Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - This week, the US employment data significantly exceeded market expectations, suppressing the mid - year Fed rate - cut expectation. The first rate cut this year is postponed to the July FOMC meeting, causing a marginal weakening of market risk appetite and a collective oscillating correction in the precious metals market. The short - term trend of platinum and palladium may follow that of gold and silver. The core variable lies in the balance between the subsequent inflation rebound risk and the cooling trend of the employment market. If the slowdown in employment and inflation is further verified, platinum and palladium still have room to rise under the boost of their financial attributes [7]. - The EU's official postponement of the 2035 internal combustion engine ban at the end of last year and the simultaneous strengthening of vehicle exhaust emission standards have led to higher platinum loading intensity. Although the global passenger car sales have been moderately revised down due to recession concerns, the increasing penetration rate of hybrid and hydrogen - fuel - cell commercial vehicles may improve the medium - to - long - term demand curve for platinum. In the medium - to - long - term, the industrial fundamentals of platinum and palladium still dominate the trading rhythm. The uncertainty of South Africa's power supply and Russia's exports, combined with the implementation of the new vehicle emission policy, make platinum more resilient than palladium. The differentiation in the supply - demand pattern may continue to drive the "platinum - strong, palladium - weak" market [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights Summary - The US January non - farm payrolls data showed an unexpected increase, but last year's data was also unexpectedly revised down, intensifying market divergence in interpreting the non - farm data. Fed officials still have differences in their recent statements, with some re - emphasizing the risk of inflation rebound. They will continue to follow a data - dependent path [7]. - The short - term trend of platinum and palladium may follow that of gold and silver. If the slowdown in employment and inflation is further verified, they have room to rise under financial - attribute support [7]. - The EU's new policies and the development of new - energy commercial vehicles may improve platinum's medium - to - long - term demand. The "platinum - strong, palladium - weak" market may continue due to the supply - demand pattern [7]. - The London platinum is expected to face resistance at $2200 and support at $2000; the London palladium may face resistance at $1800 and support at $1600. The Guangzhou Futures Exchange's platinum 2606 contract may trade in the range of 460 - 600 yuan/gram, and the palladium 2606 contract may trade in the range of 400 - 460 yuan/gram [7]. 3.2 Futures and Spot Markets - This week, the main platinum and palladium contracts on the Guangzhou Futures Exchange oscillated within a range. As of February 13, 2026, the palladium 2606 contract was at 416.80 yuan/gram, up 1.53% week - on - week; the platinum 2606 contract was at 523.80 yuan/gram, up 3.52% week - on - week [8][12]. - The net long positions of NYMEX platinum and palladium continued to diverge. As of February 3, 2026, the net long position of NYMEX platinum was 20,207 contracts, down 8.26% month - on - month; the net long position of NYMEX palladium was - 2,307 contracts, up 18.77% month - on - month [13][17]. - This week, the basis of the main platinum and palladium contracts on the Guangzhou Futures Exchange and the NYMEX weakened. As of February 12, 2026, the basis of the Guangzhou Futures Exchange's platinum contract was - 3.86 yuan/gram, and the palladium contract was - 20.05 yuan/gram; the NYMEX platinum basis was - 22.30 dollars/ounce, and the palladium basis was 52.50 dollars/ounce, showing a week - on - week weakening [18][20][27]. - This week, the NYMEX platinum and palladium inventories both decreased. As of February 12, 2026, the NYMEX platinum inventory was 583,369.21 ounces, down 9.76% month - on - month; the palladium inventory was 186,863.10 ounces, down 2.10% month - on - month [28][32]. - Platinum and gold prices showed a strong synchronicity, with platinum price fluctuations being more significant. The gold - platinum ratio declined this week [33]. 3.3 Industry Supply and Demand Situation - As of December 2025, the import and export volumes of platinum and palladium both increased [39]. - Since 2023, the demand for platinum and palladium in vehicle exhaust catalysts has been declining year by year. The total global demand for platinum and palladium has shown a mild slowdown [45][50]. - Due to geopolitical conflicts and power - supply disturbances, the global supply of platinum and palladium has decreased [55]. - The price differences between the domestic and foreign markets of platinum and palladium have shown a converging trend [59]. 3.4 Macroeconomic Data - This week, the US dollar index weakened slightly, and the 10 - year US Treasury real yield fell nearly 4% [63]. - This week, the 10Y - 2Y US Treasury yield spread narrowed, the CBOE gold volatility declined, and the S&P 500/London gold price ratio declined [67].

瑞达期货研究院 「2025.12. 12」 铂钯金市场周报 作者： 研究员 廖宏斌 期货投资咨询证号：Z0020723 助理研究员 徐鼎烽 期货从业资格号：F03144963 取 更 多 资 讯 业务咨询 1、周度要点小结 2、期现市场 3、产业供需情况 4、宏观及期权 「 周度要点小结」 ◆ 本周观点：广期所铂钯金主力合约本周震荡偏强运行，铂2606主力合约周涨2.67%报452.05元/克，钯 2606主力合约周涨2.58%报389.45元/克。在联储降息的利好消息驱动下，铂钯金价格突破前期震荡整 理区间并重拾上行动能。宏观方面，美联储如期展开25个基点的降息操作，鲍威尔强调当前通胀仍高 于目标，但非关税因素导致的核心通胀已明显回落。若无新增关税，商品通胀预计将在2026年第一季 度触顶。目前利率已处于中性区间上沿，政策正从限制性向中性过渡。铂金在美联储宽松预期、供需 结构性赤字格局延续、氢能经济中长期需求预期扩张的支撑下，中长期或继续支撑铂金价格。钯金在 汽车催化剂领域的过度集中化，以及新能源汽车的持续普及，使其需求端预期走弱，钯金市场正逐步 由供不应求转向供应过剩，供需格局预期较为宽松，但降息预期所带 ...