1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Views of the Report - On March 16, 2026, the platinum and palladium futures prices on the Guangzhou Futures Exchange dropped significantly, with the platinum main contract down 3.49% to 532.80 yuan/gram and the palladium main contract down 4.23% to 398.55 yuan/gram [1] - The delay of the Fed's interest - rate cut expectation has significantly suppressed platinum and palladium prices [1][2] - The outlook for platinum and palladium prices is expected to be volatile [2][3] 3. Summary by Relevant Catalogs Platinum - **Main Logic**: The continuation of the US - Iran conflict provides support for precious metal prices due to risk - aversion sentiment. However, high oil prices raise inflation expectations and delay the Fed's interest - rate cut expectation, suppressing platinum prices. If the US - Iran conflict persists, the US may enter a stagflation phase, further suppressing platinum price elasticity. Long - term factors such as the damage to the Fed's independence and the loosening of the global political and economic order will weaken the US dollar and benefit platinum price valuation, but the duration and intensity of the US - Iran conflict also have an impact [2] - **Outlook**: Volatile. High energy prices raise US inflation expectations and delay the Fed's interest - rate cut expectation, so platinum prices are expected to move in a volatile manner [2] Palladium - **Main Logic**: There is continued uncertainty on the supply side of palladium. The US has imposed anti - dumping duties on Russian unforged palladium, and Europe is considering new sanctions on Russian palladium. On the demand side, palladium still faces structural pressure. In the long term, the supply - demand situation of palladium is loosening, but there are still short - term supply disturbances, and currently it mainly follows the overall fluctuations of the precious metal sector [3] - **Outlook**: Volatile. The tightness of the palladium spot market has recently eased, and combined with macro - level suppression, palladium prices are expected to move in a volatile manner [3] Index Information - **Commodity Index**: The comprehensive index is not detailed. The commodity 20 index is 2973.96, up 0.65%; the industrial products index is 2579.71, up 0.86% [49] - **Non - ferrous Metals Index**: On March 13, 2026, the non - ferrous metals index was 2713.01. The daily decline was 0.15%, the 5 - day increase was 0.44%, the 1 - month increase was 0.60%, and the increase since the beginning of the year was 1.01% [51]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The overall market sentiment is weak, with platinum and palladium prices fluctuating. The platinum futures contract on the Guangzhou Futures Exchange fell 1.43% to 549.35 yuan/gram, and the palladium futures contract dropped 2.18% to 412.70 yuan/gram on March 9, 2026 [1]. - In the short - term, platinum prices lack a clear driving force and will maintain a volatile trend. In the long - term, they are expected to be volatile and bullish due to fundamental resilience and the weakening of the US dollar's credit [2]. - Palladium prices are currently following the overall trend of the precious metals sector. In the long - term, they are also expected to be volatile and bullish, with current supply disruptions and long - term supply - demand loosening [3]. 3. Summary by Related Catalogs Platinum - **Main Logic**: Multiple factors are at play. The escalating conflict between the US and Iran boosts the safe - haven demand for precious metals, but the rising oil prices lead to higher inflation expectations and delay the Fed's interest - rate cut expectations, suppressing platinum prices. The weak US employment data in February has a limited impact due to the US - Iran conflict. In the long - run, the damage to the Fed's independence and the loosening of the global political and economic order will weaken the US dollar index, which is beneficial for platinum prices, but the US - Iran conflict adds additional uncertainties [2]. - **Outlook**: Volatile and bullish. The combination of fundamental strength and the weakening of the US dollar's credit supports a long - term bullish outlook [2]. Palladium - **Main Logic**: On the supply side, the US has made a preliminary anti - dumping ruling on Russian unforged palladium, and Europe is considering new sanctions on Russian palladium, causing supply uncertainties. On the demand side, palladium still faces structural pressure. Overall, the long - term supply - demand is loosening, but short - term supply disruptions exist, and it currently follows the overall precious metals market [3]. - **Outlook**: Volatile and bullish. The shortage of spot palladium and the weakening of the US dollar's credit lead to a long - term bullish expectation [3]. Commodity Index - **Special Index**: The commodity index was at 2584.35, up 2.93%; the commodity 20 index was at 2937.05, up 2.55%; and the industrial products index was at 2527.43, up 3.87% on March 9, 2026 [49]. - **Sector Index**: The non - ferrous metals index was at 2701.22 on March 9, 2026, with a daily increase of 0.29%, a 5 - day decline of 0.59%, a 1 - month decline of 5.40%, and a year - to - date increase of 0.57% [51].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - On March 3, 2026, the platinum and palladium prices on the Guangzhou Futures Exchange dropped, with the platinum main - contract falling 8.44% to 570.30 yuan/gram and the palladium main - contract falling 6.16% to 433.90 yuan/gram [1] - For platinum, due to the strengthening of the US dollar index, the price has declined. The short - term safe - haven sentiment's boost to precious metals is weakening, and the market is trading on the postponed interest - rate cut expectation. In the long - term, the weakening of the US dollar index is beneficial for the release of platinum price elasticity. The expected trend is oscillating upward [2] - For palladium, the market sentiment has weakened, and the price has followed the decline of platinum. The supply side has uncertainties, and the demand side faces structural pressure. The long - term supply - demand is loosening, but short - term supply disturbances still exist. The expected trend is also oscillating upward [3] Group 3: Summary by Related Catalogs Platinum - **Main Logic**: The situation in the Middle East (US - Iran) is disturbing the precious metals market. The tense situation in the Strait of Hormuz has increased global energy transportation costs and oil prices. If the strait is blocked for a long time, it may lead to global inflation, postponed Fed rate cuts, and increased economic recession risks. The short - term safe - haven sentiment's boost to precious metals is weakening, and the market is trading on the postponed interest - rate cut expectation, causing the US dollar index to strengthen and platinum prices to decline. In the long - term, the damage to the Fed's independence and the loosening of the global political and economic order will lead to the long - term weakening of the US dollar index, which is beneficial for platinum prices. However, the duration and intensity of the US - Iran geopolitical conflict also have an impact on the US dollar and platinum prices [2] - **Outlook**: The fundamentals are resilient, and the US dollar credit is weakening. In the long - term, the price is expected to oscillate upward [2] Palladium - **Main Logic**: The supply side of palladium has continuous uncertainties. The US has made a preliminary anti - dumping ruling on Russian unforged palladium, and Europe is considering a new round of sanctions on Russian palladium. The supply disturbances continue, and the spot shortage supports the price. The demand side still faces structural pressure. In general, the long - term supply - demand of palladium is loosening, and short - term supply disturbances still exist, but it mainly follows the overall fluctuations of the precious metals sector [3] - **Outlook**: The spot is in short supply, and the US dollar credit is weakening. In the long - term, the price is expected to oscillate upward [3] Commodity Index - **Composite Index**: No specific data provided - **Specialty Index**: The commodity index is 2482.90, up 1.00%; the commodity 20 index is 2847.65, up 0.83%; the industrial products index is 2364.70, up 1.43% [49] Plate Index - **Non - ferrous Metals Index**: On March 3, 2026, the index was 2717.21, with a daily decline of 0.58%, a 5 - day increase of 0.26%, a 1 - month decline of 3.99%, and a year - to - date increase of 1.16% [51]

Core Viewpoint - The main contract for palladium has seen an increase of 3% in intraday trading, currently priced at 401.55 yuan per gram [1] Group 1 - The price of palladium has risen significantly, indicating a strong market demand or potential supply constraints [1]