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]

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]

Group 1 - The core point of the article is that platinum futures for the main contract experienced a decline of 13% on December 31, closing at 516.7 yuan per gram [1]

Group 1 - The core point of the article is that platinum futures experienced a significant decline, with the main contract dropping over 10% to 539 yuan per gram on December 31 [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]

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 platinum futures reached the daily limit with an increase of 9.99% on December 26, 2025 [3][8] - Palladium prices also saw a significant rise, increasing by over 8% [3][8]

Group 1 - The core point of the article is that platinum futures have seen a significant increase, with the main contract rising over 6% to 696.95 yuan per gram [1]