Report Industry Investment Rating - Platinum: Mainly fluctuating [1] - Palladium: Narrow - range fluctuations [1] Core Viewpoints - The report presents the price, trading volume, position, ETF position, inventory, price difference, and exchange rate data of platinum and palladium, as well as relevant macro and industry news [2][4][5] Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 497.50 with a 0.90% increase; gold - exchange platinum closed at 489.65 with a 2.64% increase; New York platinum main - continuous (previous day) was 1892.90 with a 1.42% increase; London spot platinum (previous day) was 1899.00 with a 1.87% increase. Palladium futures 2606 closed at 357.30 with a - 0.25% change; RMB spot palladium was 327.00 with a - 0.91% change; New York palladium main - continuous (previous day) was 1413.50 with a - 0.67% change; London spot palladium (previous day) was 1407.50 with a 2.03% increase [2] - **Trading Volume and Position Data**: Guangzhou platinum trading volume was 5900 kg, a decrease of 146 kg from the previous day, and the position was 22154, an increase of 587. NYMEX platinum trading volume was 23068 kg, a decrease of 9452 kg from the previous day, and the position was 72515, an increase of 3314. Guangzhou palladium trading volume was 2757 kg, a decrease of 175 kg from the previous day, and the position was 8729. NYMEX palladium trading volume was 11574 kg, a decrease of 283 kg from the previous day, and the position was 46201, a decrease of 224 [2] - **ETF Position Data**: Platinum ETF position (previous day) was 3046322 ounces, a decrease of 12534 ounces. Palladium ETF position (previous day) was 1048197 ounces, a decrease of 1489 ounces [2] - **Inventory Data**: NYMEX platinum inventory (previous day) was 554241 ounces, a decrease of 4527 ounces. NYMEX palladium inventory (previous day) was 248374 ounces, with no change [2] - **Price Difference Data**: PT9995 to PT2606 price difference was - 7.85, an increase of 8.16 from the previous day; Guangzhou platinum 2606 contract to 2610 contract price difference was 3.00, a decrease of 0.70 from the previous day; the cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 6.16, an increase of 0.05 from the previous day; the price difference between Guangzhou platinum main contract and London platinum (considering VAT) was 20.38, a decrease of 4.58 from the previous day. The price difference between RMB spot palladium and PD2606 was - 30.30, a decrease of 2.10 from the previous day; Guangzhou palladium 2606 contract to 2610 contract price difference was - 0.20, a decrease of 0.90 from the previous day; the cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 4.50, a decrease of 0.01 from the previous day; the price difference between Guangzhou palladium main contract and London palladium (considering VAT) decreased by 8.15 [2] - **Exchange Rate Data**: The US dollar index was 100.51, an increase of 0.32%. The US dollar against the RMB (CNY spot) was 6.92, an increase of 0.06%. The US dollar against the offshore RMB (CNH spot) was 6.90, a decrease of 0.25%. The US dollar against the RMB (6M forward) was 6.82, an increase of 0.05% [2] Macro and Industry News - Policy is currently in a favorable position to wait and observe how the current situation develops [4] - Private credit does not currently have the conditions to evolve into a more widespread systemic event [5] - During Powell's speech, interest - rate futures showed that the market withdrew its bets on the Fed's rate hikes this year. As of this morning's press release, it was priced that there would be a rate cut of about 3BP by the end of the year [5] - Iran's parliament approved the collection of tolls on the strait, to be paid in the Iranian local currency [6] - An oil refinery in Haifa, Israel, caught fire in a missile attack, and Trump said the response "will come soon" [7] - Trump: He is having serious negotiations with Iran. If the negotiations break down, he will destroy Iran's energy, power facilities, and Kharg Island [8] - Iran's Foreign Ministry: The issue of withdrawing from the Treaty on the Non - Proliferation of Nuclear Weapons is being considered in parliament [9] - The White House: Trump hopes to reach an agreement with Iran before April 6. The dialogue with Iran is still ongoing and progressing smoothly. Trump intends to call on Arab countries to "pay for the war" [9] - Iran said the US requirements are illogical and will not participate in the war - related meeting led by Pakistan [9] - European officials said Iran is urging the Houthi armed forces to prepare for war in the Red Sea, and there are differences within the Houthi armed forces regarding the intensity of the strike [10] - Zelensky: Ukraine is ready to cease fire during Easter [12] - The EU Council extended the sanctions mechanism against Iran until April 13, 2027 [12] - US media: US federal prosecutors will investigate bets on the time of Maduro's arrest on a prediction platform [12] - Middle - East supply concerns have pushed Asian naphtha profits to a record high [12] - Fed Governor Milan: The Fed can gradually cut interest rates by one percentage point within a year [12] - Powell's speech: Energy shocks are usually short - lived, and the central bank's standard response is to "wait patiently for them to subside on their own" [12] Trend Intensity - Platinum trend intensity: 0; Palladium trend intensity: 0. The trend - intensity value ranges from - 2 to 2. - 2 means the most bearish, and 2 means the most bullish [11]

Report Industry Investment Rating - No information provided Core View of the Report - The platinum market is generally weak, while the palladium market is in a low - level shock [2][3] Summary According to Relevant Catalogs Platinum and Palladium Fundamental Data - **Price**: Platinum futures 2606 closed at 493.05 with a 1.16% increase; gold - exchange platinum was at 477.04 with a - 1.55% change; New York platinum main - continuous (previous day) was 1866.40 with a 2.93% increase; London spot platinum (previous day) was 1864.20 with a 2.51% increase. Palladium futures 2606 was 358.20 with a 1.37% increase; RMB spot palladium was 330.00 with a - 2.08% change; New York palladium main - continuous (previous day) was 1384.50 with a 1.43% increase; London spot palladium (previous day) was 1379.49 with a 1.51% increase [2] - **Trading Volume and Position**: Guangzhou platinum trading volume was 6,046 kg, up 531 kg from the previous day, and the position was 21,567 kg, up 107 kg. NYMEX platinum trading volume was 32,520 kg, up 9,221 kg, and the position was 69,201 kg, up 5,734 kg. Guangzhou palladium trading volume was 2,932 kg, down 472 kg, and the position was 8,685 kg, up 111 kg. NYMEX palladium trading volume was 11,857 kg, down 2,022 kg, and the position was 46,425 kg, up 992 kg [2] - **ETF Position**: Platinum ETF position (ounces, previous day) was 3,058,856, down 8,622; palladium ETF position (ounces, previous day) was 1,049,686, up 81 [2] - **Inventory**: NYMEX platinum inventory (ounces, previous day) was 554,241, down 4,527; NYMEX palladium inventory (ounces, previous day) was 248,374, unchanged [2] - **Price Spread**: PT9995 to PT2606 price spread was - 16.01, down 13.16 from the previous day; Guangzhou platinum 2606 contract to 2610 contract spread was 3.70, up 1.20; the cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 6.11, up 0.07. The spread between Guangzhou platinum main contract and London platinum (considering VAT) was 24.97, down 6.51. The spread between RMB spot palladium price and PD2606 was - 28.20, down 11.85. Guangzhou palladium 2606 contract to 2610 contract spread was 0.70, up 1.35; the cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 4.51, up 0.06. The spread between Guangzhou palladium main contract and London palladium (considering VAT) was 12, down 0.81 [2] - **Exchange Rate**: The US dollar index was 100.18, up 0.54%; the US dollar against RMB (CNY spot) was 6.91, unchanged; the US dollar against offshore RMB (CNH spot) was 6.92, up 0.03%; the US dollar against RMB (6M forward) was 6.82, up 0.38% [2] Trend Intensity - Platinum trend intensity is 0, and palladium trend intensity is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5] Other News - **Middle East Situation**: Houthi rebels claim to attack important Israeli military targets, and relevant military operations will continue. The Israeli military chief says the Israeli regular forces have collapsed. The Iranian military says it hit a US warship far from the Omani port of Salalah. Saudi Arabia's east - west oil pipeline has a daily oil - transportation capacity of 7 million barrels. US Marines arrive in the area of responsibility of the US Central Command. The Israeli military says it is close to completing the attack on about 90% of Iran's key military industrial facilities. The production base of UAE's Global Aluminium is damaged in the attack, and Bahrain Aluminium says its facilities are attacked by Iran on Saturday [4] - **Other Events**: Zelensky says Ukraine has reached defense cooperation agreements with Saudi Arabia, Qatar, and the UAE, involving joint production of drones. The last member of the initial creation team of Musk's Xai leaves the company. Tesla plans to double the scale of its service - center network in Japan. There are "Reject the King" rallies across the US against Trump. Vance wins the 2028 presidential preference vote at the Conservative Political Action Conference. Kuwaiti crude oil prices rise above $118. Malaysia says Iran allows Malaysian tankers to pass through the Strait of Hormuz; Thailand reaches an agreement with Iran on the passage of its tankers through the Strait of Hormuz; two more LPG tankers bound for India leave the Persian Gulf through the Strait of Hormuz; Pakistan says Iran has agreed to let 20 more Pakistani vessels pass through the Strait of Hormuz [6]

Report Industry Investment Rating - The investment rating for palladium is "shock and bearish" [1] Core View - The report provides a comprehensive analysis of the platinum and palladium markets, including price movements, trading volumes, positions, inventories, and spreads, as well as relevant macro and industry news [1][3][4] Summary by Relevant Catalogs Fundamental Tracking - **Price Information**: Platinum futures 2606 closed at 505.85 with a 3.79% increase, gold - exchange platinum at 509.42 with a 7.21% increase. New York platinum main - continuous (previous day) was 1910.00 with a - 0.55% change, and London spot platinum (previous day) was 1925.20 with a 0.01% change. Palladium futures 2606 was 368.55 with a 2.52% increase, and RMB spot palladium was 346.00 with a 1.47% increase. New York palladium main - continuous (previous day) was 1418.50 with a - 1.80% change, and London spot palladium (previous day) was 1407.50 with a - 1.95% change [1] - **Trading Volume and Position**: For Guangzhou platinum, the trading volume was 8448 kg with a - 1264 kg change, and the position was 21395 kg with a 3 kg change. NYMEX platinum had a trading volume of 23077 kg with a - 8753 kg change and a position of 58358 kg with a 27968 kg change. For Guangzhou palladium, the trading volume was 5644 kg with a - 808 kg change, and the position was 8409 kg with a 297 kg change. NYMEX palladium had a trading volume of 10637 kg with a - 1835 kg change and a position of 45109 kg with a - 190 kg change [1] - **ETF Holdings**: Platinum ETF holdings (ounces, previous day) were 3085483 with a - 14819 change, and palladium ETF holdings (ounces, previous day) were 1055913 with a - 22274 change [1] - **Inventory**: Guangzhou platinum inventory was 1 kg, NYMEX platinum inventory (ounces, previous day) was 579274 with no change, Guangzhou palladium inventory was 1 kg, and NYMEX palladium inventory (ounces, previous day) was 248374 with no change [1] - **Spreads**: PT9995 to PT2606 spread was 3.57 with a - 12.24 change from the previous day. Guangzhou platinum 2606 contract to 2610 contract spread was 5.30 with a - 4.50 change. The arbitrage cost for buying Guangzhou platinum 2606 and selling 2610 was 6.26 with a 0.22 change. The spread between Guangzhou platinum main contract and London platinum (considering VAT) was 23.78 with a 17.72 change. The spread between RMB spot palladium price and PD2606 was - 22.55 with a - 4.05 change. The spread between Guangzhou palladium 2606 contract and 2610 contract was 0.20 with a - 5.30 change. The arbitrage cost for buying Guangzhou palladium 2606 and selling 2610 was 4.63 with a 0.11 change. The spread between Guangzhou palladium main contract and London palladium (considering VAT) was 15.55 [1] - **Exchange - related Data**: The US dollar index was 99.64 with a 0.13% increase. The US dollar to RMB (CNY spot) exchange rate was 6.89 with a 0.14% increase, the US dollar to offshore RMB (CNH spot) was 6.89 with a 0.02% increase, and the US dollar to RMB (6M forward) was 6.79 with a - 0.07% change [1] Macro and Industry News - The US government lifted the sales restriction on E15 blended gasoline containing 15% ethanol [4] - Hungary suspended gas supply to Ukraine due to the obstruction of the "Friendship" oil pipeline in the Ukrainian section [4] - Zelensky said that the US proposed that if Ukraine withdraws troops from Donbass, a security guarantee agreement can be finalized [4] - The US Secretary of the Interior brought back physical gold worth $100 million during a visit to Venezuela [4] - The Venezuelan acting president said that the US imports of crude oil from Venezuela have reached the highest level since 2019 [4] - Putin signed a decree to ban the export of gold bars over 100 grams from Russia and restrict the amount of cash rubles carried to the Eurasian Economic Union [4] - According to Interfax, Russia may re - impose a temporary ban on gasoline exports [4] Trend Intensity - The trend intensity of platinum is - 1, and that of palladium is - 1. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The market sentiment of platinum has eased, and palladium has slightly recovered [1]. 3. Summary by Relevant Catalogs Platinum and Palladium Fundamental Data - **Price**: Platinum futures 2606 closed at 487.40 with a 6.48% increase; gold exchange platinum at 475.16 with a 3.33% increase; New York platinum main - continuous (previous day) at 1920.50 with a 2.46% increase; London spot platinum (previous day) at 1925.00 with a 2.33% increase. Palladium futures 2606 closed at 359.50 with a 9.65% increase; RMB spot palladium at 341.00 with a 1.79% increase; New York palladium main - continuous (previous day) at 1444.50 with a 0.38% increase; London spot palladium (previous day) at 1435.50 with a 0.47% increase [2]. - **Trading Volume and Position**: For Guangdong platinum, the trading volume was 9,712 kg (a decrease of 9,431 kg from the previous day), and the position was 21,356 kg (a decrease of 115 kg). For NYMEX platinum, the trading volume was 21,363 kg (a decrease of 34,260 kg), and the position was 53,383 kg (an increase of 14,410 kg). For Guangdong palladium, the trading volume was 6,452 kg (a decrease of 675 kg), and the position was 8,112 kg (a decrease of 417 kg). For NYMEX palladium, the trading volume was 12,438 kg (a decrease of 11,362 kg), and the position was 45,299 kg (a decrease of 862 kg) [2]. - **ETF Holdings**: Platinum ETF holdings (ounces, previous day) were 3,085,483 (a decrease of 14,819), and palladium ETF holdings (ounces, previous day) were 1,055,913 (a decrease of 22,274) [2]. - **Inventory**: NYMEX platinum inventory (ounces, previous day) was 579,274 with no change, and NYMEX palladium inventory (ounces, previous day) was 248,374 with no change [2]. - **Price Spreads**: For platinum, the spread between PT9995 and PT2606 was - 12.24 (a decrease of 14.32 from the previous day); the spread between Guangdong platinum 2606 and 2610 contracts was 9.80 (an increase of 4.70); the cost of buying Guangdong platinum 2606 and selling 2610 cross - period arbitrage was 6.03 (an increase of 0.35); the spread between Guangdong platinum main contract and London platinum (considering VAT) was 6.06 (an increase of 19.41). For palladium, the spread between RMB spot palladium and PD2606 was - 18.50 (a decrease of 25.65); the spread between Guangdong palladium 2606 and 2610 contracts was 5.50 (an increase of 9.85); the cost of buying Guangdong palladium 2606 and selling 2610 cross - period arbitrage was 4.52 (an increase of 0.36); the spread between Guangdong palladium main contract and London palladium (considering VAT) was 1 (an increase of 30.55) [2]. - **Exchange Rates**: The US dollar index was 99.21 (a decrease of 0.31%); the US dollar against the RMB (CNY spot) was 6.88 (a decrease of 0.16%); the US dollar against the offshore RMB (CNH spot) was 6.89 (a decrease of 0.21%); the US dollar against the RMB (6M forward) was 6.80 (an increase of 0.03%) [2]. Macro and Industry News - The trend strength of platinum is 0, and that of palladium is 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]. - News includes: the Philippines declared a national energy emergency; Trump's support rate dropped to the lowest since returning to the White House; the US Department of Justice admitted that the investigation of Powell lacked evidence; the Trump administration may relax summer gasoline regulations to suppress energy prices; the EU postponed the proposal to permanently ban the import of Russian oil; more central banks will increase their gold holdings due to geopolitical risks; India extended the validity of the gold import tariff quota authorization with the UAE to June 30; Turkey is considering using its $135 billion gold reserve to support the depreciating lira [5].

Report Industry Investment Rating - The platinum sector is under significant pressure, and a pessimistic view is maintained for palladium [1] Core View - The report presents the latest data on platinum and palladium, including prices, trading volumes, positions, ETF holdings, inventories, and price spreads, and also provides macro and industry news [1][4] Summary by Relevant Catalogs Fundamental Tracking - Platinum and palladium price data shows a decline, with the platinum futures 2606 closing at 506.95, down 7.49%, and the palladium futures 2606 closing at 371.45, down 7.78% [1] - Trading volume and position data indicate changes, such as the Guangdong platinum trading volume increasing by 6,439 kg to 11,075 kg, and the NYMEX platinum position decreasing by 2,448 kg to 46,217 kg [1] - ETF holdings show the platinum ETF holding 3,166,068 ounces (up 9,999 ounces), and the palladium ETF holding 1,105,170 ounces (down 1,003 ounces) [1] - Inventory data reveals that the NYMEX palladium inventory increased by 44,461 ounces to 245,177 ounces, while the NYMEX platinum inventory remained unchanged at 582,441 ounces [1] - Price spread data shows various changes, like the PT9995 to PT2606 price spread increasing by 10.40 to 3.35 [1] - Exchange rate data shows the US dollar index at 99.23, down 0.58%, and the US dollar to RMB (CNY spot) at 6.88, down 0.38% [1] Macro and Industry News - As of this morning, the interest rate futures market priced the Fed's rate cut this year at only 5.5 basis points, and bets on rate hikes emerged [4] - Trump stated that the US and Qatar were unaware of Israel's attack on Iran's South Pars gas field, and Israel would stop attacking the gas field [4] - The spokesman of Iran's Armed Forces Joint Command said that the retaliatory actions against the attack on Iran's energy infrastructure were not over [4] - Beisente said that sanctions on Iran's offshore oil might be lifted in the next few days, or oil war reserves might be released again [4] - The US Energy Secretary said that the US had no plans to restrict crude oil exports [4] - Iran plans to charge tolls for the Strait of Hormuz [4] - France, the UK, Germany, Italy, the Netherlands, and Japan announced in a joint statement that they were ready to take measures to ensure the safety of the Strait of Hormuz [4] Trend Intensity - Platinum trend intensity is -1, and palladium trend intensity is -1, indicating a bearish outlook [3]

Group 1: Industry Investment Rating - No relevant information found Group 2: Core Views - Platinum follows the fluctuations of gold and silver, while palladium fails to reach a high and remains sluggish [1][2] - The trend strength of platinum and palladium is 0, indicating a neutral stance [4] Group 3: Summary by Related Catalogs Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 562.55 with a 2.40% increase; gold exchange platinum closed at 559.13 with a 3.75% increase; New York platinum main contract (previous day) was at 2208.00 with a 0.86% increase; London spot platinum (previous day) was at 2206.00 with a 1.00% increase; palladium futures 2606 closed at 423.55 with a 2.63% increase; RMB spot palladium was at 410.00 with a 7.05% increase; New York palladium main contract (previous day) was at 1677.50 with a -2.04% decrease; London spot palladium (previous day) was at 1656.50 with a -1.72% decrease [2] - **Trading Volume and Position Data**: Guangdong platinum trading volume was 8270 kg, a decrease of 1901 kg from the previous day, and the position was 26457 kg, a decrease of 284 kg; NYMEX platinum trading volume was 29866 kg, a decrease of 3221 kg from the previous day, and the position was 63692 kg, a decrease of 2810 kg; Guangdong palladium trading volume was 2384 kg, a decrease of 1229 kg from the previous day, and the position was 9063 kg, a decrease of 190 kg; NYMEX palladium trading volume was 8547 kg, a decrease of 5512 kg from the previous day, and the position was 46008 kg, an increase of 75 kg [2] - **ETF Position Data**: Platinum ETF position (ounces) (previous day) was 3217734, a decrease of 8775; palladium ETF position (ounces) (previous day) was 1141412, a decrease of 12961 [2] - **Inventory Data**: Guangdong platinum inventory was 1 kg; NYMEX platinum inventory (ounces) (previous day) was 582441, unchanged; Guangdong palladium inventory was not available; NYMEX palladium inventory (ounces) (previous day) was 205098, unchanged [2] - **Spread Data**: PT9995 to PT2606 spread was -3.42, an increase of 7.00 from the previous day; Guangdong platinum 2606 contract to 2610 contract spread was 6.65, a decrease of 0.85 from the previous day; Buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage cost was 6.93, an increase of 0.16 from the previous day; Guangdong platinum main contract to London platinum spread (considering VAT) was 8.80, an increase of 7.04 from the previous day; RMB spot palladium price to PD2606 spread was -13.55, an increase of 16.15 from the previous day; Guangdong palladium 2606 contract to 2610 contract spread was 4.55, an increase of 1.25 from the previous day; Buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage cost was 5.28, an increase of 0.13 from the previous day; Guangdong palladium main contract to London palladium spread (considering VAT) was 8, an increase of 17.74 from the previous day [2] - **Exchange Rate Data**: The US dollar index was 98.93, a decrease of 0.03%; the US dollar to RMB (CNY spot) was 6.91, an increase of 0.12%; the US dollar to offshore RMB (CNH spot) was 6.91, a decrease of 0.03%; the US dollar to RMB (6M forward) was 6.80, a decrease of 0.22% [2] Macro and Industry News - Trump said there might be conditional negotiations with Iran, but in Iran, the foreign minister said the new supreme leader would not negotiate with the US, and the vice - president said they had not given up on resolving the issue through negotiation [5] - The US defense secretary said there would be a "highest - intensity" strike on Iran on Tuesday; part of the US THAAD system in South Korea was transferred to the Middle East, and the US military sank 16 Iranian mine - laying vessels near the Strait of Hormuz [5] - The US special envoy said Putin denied providing intelligence about the US military to Iran [5] - US media reported that Iran started laying mines in the Strait of Hormuz, with a scale of about dozens; Trump demanded that Iran remove the possibly laid mines, otherwise it would face unprecedented military consequences [5] - US media reported that the US asked Israel not to attack Iranian energy facilities [5] - The US energy minister claimed that the US military escorted oil tankers through the Strait of Hormuz, but deleted the post minutes later, and the White House also said there was no escort [5] - Market news: Saudi Arabia, the UAE, Iraq, and Kuwait jointly cut production by up to 6.7 million barrels per day [5] - Canadian Prime Minister Carney said G7 leaders would discuss energy coordination on Wednesday [5] - A tri - party meeting between the US, Russia, and Ukraine might be held in Turkey next week [5]

Report Industry Investment Rating - No information provided on the report industry investment rating Core Viewpoints - The sentiment for platinum is relatively pessimistic, and the overall situation for palladium is weak [1] - The trend strength for platinum and palladium is 0, indicating a neutral stance [3] Summary by Relevant Catalogs Platinum and Palladium Fundamental Data - **Price**: The closing price of platinum futures 2606 was 563.50, with a decline of 1.19%; the price of gold exchange platinum was 551.68, down 3.37%; the New York platinum main continuous contract (previous day) was 2165.80, up 3.64%; the London spot platinum (previous day) was 2157.40, up 3.65%. The price of palladium futures 2606 was 433.80, down 0.02%; the RMB spot palladium was 390.00, down 6.70%; the New York palladium main continuous contract (previous day) was 1698.50, up 1.58%; the London spot palladium (previous day) was 1667.50, up 1.31% [1] - **Trading Volume and Open Interest**: The trading volume of Guangzhou platinum (kg) was 11,469, a decrease of 6,438 compared to the previous day, and the open interest was 28,232, an increase of 357. The trading volume of NYMEX platinum (kg) was 29,642, a decrease of 29,744, and the open interest was 74,281, a decrease of 3,148. The trading volume of Guangzhou palladium (kg) was 3,522, a decrease of 1,555, and the open interest was 9,051, an increase of 165. The trading volume of NYMEX palladium (kg) was 10,628, a decrease of 9,832, and the open interest was 47,060, a decrease of 261 [1] - **ETF Holdings**: The platinum ETF holdings (ounces) (previous day) were 3,261,395, a decrease of 831; the palladium ETF holdings (ounces) (previous day) were 1,167,309, a decrease of 3 [1] - **Inventory**: The NYMEX platinum inventory (ounces) (previous day) was 587,159, with no change; the NYMEX palladium inventory (ounces) (previous day) was 202,181, with no change [1] - **Spreads**: The spread between PT9995 and PT2606 was -11.82, a decrease of 12.42 compared to the previous day; the spread between Guangzhou platinum 2606 contract and 2610 contract was 11.45, an increase of 3.20; the cost of buying Guangzhou platinum 2606 and selling 2610 inter - period arbitrage was 6.94, a decrease of 0.08. The spread between Guangzhou platinum main contract and London platinum (considering VAT) was 22.14, a decrease of 26.84. The spread between RMB spot palladium price and PD2606 was -43.80, a decrease of 27.90; the spread between Guangzhou palladium 2606 contract and 2610 contract was 6.70, an increase of 3.75; the cost of buying Guangzhou palladium 2606 and selling 2610 inter - period arbitrage was 5.40, a decrease of 0.01; the spread between Guangzhou palladium main contract and London palladium (considering VAT) was 15, a decrease of 6.28 [1] Exchange Rates - The US dollar index was 98.80, up 1.19%; the US dollar against the Chinese yuan (CNY spot) was 6.91, up 0.19%; the US dollar against the offshore Chinese yuan (CNH spot) was 6.92, up 0.18%; the US dollar against the Chinese yuan (6M forward) was 6.82, up 0.76% [1] Macro and Industry News - **Iran Situation**: The US - Iran conflict may last for 8 weeks or longer, with the focus of the strike shifting inland. Iran denies secret peace - talks rumors and accuses the New York Times of "psychological warfare". Iranian officials believe time is on their side in the war and are ready for a long - term war. If the US and Israel seek regime change, Iran will target Israel's Dimona nuclear reactor and all regional energy infrastructure. The US B - 2 stealth bombers will land at a UK base in a few days. Trump made remarks about potential Iranian leaders. There are conflicting reports about the situation on the Iran - Iraq border. The US Senate failed to stop the continued use of force against Iran [4] - **US Employment**: The US ADP employment in February increased by 63,000, higher than the market expectation of 50,000 [4] - **US Tariffs**: The US Treasury Secretary said that a 15% tariff is expected to be implemented this week. The EU received a "no - tariff" commitment from the US [4] - **Federal Reserve**: Some officials suggest a continued interest rate cut in the March meeting, while others believe rates may remain unchanged for a long time. The economic outlook is generally optimistic, with most regions expecting slight to moderate economic growth in the coming months. The White House submitted a nomination for a new Federal Reserve chairman [4] - **Energy Situation**: Qatar will fully suspend natural gas liquefaction production on Wednesday. Saudi Aramco redirected crude oil exports to the Red Sea's Yanbu port. The Saudi Ras Tanura refinery was attacked again. Putin considered cutting off natural gas supply to Europe [4] - **Aluminum Market**: Bahrain Aluminum declared force majeure, and the LME aluminum price reached a new high since 2022 [4] - **Shipping**: COSCO Shipping suspended new bookings for relevant routes due to the escalating conflict in the Middle East [4]

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Platinum is in a weak state due to the spread of panic sentiment while palladium is hovering at a low level [1] - The trend intensity of both platinum and palladium is -1, indicating a bearish outlook [5] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: Platinum and palladium prices showed significant declines. For example platinum futures 2606 dropped by 8.97% to 570.30 and palladium futures 2606 decreased by 6.42% to 433.90 [2] - **Trading Volume and Open Interest**: The trading volume and open interest of platinum and palladium contracts had different changes. For instance NYMEX platinum's trading volume increased by 21,962 to 58,016 kg and its open interest decreased by 647 to 77,429 kg [2] - **ETF Holdings**: Platinum ETF holdings (ounces) decreased by 1,038 to 3,262,226 while palladium ETF holdings (ounces) increased by 584 to 1,167,312 [2] - **Inventory**: NYMEX platinum inventory (ounces) decreased by 907 to 587,159 and NYMEX palladium inventory (ounces) remained unchanged at 202,181 [2] - **Price Spread**: Various price spreads of platinum and palladium contracts also changed. For example the PT9995 - PT2606 price spread increased by 20.75 to 0.60 [2] - **Exchange Rate**: The US - dollar index rose by 1.67% to 99.27 and the US - dollar to RMB exchange rates also had certain increases [2] 3.2 Macro and Industry News - **Political News**: Trump announced to cut off trade with Spain due to its lack of cooperation in actions against Iran and the US Senate will vote on the "war powers resolution" to limit Trump's actions against Iran [6] - **Military Tension**: Iran claimed to have destroyed two US THAAD systems and there are various military movements and statements in the Middle - East situation, such as Saudi and UAE's considerations regarding Iran [6] - **Fed's Statements**: Fed officials expressed different views on interest rates and the impact of the Iran issue on the economy [6] - **Energy Situation**: Trump announced to provide insurance for maritime crude - oil transportation and there are issues like fires in UAE's oil hub and Iraq's potential production cut [6] - **Other News**: The 4th Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held from March 4th to 11th [6]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The price trend of platinum is rather entangled, and palladium is expected to consolidate [1] - The trend strength of platinum and palladium is 0, indicating a neutral outlook [4] 3. Summary by Relevant Catalogs 3.1 Platinum and Palladium Fundamental Data - **Price**: Platinum futures 2606 closed at 626.50 with a 0.44% increase; gold exchange platinum was at 606.35 with a -0.60% change; New York platinum main continuous (previous day) was 2318.60 with a -2.42% change; London spot platinum (previous day) was 2301.40 with a -3.13% change. Palladium futures 2606 closed at 463.65 with a -0.26% change; RMB spot palladium was 433.00 with a 2.12% change; New York palladium main continuous (previous day) was 1801.50 with a -1.45% change; London spot palladium (previous day) was 1774.50 with a -0.56% change [2] - **Trading Volume and Open Interest**: Guangdong platinum trading volume was 17,458 kg with a -9 change, and open interest was 29,411 kg; NYMEX platinum trading volume was 35,729 kg with a -3,407 change, and open interest was 78,076 kg with a 1,305 change. Guangdong palladium trading volume was 5,552 kg with an 802 change, and open interest was 9,198 kg with a 208 change; NYMEX palladium trading volume was 14,360 kg with a 3,487 change, and open interest was 46,671 kg [2] - **ETF Holdings**: Platinum ETF holdings (ounces, previous day) were 3,263,264 with a -17,556 change; palladium ETF holdings (ounces, previous day) were 1,166,728 with a -11,040 change [2] - **Inventory**: NYMEX platinum inventory (ounces, previous day) was 588,066 with a 10,330 change; NYMEX palladium inventory (ounces, previous day) was 202,181 with a 15,912 change [2] - **Price Spreads**: PT9995 to PT2606 spread was -20.15 with a -6.39 change; Guangdong platinum 2606 contract to 2610 contract spread was 13.40 with a 0.30 change; Buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage cost was 7.68 with a 0.03 change; Guangdong platinum main contract to London platinum spread (considering VAT) was 53.09 with a 21.32 change. RMB spot palladium price to PD2606 spread was -30.65 with a 10.20 change; Guangdong palladium 2606 contract to 2610 contract spread was 9.20 with a 2.35 change; Buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage cost was 5.75 with a -0.02 change; Guangdong palladium main contract to London palladium spread (considering VAT) was 22 with a 1.34 change [2] - **Exchange Rates**: The US dollar index was 98.55 with a 0.93% change; US dollar to RMB (CNY spot) was 6.86 with a -0.01% change; US dollar to offshore RMB (CNH spot) was 6.87 with a 0.00% change; US dollar to RMB (6M forward) was 6.78 with a 0.16% change [2] 3.2 Macro and Industry News - Uzbekistan has stopped gold exports, and the resumption date is undetermined [5] - The US Court of Appeals rejected the Trump administration's request to postpone tariff refunds [5] - The key copper export route in the Democratic Republic of the Congo was interrupted due to a bridge collapse [5] - French President Macron announced an increase in the number of nuclear warheads to reshape Europe's nuclear deterrence [5] - **Energy Situation**: After the interruption of Qatar's liquefied natural gas production, European natural gas prices rose by up to 50% yesterday; Saudi Arabia's largest Ras Tanura refinery was attacked and shut down; Iran's Islamic Revolutionary Guard Corps said it would not let oil flow out of the Gulf; The US Secretary of State will introduce measures on Tuesday to ease the impact of rising oil prices on US citizens [5] - **Iran Situation**: Trump said he would not rule out sending ground troops to Iran; Iran's Supreme National Security Council Secretary Larjani refuted the news of resuming US - Iran negotiations; Iran's Islamic Revolutionary Guard Corps said the Strait of Hormuz was closed; The US Central Command said the Strait of Hormuz was not closed; The UAE and Qatar urged allies to persuade Trump to end the Iran war; The US Secretary of State and Defense Secretary signaled that they would not send ground troops; Three US F - 15E fighter jets crashed in Kuwait, killing six US soldiers [5] - Wang Yi had phone calls with the foreign ministers of Iran, France, and Oman [5] - The Chinese Foreign Ministry responded to Trump's statement that the strike might last for four weeks, urging all parties to stop military actions [5] - The Chinese Foreign Ministry said that China and the US are maintaining communication on the interaction between the heads of state [5]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Platinum is in continuous shock consolidation, and palladium is in narrow - range shock [1] Group 3: Summary by Directory Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 537.50 with a - 1.39% change, gold - exchange platinum at 549.47 with a 1.01% change. Palladium futures 2606 closed at 429.05 with a - 2.08% change, RMB spot palladium at 419.00 with a - 2.56% change [2] - **Trading Volume and Position Data**: Guangdong platinum trading volume was 6,135 kg (down 7,342 kg), NYMEX platinum was 18,004 kg (down 12,597 kg). Guangdong palladium trading volume was 3,099 kg (down 3,052 kg), NYMEX palladium was 10,569 kg (down 3,611 kg) [2] - **ETF and Inventory Data**: Platinum ETF holdings were 3,279,592 ounces (unchanged), palladium ETF holdings were 1,200,822 ounces (unchanged). NYMEX platinum inventory was 583,369 ounces (down 63,072 ounces) [2] - **Spread Data**: PT9995 to PT2606 spread was 11.97 (down 10.02), Guangdong platinum 2606 to 2610 spread was 11.50 (down 2.90). RMB spot palladium to PD2606 spread was - 10.05 (up 14.45), Guangdong palladium 2606 to 2610 spread was 4.90 (down 0.05) [2] - **Exchange - Rate Data**: The US dollar index was 96.86 with a - 0.78% change, USD/CNY (spot) was 6.92 with a - 0.24% change, USD/CNH (spot) was 6.92 with a - 0.20% change, USD/CNY (6M forward) was 6.83 with a - 0.45% change [2] Macro and Industry News - **Policy Statements**: Trump believes the interest rate should be 2 percentage points lower. Fed officials have different views on interest - rate cuts and inflation [5] - **Economic Data**: US December retail sales month - on - month rate was 0%, lower than the forecast of 0.4%. ADP report shows US private - sector employment increased by 6,500 per week in the four weeks to January 24 [5] - **Geopolitical News**: Negotiations on Greenland are in the early stage, and talks will be held in the coming months. There are developments in the US - Iran nuclear - issue negotiation [5] - **Corporate News**: Alphabet plans to issue bonds to raise about £4.5 billion and over 3 billion Swiss francs [5] - **Domestic Policy**: Li Qiang emphasizes the rational development of rare - earth resources and key - core technology research [5] Trend Strength - Platinum trend strength is 0, palladium trend strength is 0. The range of trend strength is [- 2,2], with - 2 being most bearish and 2 being most bullish [4]