Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Platinum shows a narrow - range oscillation, and palladium shows a sideways consolidation [2]. 3. Summary by Directory Platinum and Palladium Fundamental Data - **Price**: The closing prices of platinum and palladium - related products had different changes. For example, the platinum futures 2606 closed at 440.55 with a - 0.44% change, and the New York platinum main - continuous closed at 1683.50 with a 1.81% change. The palladium futures 2606 closed at 381.50 with a 1.94% change [3]. - **Trading Volume and Open Interest**: The trading volumes and open interests of platinum and palladium also changed. For instance, the trading volume of Guangbo platinum was 19,006, a decrease of 3,565 compared to the previous day, and its open interest was 12,674, an increase of 409 [3]. - **ETF Holdings**: The platinum ETF holdings (ounces) (previous day) were 3,121,942, an increase of 19,383, and the palladium ETF holdings (ounces) (previous day) were 1,077,501, a decrease of 7 [3]. - **Inventory**: The NYMEX platinum inventory (ounces) (previous day) was 615,297, a decrease of 1,031, while the NYMEX palladium inventory (ounces) (previous day) was 172,604, with no change [3]. - **Price Spreads**: Various price spreads had different changes. For example, the PT9995 to PT2606 price spread was - 8.33, an increase of 3.23 compared to the previous day [3]. - **Exchange Rates**: The US dollar index was 98.87, a - 0.09% change, and the US dollar to RMB (CNY spot) was 7.07, a - 0.07% change [3]. Macro and Industry News - The US ADP employment in November decreased by 32,000, the lowest since March 2023, while the market expected an increase of 10,000 [6]. - The Kremlin stated that it was incorrect to say that Russian President Putin rejected the US proposal on Ukraine, and it was just a preliminary exchange of opinions [6]. - US media reported that US Treasury Secretary Bessent might concurrently serve as the director of the National Economic Council [6]. - US Treasury Secretary Bessent said that there was weakness in some areas of the economy and interest rate cuts were needed [6]. - US media reported that Trump's assistant would meet with senior Ukrainian negotiators in Miami on Thursday [6]. - The EU will fully ban the import of Russian natural gas in the autumn of 2027 [6]. Trend Intensity - The platinum trend intensity is 0, and the palladium trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [5].

商 品 研 究 2025 年 12 月 03 日 铂：窄幅震荡 钯：NYMEX 对伦敦价差拉开，有上行可能 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | --- | --- | --- | --- | --- | | | 铂金期货2606 | 442. 50 | | -2.02% | | | 金交所铂金 | 430. 94 | | -2. 50% | | | 纽约铂主连 | 1653. 60 | | -1.05% | | | 伦敦现货铂金 | 1640. 50 | | -1.36% | | | 铝金期货2606 | 374. 25 | | -2. 12% | | | 人民币现货把金 | 350.00 | | -4. 37% | | 价格 | 纽约肥主连 | 1.516.00 | | 4. 31% | | | 伦敦现货包金 | 1. 424. 81 | | -1.61% | | | | 昨日成交 | 较前日变动 | 昨日持仓 较前日变动 | | | 广铂 | 22, 571 | -2 ...

钯：缓慢追涨 商 品 研 究 2025 年 12 月 1 日 铂：受白银引领上行 【基本面跟踪】 铂钯基本面数据 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 435. 55 | | 1.22% | | | | 金交所铂金 | 432. 36 | | 0.72% | | | | 纽约铂主连 | 1683. 70 | | 3. 43% | | | | 伦敦现货铂金 | 1668. 50 | | 3.72% | | | | 纪金期货2606 | 371.55 | | 0. 26% | | | | 人民币现货纪金 | 353.00 | | 1. 15% | | | 价格 | 纽约锂主连 | 1. 460. 00 | | 1.47% | | | | 伦敦现货纪金 | 1,448.16 | | 1. 18% | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | 广铂 | 24, 649 ...