery [2] - The trend strength of platinum is 0, and the trend strength of palladium is also 0, indicating a neutral outlook for both [3] 3. Summary by Related Catalog 3.1 Macro and Industry News - Japan's government is considering intervening in the oil futures market [4] - The US has warned the EU that it will lose preferential access to liquefied natural gas if it fails to pass a trade agreement [4] - Regarding the Fed's stance, Goolsbee believes inflation is the primary risk, leaving the door open for rate hikes while still retaining the possibility of rate cuts this year. Mester thinks rate hikes may be needed if there are second - round inflation effects and wage increases, but currently doesn't see it as necessary and expects four rate cuts in 2026. Daly warns that too much forward guidance can create a false sense of certainty [4] - On the Iran situation, Trump claims to have had productive talks with Iran, pausing attacks on Iranian energy facilities for five days, and says an agreement could be reached in five days with 15 points of consensus. However, Iran's foreign ministry, senior leadership, and media deny having negotiations with the US. Israel's prime minister says Israel will continue to attack Iran and Lebanon, and Trump hopes to use military results to reach an agreement. Iran says it has full control of the Strait of Hormuz and doesn't need to deploy mines. Iran has received messages from friendly countries about US - requested peace talks and responded according to its principles, and the US - Iran communication has occurred through Egypt and Turkey, but the US hasn't accepted Iran's core conditions [4]

Report Summary 1. Investment Ratings - Positive trends: Zinc, iron ore, rebar, hot-rolled coil, ferrosilicon, manganese silicon,动力煤, log, LPG, propylene, soda ash [17][53][57][60][67][71][127][122] - Negative trends: PX, PTA, fuel oil, low-sulfur fuel oil, eggs, live pigs [77][133][183][187] - Neutral trends: Gold, silver, copper, lead, tin, aluminum, alumina, cast aluminum alloy, platinum, palladium, nickel, stainless steel, lithium carbonate, industrial silicon, polysilicon, coke, coking coal, para-xylene, PTA, MEG, rubber, synthetic rubber, LLDPE, PP, caustic soda, pulp, glass, methanol, urea, styrene, PVC, container shipping index (European line), staple fiber, bottle chips, offset printing paper, pure benzene, palm oil, soybean oil, soybean meal, soybeans, corn, sugar, cotton, peanuts [7][11][18][21][25][29][34][42][47][61][73][79][82][86][90][95][100][103][109][113][130][135][152][155][159][162][167][170][174][178][189] 2. Core Views - The market is significantly affected by geopolitical conflicts, especially the situation between the US and Iran, which impacts energy prices and commodity supply chains [10][11][19] - Different commodities show various trends due to their own supply - demand fundamentals, cost factors, and policy influences [77][87][147] 3. Summary by Commodity Precious Metals - **Gold**: Geopolitical conflicts have led to price fluctuations, with a nine - day consecutive decline in spot gold [7][9] - **Silver**: Fell from the shock platform [2] Base Metals - **Copper**: Disturbances increased, price volatility amplified, affected by geopolitical news and supply - side factors [11] - **Zinc**: Rebounded from the bottom [14] - **Lead**: Lacked clear drivers, prices fluctuated [18] - **Tin**: Attention should be paid to macro - sentiment [21] - **Aluminum**: Inventory accumulation slowed down; alumina showed high - level fluctuations; cast aluminum alloy followed electrolytic aluminum [25] - **Nickel and Stainless Steel**: There were contradictions between macro and ore - end factors, and short - term long - short games intensified in nickel; stainless steel was suppressed by overseas macro factors and supported by real - world costs [34] Energy and Chemicals - **Lithium Carbonate**: Attention should be paid to the bottom support [42] - **Industrial Silicon and Polysilicon**: Industrial silicon focused on inventory changes; polysilicon showed bottom - level fluctuations [47][48] - **Iron Ore**: At a high level technically, with increased volatility [51] - **Rebar and Hot - Rolled Coil**: Driven by the high sentiment of the raw material sector, they showed a strong - side shock [55] - **Ferrosilicon and Manganese Silicon**: The sector showed resonance, with a strong - side shock, and the long - position sentiment of manganese silicon was high, but attention should be paid to position risks [58] - **Coke and Coking Coal**: Market sentiment fermented, showing a strong - side shock [61] - **动力煤**: The sentiment was strong, and port transactions moved up [65] - **Para - xylene, PTA, and MEG**: Para - xylene and PTA were in a short - term shock market and were still strong in the medium term; MEG had tight supply and a strong medium - term trend [73] - **Rubber and Synthetic Rubber**: Rubber showed wide - range fluctuations; synthetic rubber had wide - range intraday fluctuations due to geopolitical uncertainties [79][82] - **LLDPE and PP**: LLDPE saw a reduction in derivatives and poor cost transmission; PP was strongly supported by C3 raw materials, but spot prices followed the increase slowly [86] - **Caustic Soda**: Showed wide - range fluctuations [90] - **Pulp**: Showed a strong - side shock [95] - **Glass**: The price of the raw sheet was stable [100] - **Methanol**: Showed wide - range fluctuations [103] - **Urea**: Operated within a range [109] - **Styrene**: Showed high - level fluctuations [113] - **Soda Ash**: The spot market changed little [120] - **LPG and Propylene**: LPG had geopolitical risks and frequent supply disturbances; propylene had supply reduction expectations due to geopolitical impacts on the cost side [124] - **PVC**: Showed wide - range fluctuations [130] - **Fuel Oil and Low - Sulfur Fuel Oil**: Fuel oil prices declined, and short - term fluctuations continued to expand; low - sulfur fuel oil continued to weaken, and the price difference between high - and low - sulfur in the overseas spot market continued to decline [133] Agricultural Products - **Staple Fiber and Bottle Chips**: Showed high - level fluctuations due to geopolitical uncertainties [152] - **Offset Printing Paper**: It was recommended to wait and see [155] - **Pure Benzene**: Showed high - level fluctuations [159] - **Palm Oil and Soybean Oil**: Palm oil was affected by oil price disturbances and showed high - level fluctuations; soybean oil had limited upward space [162] - **Soybean Meal and Soybeans**: Overnight US soybeans rose slightly, and Dalian soybean meal might fluctuate; spot soybeans adjusted prices following futures [167] - **Corn**: Operated in a fluctuating manner [170] - **Sugar**: Operated within a range [174] - **Cotton**: Attention should be paid to the impact of external markets [178] - **Eggs**: Showed weak - side fluctuations [182] - **Live Pigs**: The weight - reduction drive was approaching, and the near - end pressure increased [185] - **Peanuts**: Attention should be paid to macro - impacts [189] Shipping - **Container Shipping Index (European Line)**: Geopolitical disturbances were repeated, and the intraday fluctuations of the EC market were greatly affected by geopolitical sentiment [135]

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the platinum and palladium markets significantly declined due to macro - expectations changes, with the overall precious metals sector under strong pressure. The platinum - strong and palladium - weak pattern is likely to continue. In the short - term, the prices of platinum and palladium will continue to be volatile, and it is recommended to wait and see or conduct light - position range trading [7]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - This week, the macro - expectations changed frequently. The platinum and palladium markets declined significantly. The high - tension situation in the US - Iran conflict, high oil prices, and rising inflation concerns led to a strong US dollar and US Treasury yields, suppressing the precious metals sector. Although there were short - term stabilizations, the overall prices of platinum and palladium dropped. In the medium - to - long - term, the supply of platinum is inelastic, and the inventory is decreasing, with strong support at the bottom. The medium - term demand for palladium is weakening [7]. 3.2 Futures and Spot Markets - **Futures Contract Prices**: As of March 20, 2026, the Guangzhou Futures Exchange's palladium main contract 2606 was at 368.85 yuan/gram, down 9.62% week - on - week; the platinum main contract 2606 was at 509.75 yuan/gram, down 5.88% week - on - week [12]. - **Net Positions in NYMEX**: As of March 10, 2026 (latest), NYMEX platinum long - net positions were 20,916 contracts, up 3.19% month - on - month; NYMEX palladium long - net positions were - 1,407 contracts, up 13.73% month - on - month, continuing the net outflow trend [15]. - **Basis Situation**: As of March 19, 2026, the NYMEX platinum basis was 25 US dollars/ounce (last week: 57), weakening month - on - month; the NYMEX palladium basis was 82 US dollars/ounce (last week: 76.5), strengthening month - on - month. The basis of the Guangzhou Futures Exchange's platinum and palladium main contracts strengthened [20][23]. - **Inventory Situation**: As of March 19, 2026, NYMEX platinum inventory was 579,273.64 ounces, down 0.54% month - on - month; NYMEX palladium inventory was 245,176.82 ounces, up 22.15% month - on - month [27]. - **Price Ratio**: As of March 19, 2026, the gold - platinum ratio was 2.44 (last week: 2.41), rising slightly month - on - month; the rolling correlation between NYMEX platinum and gold strengthened [32]. - **Domestic and Foreign Price Differences**: As of March 19, 2026, the domestic - foreign price difference of platinum was 99.05 US dollars/ounce, falling week - on - week; the domestic - foreign price difference of palladium was 52.38 US dollars/ounce, rising week - on - week [59]. 3.3 Industry Supply and Demand - **Import and Export**: As of February 2026, platinum import volume was 4,437,146 grams, down 6.11% month - on - month; export volume was 371,067 grams, down 72.15% month - on - month. Palladium import volume was 1,525,418 grams, up 51.77% month - on - month; export volume was 2,288 grams, up 25.94% month - on - month [38]. - **Demand**: The demand for platinum and palladium in automobile exhaust catalysts is declining year by year. The core consumption of platinum and palladium is still concentrated in automobile exhaust catalysts, but the trends are significantly different. The global palladium consumption in automobile catalysts accounts for 83%, and the annual industrial consumption decreased by 6% year - on - year. For platinum, automobile catalysts account for 44%, and the annual industrial consumption decreased by 3% year - on - year. The total global demand for platinum and palladium is gradually slowing down [40][42][47]. - **Supply**: In 2025, the global platinum mine supply decreased by 4% year - on - year, and is expected to only slightly increase in 2026. The recycling supply increased. The global palladium mine production is expected to decline significantly in 2025, mainly due to the impact of the main production areas in Russia and South Africa [53]. 3.4 Macroeconomic Data - As of March 19, 2026, the US dollar index was 99.23, up 0.30% week - on - week; the 10 - year US Treasury real yield was 1.86%, up 0.50% week - on - week [64].