Core Viewpoint - The futures market for precious metals has seen significant price increases, indicating a bullish trend in the sector [1] Group 1: Gold and Silver Futures - The main contract for gold futures rose by 7.19%, reaching 1140 yuan per gram [1] - The main contract for silver futures increased by 7.85%, reaching 22799 yuan per kilogram [1] Group 2: Platinum and Palladium Futures - The main contract for platinum futures saw a rise of 4.68%, priced at 588 yuan per gram [1] - The main contract for palladium futures increased by 4.24%, reaching 452 yuan per gram [1]

Core Viewpoint - The palladium futures market is experiencing a volatile upward trend, with significant price fluctuations observed in recent trading sessions [1][2]. Group 1: Market Performance - As of February 3, the main palladium futures contract opened at 418.00 CNY/ton, reaching a high of 444.70 CNY and a low of 414.15 CNY, reflecting an approximate increase of 4.71% [1]. - The overall performance of the palladium market is characterized by strong fluctuations, indicating a robust market sentiment [2]. Group 2: Institutional Insights - Guoxin Futures notes that macroeconomic factors, such as hawkish comments from Federal Reserve officials and economic data, are influencing the financial attributes of platinum and palladium [2]. - Hualian Futures highlights that the industrial demand for platinum and palladium is primarily driven by catalytic converters in fuel vehicles, suggesting that the market's movements may be more reactive to overall sector sentiment rather than fundamental support [2]. - Ruida Futures anticipates continued high volatility in the precious metals market, with platinum potentially showing more resilience compared to palladium due to uncertainties in South African power supply and Russian exports, alongside new automotive emission regulations [2]. Group 3: Price Levels and Support - The support levels for platinum and palladium are identified as 1800 USD/ounce and 1500 USD/ounce, respectively, indicating critical price points for market participants to monitor [2].

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]

Group 1 - The core point of the article highlights a significant increase in platinum and palladium futures, with platinum futures rising by 5% and palladium futures increasing by nearly 4% [1]

Core Viewpoint - Platinum futures main contract fell over 7% and palladium futures main contract fell over 6% on December 31 [1] Group 1 - Platinum futures experienced a significant decline, dropping more than 7% [1] - Palladium futures also saw a notable decrease, falling over 6% [1]

Core Viewpoint - The main contracts for platinum and palladium futures on the Shanghai Futures Exchange opened with a limit down, showing a decline of 13% [1] Group 1: Market Analysis - According to Guotai Junan Futures research report, platinum and palladium are unable to establish their own market trends under the overarching trend of precious metals [1] - The current high volatility indicates limited capacity for these commodities, leading to increased sensitivity to market changes [1] - A sudden reversal in capital trends could trigger a waterfall-style correction, especially with anticipated significant fluctuations in the external market during the New Year period [1] Group 2: Supply and Demand Dynamics - There are existing structural contradictions in the spot market, but these have not tightened marginally [1] - The inflow of ETFs remains stable, indicating that there have not been significant changes in the fundamental and macroeconomic landscape [1] Group 3: Investment Recommendations - Investors are advised to monitor the fluctuations in the price difference between domestic and international markets, as well as the impact of tightening liquidity during the holiday period [1] - It is recommended that investors control their positions in light of the current market conditions [1]

Group 1 - The core point of the article indicates that palladium futures have shifted from an increase to a decrease, currently down over 1.5% at 518 yuan per gram, after previously rising more than 9% [1]

Core Viewpoint - Platinum futures main contract opened at the limit up, with an increase of 9.99%, while palladium futures main contract rose over 9% [1] Group 1 - Platinum futures main contract reached a limit up at the opening [1] - The increase in platinum futures was recorded at 9.99% [1] - Palladium futures also saw a significant rise, exceeding 9% [1]

Group 1 - The main contract for palladium futures opened with a limit down [1] - The main contract for platinum futures turned to an increase [1]

Core Viewpoint - Palladium futures main contract hit the limit down, with a decline of approximately 10%, currently priced at 515.65 yuan per gram [1] Group 1 - The main contract for palladium futures experienced a significant drop, indicating volatility in the market [1] - The current price of palladium futures is reported at 515.65 yuan per gram, reflecting a sharp decline [1]