Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - On February 25, platinum and palladium prices rose overall. The PT2606 contract closed up 7.13% to 58 yuan/gram, and the PD2606 contract closed up 4.59% to 45.95 yuan/gram. [6] - Macroeconomic factors such as tariff policy uncertainty and Middle - East geopolitical tensions support the precious metals market. [6] - In the short - term, new tariff policies on key minerals may affect the short - term upward trend of the market. In the long - term, the global platinum supply - demand gap persists, and the global palladium supply - demand balance sheet is expected to improve, providing long - term support for platinum and palladium. [6] - In the short - term, platinum and palladium are expected to remain relatively strong but with high volatility. It is recommended that investors follow the trend and mainly go long at low prices. [6] 3. Summary by Relevant Catalogs Domestic Prices - Platinum: The platinum futures main contract closing price was 586 yuan/gram, up 6.19% from the previous value; the spot price of platinum (99.95%) was 600 yuan/gram; the basis (spot - futures) was - 18 yuan/gram, up 207.69%. [4] - Palladium: The palladium futures main contract closing price was 457.95 yuan/gram, up 4.45%; the spot price of palladium (99.95%) was 453.5 yuan/gram, up 4.25%; the basis (spot - futures) was - 4.45 yuan/gram, up 28.99%. [4] International Prices - London spot platinum was 2278.1 dollars/ounce, up 5.65%; London spot palladium was 1805.984 dollars/ounce, up 2.97%. [4] - NYMEX platinum was 2287.6 dollars/ounce, up 5.99%; NYMEX palladium was 1837 dollars/ounce, up 3.70%. [4] Internal - External 15 - point Spread - The dollar/renminbi central parity rate was 6.9321, down 0.13%. [4] - The spread between Guangzhou platinum and London platinum was 12.27 yuan/gram, up 52.11%; the spread between Guangzhou platinum and NYMEX platinum was 9.88 yuan/gram, up 31.06%. [4] Ratios and Inventory - The ratio of Guangzhou Futures Exchange platinum to palladium was 1.2796, an increase of 0.0210. The ratio of London spot platinum to palladium was 1.2294, an increase of 0.0320. [5] - NYMEX platinum inventory was 186,269 troy ounces, with a change of 0.00%; NYMEX palladium inventory was 578,195 troy ounces, with a change of 0.00%. [5] Positions - NYMEX total platinum position was 69,291, up 0.33%; non - commercial net long position of platinum was 12,347, up 2.18%. [5] - NYMEX total palladium position was 16,538, down 1.52%; non - commercial net long position of palladium was 513, down 4.09%. [5]

Report Overview - The report is a daily data report on platinum and palladium, provided by the Precious Metals and New Energy Research Center of Guomao Futures Research Institute, dated February 5, 2026 [2][3] Investment Rating - Not provided Core View - On February 4, platinum and palladium prices rebounded overall. The PT2606 contract closed up 6.72% to 599.85 yuan/gram, and the PD2606 contract closed up 6.29% to 461 yuan/gram. In the short term, platinum and palladium prices are expected to move strongly in a wide range. In the long - term, the supply - demand prospects of platinum and palladium are different. It is recommended to configure platinum on dips unilaterally or focus on the "long platinum, short palladium" arbitrage strategy [6] Data Summary Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 599.85 (previous value 572.95, up 4.69%) - Platinum spot price: 573.5 (previous value 548, up 4.65%) - Platinum basis (spot - futures): - 26.35 (previous value - 24.95, up 5.61%) - Lithium futures main contract closing price: 461 (previous value 450.55, up 2.32%) - Lithium spot price: 449 (previous value 439, up 2.28%) - Lithium basis (spot - futures): - 12 (previous value - 11.55, up 3.90%) [4] International Prices (15:00, dollars/ounce) - London spot platinum: 2322.4 (previous value 2199.613, up 5.58%) - London spot palladium: 1802.914 (previous value 1786.257, up 0.93%) - NYMEX platinum: 2304.6 (previous value 2194.9, up 5.00%) - NYMEX palladium: 1804 (previous value 1786, up 1.01%) [4] Internal - External 15:00 Spread (yuan/gram) - Dollar/yuan central parity rate: 6.9533 (previous value 6.9608, down 0.11%) - Spread between domestic platinum and London platinum: 13.18 (previous value 16.69, down 21.08%) - Spread between domestic platinum and NYMEX platinum: 17.67 (previous value 17.89, down 1.20%) [4] Platinum - Palladium Ratio - Guangzhou Futures Exchange platinum/palladium ratio: 1.3012 (previous value 1.2717, change 0.0295) - London spot platinum/palladium ratio: 1.2881 (previous value 1.2314, change 0.0567) [5] Inventory (troy ounces) - NYMEX platinum inventory: 655182 (previous value 655182, change 0.00%) - NYMEX palladium inventory: 224021 (previous value 224021, change 0.00%) [5] Position - NYMEX total position of platinum: 79009 (previous value 79441, down 0.55%) - NYMEX non - commercial net long position of platinum: 15124 (previous value 13922, up 7.95%) - NYMEX total position of palladium: 19123 (previous value 19167, down 0.23%) - NYMEX non - commercial net long position of palladium: 684 (previous value 888, down 22.97%) [5] Factors Affecting Prices - Macro aspect: The sentiment of the precious metals market continued to recover. The uncertainty of the geopolitical situation between the US and Iran resurfaced, and the ADP employment number in the US in November was lower than expected, which supported platinum and palladium prices - Fundamental aspect: Trump's plan to reform the $12 billion strategic reserve of critical minerals and the EU's consideration of new sanctions on Russian - exported platinum are beneficial to platinum and palladium prices [6]