Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - On March 30, platinum and palladium prices opened low and closed high, showing a strong and volatile trend. PT2606 rose 2.66% to 497.50 yuan/gram, and PD2606 rose 0.61% to 357.30 yuan/gram [6]. - With the market's increasing concern about the inflation risk caused by high oil prices, the U.S. stock market fell, and the U.S. Treasury yield dropped from its high, supporting platinum and palladium prices. However, the tense situation between the U.S. and Iran, high geopolitical uncertainties, and high oil prices and the U.S. dollar index may limit the upside space of platinum and palladium [6]. - Eskom, South Africa's national power company, will raise electricity prices starting from April 1, which is expected to increase the energy costs in the mining and smelting of platinum and palladium. The supply elasticity at the mineral end may further tighten, providing medium - to long - term support for platinum and palladium prices [6]. - It is expected that platinum and palladium will likely maintain a range - bound and volatile trend in the short term. After the Middle East geopolitical situation becomes relatively clear, investors can consider going long on platinum unilaterally at low prices or continue to hold the [long platinum, short palladium] strategy [6]. Group 3: Summary by Relevant Catalogs Domestic Prices (Yuan/gram) - Platinum futures main contract closing price: The current value is 497.5, the previous value is 493.05, with a daily increase of 0.90% [4]. - Spot platinum (99.95%): The current value is 484, the previous value is 475, with a daily increase of 1.89% [4]. - Platinum basis (spot - futures): The current value is - 13.5, the previous value is - 18.05, with a daily change of - 25.21% [4]. - Lithium futures main contract closing price: The current value is 357.3, the previous value is 358.2, with a daily decrease of 0.25% [4]. - Spot lithium (99.95%): The current value is 354, the previous value is 348.5, with a daily increase of 1.58% [4]. - Lithium basis (spot - futures): The current value is - 3.3, the previous value is - 9.7, with a daily change of - 65.98% [4]. International Prices (15:00, USD/ounce) - London spot platinum: The current value is 1920.923, the previous value is 1892.8, with a daily increase of 1.49% [4]. - London spot palladium: The current value is 1419.574, the previous value is 1401.427, with a daily increase of 1.29% [4]. - NYMEX platinum: The current value is 1916.2, the previous value is 1894.5, with a daily increase of 1.15% [4]. - NYMEX palladium: The current value is 1417.5, the previous value is 1406.5, with a daily increase of 0.78% [4]. Internal - External 15:00 Spread (Yuan/gram) - USD/CNY central parity rate: The current value is 6.9223, the previous value is 6.9141, with a daily increase of 0.12% [4]. - Guangzhou platinum - London platinum: The current value is 14.41, the previous value is 17.59, with a daily change of - 18.11% [4]. - Guangzhou platinum - NYMEX platinum: The current value is 15.60, the previous value is 17.17, with a daily change of - 9.15% [4]. Other Spreads and Ratios - Guangzhou lithium - London aluminum: The current value is 0.29, the previous value is 6.17, with a daily change of - 95.27% [5]. - Guangzhou lithium - NYMEX lithium: The current value is 0.81, the previous value is 4.90, with a daily change of - 83.39% [5]. - Guangzhou Futures Exchange platinum/lithium ratio: The current value is 1.3924, the previous value is 1.3765, with an increase of 0.0159 [5]. - London spot platinum/lithium ratio: The current value is 1.3506, the previous value is 1.3532, with a decrease of 0.0025 [5]. Inventory (Troy Ounces) - NYMEX platinum inventory: The current value is 554,241, the previous value is 558,768, with a daily decrease of 0.81% [5]. - NYMEX palladium inventory: The current value is 248,374, the previous value is 248,374, with a daily change of 0.00% [5]. Position - NYMEX total platinum position: The current value is 61,473, the previous value is 67,292, with a daily decrease of 8.65% [5]. - NYMEX non - commercial net long platinum position: The current value is 16,898, the previous value is 16,198, with a daily increase of 4.14% [5]. - NYMEX total palladium position: The current value is 15,556, the previous value is 15,069, with a daily increase of 3.13% [5]. - NYMEX non - commercial net long palladium position: The current value is - 185, the previous value is - 1242, with a daily increase of 571.35% [5].

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core View - On March 23, platinum and palladium prices dropped significantly. PT2606 closed down 11.38% to 457.75 yuan/gram, and PD2606 closed down 12.42% to 327.85 yuan/gram. Geopolitical risks repeatedly disturbed market sentiment. Trump's statement about the progress of US - Iran dialogue led to a decline in oil prices and a rebound in overseas platinum and palladium prices. The Guangzhou Futures Exchange will lower the daily price limit and margin standards for platinum and palladium from March 24, which is expected to improve contract liquidity. In the long - term, the supply - demand of platinum is tight under investment and industrial demand, while palladium is severely restricted by vehicle electrification. The "tight platinum and loose palladium" pattern may continue. In the short - term, platinum and palladium are expected to maintain a range - bound trend. After the Middle East geopolitical situation becomes clear, one can choose to go long on platinum at low prices or continue to hold the [long platinum, short palladium] strategy [6] Group 3: Price and Spread Summary Domestic Prices - Platinum futures主力收盘价 dropped from 509.75 to 457.75 yuan/gram, a decrease of 10.20%. The spot price of platinum (99.95%) dropped from 512 to 471 yuan/gram, a decrease of 8.01%. The platinum basis (spot - futures) increased from 2.25 to 13.25 yuan/gram, a rise of 488.89%. Lithium futures主力收盘价 dropped from 368.85 to 327.85 yuan/gram, a decrease of 11.12%. The spot price of lithium (99.95%) dropped from 374 to 347 yuan/gram, a decrease of 7.22%. The lithium basis (spot - futures) increased from 5.15 to 19.15 yuan/gram, a rise of 271.84% [4] International Prices - London spot platinum dropped from 1984.2 to 1783.657 dollars/ounce, a decrease of 10.11%. London spot lithium gold dropped from 1460.216 to 1358.745 dollars/ounce, a decrease of 6.95%. NYMEX platinum dropped from 1974.1 to 1767.7 dollars/ounce, a decrease of 10.46%. NYMEX lithium dropped from 1466.5 to 1349 dollars/ounce, a decrease of 8.01% [4] Internal - External Spread - The dollar/yuan mid - price increased from 6.8898 to 6.9041, an increase of 0.21%. The spread between Guangzhou platinum and London platinum decreased from 13.09 to 10.36 yuan/gram, a decrease of 20.85%. The spread between Guangzhou platinum and NYMEX platinum decreased from 15.62 to 14.36 yuan/gram, a decrease of 8.03%. The spread between Guangzhou lithium and London lithium decreased from - 12.96 to 3.35 yuan/gram, a decrease of 487.45%. The spread between Guangzhou lithium and NYMEX lithium decreased from - 10.52 to 1.77 yuan/gram, a decrease of 693.38% [4][5] Group 4: Ratio and Inventory Summary Ratios - The ratio of Guangzhou Futures Exchange platinum to lithium increased from 1.3820 to 1.3962, an increase of 0.0142. The ratio of London spot platinum to lithium decreased from 1.3588 to 1.3127, a decrease of 0.0461 [5] Inventories - NYMEX platinum inventory remained unchanged at 579274 troy ounces. NYMEX palladium inventory increased from 245177 to 248374 troy ounces, an increase of 1.30% [5] Group 5: Position Summary - NYMEX total platinum position decreased from 68758 to 67292, a decrease of 2.13%. NYMEX non - commercial net long position of platinum increased from 14690 to 16898, an increase of 15.03%. NYMEX total palladium position decreased from 15556 to 15679, a decrease of 0.78%. NYMEX non - commercial net long position of palladium increased from - 185 to - 156, an increase of 18.59% [5]

1. Report Industry Investment Ratings No information provided in the report. 2. Core Views - The precious metals market is gradually recovering from previous declines. Gold is recommended to hold long positions, and the long - term outlook remains positive. Silver has increased spot price volatility, so caution is advised [1]. - For base metals, copper is recommended to be bought on dips. Aluminum prices are expected to remain volatile in the short term. Alumina prices are expected to be volatile and slightly stronger. Lithium carbonate prices may rise significantly. Tin is recommended to be bought on dips [2][3]. - In the black industry, long positions in rebar should be held with caution. Iron ore is recommended to be observed. Long positions in coking coal should be held with caution [4][5]. - In the agricultural products market, soybeans are strong, and domestic soybean meal is expected to be volatile and slightly stronger. Corn futures prices are expected to be volatile and slightly stronger. Edible oils are weak. Cotton is recommended to be bought on dips. Egg and hog futures prices are expected to be volatile and weak [6][7]. - In the energy and chemical industry, LLDPE, PP, and styrene are expected to be volatile in the short term. PVC is recommended for a positive spread strategy. PX is recommended for medium - term long - allocation, and PTA should take appropriate profit. Glass is recommended to sell soda ash and buy glass. MEG is recommended to look for short - term long - trading opportunities. Crude oil is recommended to buy out - of - the - money put options on SC04 at high prices. Soda ash is recommended to be observed [8][9][10]. 3. Summary by Category Precious Metals - **Market Performance**: International gold prices rose 0.46% to $5164 per ounce, and international silver prices rose 2.39% to $89.17 per ounce [1]. - **Fundamentals**: Trump's State of the Union address mentioned tariffs, etc. The U.S. may impose up to 15% "global import tariffs" on some countries. EU estimates that 4.2 billion euros of goods face new tariffs. Iran's foreign minister is preparing to participate in the third round of indirect negotiations between Iran and the U.S. Domestic gold ETFs had a small inflow of 1.7 tons. COMEX gold inventory decreased by 2.3 tons to 1045.8 tons, and COMEX silver inventory decreased by 67 tons to 11253.4 tons [1]. - **Trading Strategy**: Hold long positions in gold and be cautious with silver [1]. Base Metals Copper - **Market Performance**: Copper prices were volatile and slightly stronger [2]. - **Fundamentals**: Investors bet on NVIDIA's strong performance, boosting market risk appetite. The supply of copper ore remains tight. After the festival, there is seasonal inventory accumulation [2]. - **Trading Strategy**: Buy on dips [2]. Aluminum - **Market Performance**: The closing price of the electrolytic aluminum main contract increased by 0.81% to 23,740 yuan per ton [2]. - **Fundamentals**: Electrolytic aluminum plants maintain high - load production, and the weekly aluminum product start - up rate increased slightly [2]. - **Trading Strategy**: Prices are expected to remain volatile in the short term, and attention should be paid to downstream resumption of work, U.S. tariff policies, and overseas production capacity changes [2]. Alumina - **Market Performance**: The closing price of the alumina main contract increased by 1.45% to 2870 yuan per ton [2]. - **Fundamentals**: Some alumina plants are in the production - reduction and maintenance stage, and electrolytic aluminum plants maintain high - load production [2]. - **Trading Strategy**: Prices are expected to be volatile and slightly stronger [3]. Lithium Carbonate - **Market Performance**: LC2605 closed at 152,640 yuan per ton, an increase of 2.15% [3]. - **Fundamentals**: The spot price of lithium spodumene concentrate increased. The production of lithium carbonate decreased in February. The inventory is expected to be in a tight balance in Q1 [3]. - **Trading Strategy**: Prices may rise significantly due to the suspension of lithium ore exports in Zimbabwe [3]. Tin - **Market Performance**: Tin prices rose significantly [3]. - **Fundamentals**: Investors bet on NVIDIA's strong performance, boosting market risk appetite. The supply of tin ore remains tight [3]. - **Trading Strategy**: Buy on dips [3]. Black Industry Rebar - **Market Performance**: The main rebar contract 2605 closed at 3069 yuan per ton, up 39 yuan [4]. - **Fundamentals**: The supply - demand contradiction of steel is not significant. The inventory of billets in Tangshan is at a historical high. Steel mills are in continuous losses, and the production increase space is limited [4]. - **Trading Strategy**: Hold long positions with caution, and the reference range for RB05 is 3040 - 3100 [4]. Iron Ore - **Market Performance**: The main iron ore contract 2605 closed at 748 yuan per ton, up 5 yuan [4]. - **Fundamentals**: The supply - demand of iron ore is neutral. The iron - making water production is basically the same year - on - year. The port iron ore inventory is close to 170 million tons, and the structural contradiction persists [4]. - **Trading Strategy**: Observe mainly, and the reference range for I05 is 740 - 770 [5]. Coking Coal - **Market Performance**: The main coking coal contract 2605 closed at 1113 yuan per ton, up 4.5 yuan [5]. - **Fundamentals**: Steel mills' profits are poor, and the blast furnace production may decrease slightly. The first round of price increase has been implemented, and there is no further plan. The overall inventory level is neutral, and the futures valuation is high [5]. - **Trading Strategy**: Hold long positions with caution, and the reference range for JM05 is 1090 - 1150 [5]. Agricultural Products Soybean Meal - **Market Performance**: Overnight CBOT soybeans rose [6]. - **Fundamentals**: South America has a high - yield expectation. U.S. soybean crushing is strong, and export expectations are strong. The overall supply - demand of U.S. soybeans is expected to improve, but the global supply - demand is expected to be looser [6]. - **Trading Strategy**: Trade on China's increased purchase of U.S. soybeans, and pay attention to U.S. soybean exports and South American production [6]. Corn - **Market Performance**: Corn futures prices continued to rise, and spot prices rose slightly [6]. - **Fundamentals**: The grain - selling progress has exceeded 60%, and the pressure is not large. After the Spring Festival, attention should be paid to the selling pressure of ground - stored grain. Downstream enterprises' inventories are at the same level as the same period, and port inventories are low [6]. - **Trading Strategy**: Futures prices are expected to be volatile and slightly stronger [6]. Edible Oils - **Market Performance**: Malaysian palm oil is weak in the short term [6]. - **Fundamentals**: The estimated production in Malaysia from February 1 - 20 decreased by 12% month - on - month, and the estimated exports from February 1 - 25 decreased by 12% month - on - month [6]. - **Trading Strategy**: Trade on the seasonal production - increase expectation, and adopt a reverse - spread strategy [6]. Cotton - **Market Performance**: ICE U.S. cotton futures prices were volatile and stronger, and international crude oil futures prices were volatile and declined [6]. - **Fundamentals**: In 2025, the U.S. increased textile and clothing imports from India. The CAI's supply - demand balance sheet for the 25/26 season has no significant adjustments. Domestic cotton prices are boosted by ICE cotton prices [6]. - **Trading Strategy**: Buy on dips, and the price range is 15200 - 15800 yuan per ton [6]. Eggs - **Market Performance**: Egg futures prices were narrowly volatile, and spot prices were mostly stable with a few rising [6]. - **Fundamentals**: After the Spring Festival, it is the traditional off - season for egg demand. The overall supply is sufficient, and egg prices are expected to be low [6]. - **Trading Strategy**: Futures prices are expected to be volatile and weak. Industrial customers are recommended to pay attention to hedging opportunities in far - month contracts [6]. Hogs - **Market Performance**: Hog futures prices rebounded, and spot prices continued to be weak [7]. - **Fundamentals**: After the Spring Festival, the supply is strong and the demand is weak. The daily average slaughter pressure is large this month [7]. - **Trading Strategy**: Futures prices are expected to be volatile and weak [7]. Energy and Chemical Industry LLDPE - **Market Performance**: The main LLDPE contract fell slightly. The spot price in North China is 6610 yuan per ton, and the basis is weak [8]. - **Fundamentals**: There is no new device put into production in the first half of the year, and the domestic supply pressure eases. The import window is closed, and the import volume is expected to decrease slightly. The downstream demand is weak, but it will enter the peak season in March and April [8]. - **Trading Strategy**: It is expected to be volatile in the short term, and attention should be paid to the development of the U.S. - Iran incident [8]. PVC - **Market Performance**: V05 closed at 4900, down 1% [8]. - **Fundamentals**: There are real - estate favorable policies, but high inventory suppresses prices. The supply is large, and the downstream factories have not resumed work. The social inventory is at a high level [8]. - **Trading Strategy**: Adopt a positive - spread strategy of buying 09 and selling 01 [8]. PTA - **Market Performance**: PXCFR China price is $925 per ton, and PTA spot price in East China is 5285 yuan per ton, with a basis of - 63 yuan per ton [8]. - **Fundamentals**: PX supply is at a high level, and attention should be paid to seasonal maintenance. PTA supply is at a medium level. Polyester factory load is at a seasonal low, and the inventory pressure is not large [8]. - **Trading Strategy**: Maintain a long - allocation view on PX in the medium term. PTA has seasonal inventory accumulation, and appropriate profit - taking is recommended [8]. Glass - **Market Performance**: fg05 closed at 1055, down 0.8% [9]. - **Fundamentals**: Glass is boosted by real - estate policies, but the near - term demand is average. The supply has decreased, and the inventory is at a high level. Downstream enterprises' orders are few, and the production is in a loss state [9]. - **Trading Strategy**: Adopt a strategy of selling soda ash and buying glass [9]. PP - **Market Performance**: The main PP contract fell slightly. The spot price in East China is 6600 yuan per ton, and the basis is weak. The import window is closed, and the export window is open [9]. - **Fundamentals**: The new device put - into - production in the first half of the year decreases, and the domestic supply pressure increases. The downstream is in the holiday, and the start - up rate is low [9]. - **Trading Strategy**: It is expected to be volatile in the short term, and attention should be paid to the U.S. - Iran incident. In the long - term, it is mainly range - bound, and short - selling on rallies is recommended [9]. MEG - **Market Performance**: The spot price of MEG in East China is 3670 yuan per ton, with a basis of - 90 yuan per ton [9]. - **Fundamentals**: The supply pressure eases, and the import supply decreases. The inventory in some ports in East China is at a high level. The polyester load is at a seasonal low [9]. - **Trading Strategy**: Look for short - term long - trading opportunities [9]. Crude Oil - **Market Performance**: Oil prices have been volatile recently, waiting for the result of U.S. - Iran negotiations. The current oil price contains a risk premium of about $10 per barrel [9]. - **Fundamentals**: The supply of Russian oil may face pressure, and the short - term core influence is the U.S. - Iran geopolitical risk. The demand for heating in the U.S. increased in February but will decline in March [9]. - **Trading Strategy**: Wait for the high oil price and buy out - of - the - money put options on SC04 [9]. Styrene - **Market Performance**: The main EB contract fell slightly. The spot price in East China is 7650 yuan per ton, and the trading atmosphere is average. The import window is closed [10]. - **Fundamentals**: The pure - benzene inventory is at a normal - to - high level, and the supply - demand pattern will improve in February and March. The styrene inventory has accumulated during the Spring Festival, and the supply - demand is weak in February and March. The downstream start - up rate is low [10]. - **Trading Strategy**: It is expected to be volatile in the short term, and pay attention to the U.S. - Iran incident. In the second quarter, it is recommended to buy on dips [10]. Soda Ash - **Market Performance**: sa05 closed at 1195, up 2% [10]. - **Fundamentals**: The bottom price of soda ash is stagnant, and the upstream orders are acceptable. The supply is large, and the inventory accumulation is not much. The downstream demand is stable, and there is a production - reduction expectation for float glass [10]. - **Trading Strategy**: Observe [10].

1. Report Industry Investment Ratings No information provided in the report. 2. Core Views - For the basic metals, copper is recommended to be bought on dips due to supply tightness and strategic importance; aluminum is expected to fluctuate in the short - term due to macro uncertainties and supply - demand balance; alumina is expected to be strong with a marginal supply contraction; industrial silicon is expected to oscillate in the range of 8200 - 8800 yuan/ton, and short positions can be considered on rallies if the large - scale production cut is limited [1]. - For lithium, the price is expected to fluctuate widely in the short - term, with the support at 100,000 - 120,000 yuan due to strong demand expectations [2]. - For polysilicon, the main contract is expected to oscillate weakly in the range of 45,000 - 53,000 yuan/ton [2]. - For tin, it is recommended to buy on dips due to supply tightness and strong demand [2]. - For the black industry, steel and iron ore are expected to oscillate widely in the short - term, and the trading strategy is mainly to wait and see [3][4]. - For agricultural products, soybean meal shows an internal - external differentiation, with the US soybean being strong and the domestic market being weak; corn is expected to oscillate; oils and fats are in a critical state with a strategy of reverse spread; cotton is recommended to wait and see; eggs, pork are expected to oscillate weakly [5][6]. - For energy chemicals, LLDPE is recommended to be bought on dips in the short - term and mid - term; PVC is recommended for a positive spread strategy; PX is recommended for mid - term long - allocation, and PTA is recommended to take profits; glass is recommended to buy glass and sell soda ash; PP is expected to oscillate weakly in the short - term and mid - term, and short positions can be taken on rallies; MEG is recommended to hold short positions; crude oil is recommended to buy out - of - the - money put options on rallies; styrene is expected to oscillate widely in the short - term and long positions can be taken on dips in the mid - term; soda ash is recommended to wait and see [7][8][9]. 3. Summary by Related Catalogs Basic Metals Copper - Market performance: Copper prices stabilized in a volatile manner on Friday [1]. - Fundamentals: The US stock market strengthened, the supply of copper ore tightened, and the domestic demand was in the off - season but the market was active in pricing after the price decline. The strategic importance of metals increased [1]. - Trading strategy: Buy on dips [1]. Aluminum - Market performance: The closing price of the main electrolytic aluminum contract decreased by 0.30% to 23,315 yuan/ton on Friday [1]. - Fundamentals: The electrolytic aluminum plants maintained high - load production, and the weekly aluminum product operating rate increased slightly [1]. - Trading strategy: The price is expected to fluctuate in the short - term due to macro uncertainties and supply - demand balance [1]. Alumina - Market performance: The closing price of the main alumina contract increased by 1.22% to 2,824 yuan/ton on Friday [1]. - Fundamentals: Some alumina plants entered the production - reduction and maintenance stage, and the electrolytic aluminum plants maintained high - load production [1]. - Trading strategy: The price is expected to be strong with a marginal supply contraction [1]. Industrial Silicon - Market performance: The main 05 contract closed at 8,500 yuan/ton on Friday, a decrease of 105 yuan/ton, and the position increased by 10,029 lots [1]. - Fundamentals: The number of open furnaces decreased, and the demand in the polysilicon and organic silicon industries weakened [1]. - Trading strategy: The price is expected to oscillate in the range of 8200 - 8800 yuan/ton, and short positions can be considered on rallies if the large - scale production cut is limited [1]. Lithium - Market performance: The main 05 contract closed at 49,285 yuan/ton on Friday, a decrease of 265 yuan/ton, and the position decreased by 870 lots [2]. - Fundamentals: The supply decreased, and the demand in the downstream materials decreased seasonally. The inventory increased slightly, and the precipitation of funds decreased [2]. - Trading strategy: The price is expected to fluctuate widely in the short - term, with the support at 100,000 - 120,000 yuan due to strong demand expectations [2]. Polysilicon - Market performance: The price was stable on Friday [2]. - Fundamentals: The supply was stable, and the demand in the battery and component sectors decreased. The total photovoltaic installation in 2025 exceeded expectations, and the export of components was supported [2]. - Trading strategy: The main contract is expected to oscillate weakly in the range of 45,000 - 53,000 yuan/ton [2]. Tin - Market performance: The price rebounded after reaching a low of 340,000 yuan on Friday [2]. - Fundamentals: The US stock market strengthened, the supply of tin ore was tight, and the demand was strong. The global inventory decreased significantly [2]. - Trading strategy: Buy on dips [2]. Black Industry Rebar - Market performance: The main 2605 contract closed at 3,065 yuan/ton, a decrease of 31 yuan [3]. - Fundamentals: The spot market trading was sparse, the supply decreased year - on - year, and the demand for building materials was weak. The inventory was high but the marginal change was strong. The steel mills were in losses, and the production increase was limited [3]. - Trading strategy: Wait and see, with the reference range of 3050 - 3110 yuan [3]. Iron Ore - Market performance: The main 2605 contract closed at 761 yuan/ton, a decrease of 6 yuan [3][4]. - Fundamentals: The supply and demand were neutral. The iron water production increased slightly, and the supply was in line with the seasonal pattern. The inventory days increased, and the structural contradiction persisted. The valuation was neutral [4]. - Trading strategy: Wait and see, with the reference range of 740 - 770 yuan [4]. Coking Coal - Market performance: The main 2605 contract closed at 1,130.5 yuan/ton, a decrease of 30.5 yuan [4]. - Fundamentals: The iron water production increased, the steel mills were in losses, and the production was expected to be stable or decrease. The first round of price increase was implemented, and the inventory was at a neutral level. The futures valuation was high [4]. - Trading strategy: Wait and see, with the reference range of 1100 - 1150 yuan [4]. Agricultural Products Soybean Meal - Market performance: The CBOT soybeans were strong in the short - term [5]. - Fundamentals: The supply was loose in the near - term and expected to be large in the long - term in South America. The demand for US soybean crushing was strong, and the export expectation increased [5]. - Trading strategy: Pay attention to the purchase of US soybeans and the realization of South American production. The domestic market is weaker than the overseas market, with a reverse spread structure [5]. Corn - Market performance: The futures price oscillated narrowly, and the spot price was mostly stable [5]. - Fundamentals: The grain sales progress exceeded 60%, and the sales pressure was not large. The sales enthusiasm increased at the end of the year, and the downstream enterprises replenished inventory at low prices. The trading was expected to be light before the Spring Festival [5]. - Trading strategy: The futures price is expected to oscillate [5]. Oils and Fats - Market performance: The Malaysian market declined on Friday [5]. - Fundamentals: The production in Malaysia decreased seasonally in January, and the export improved [5]. - Trading strategy: The unilateral market is at a critical point, with a reverse spread strategy. Pay attention to production and biodiesel policies in the medium - term [5]. Cotton - Market performance: The ICE US cotton futures price declined on Friday, and the international crude oil price rebounded [5][6]. - Fundamentals: The number of unpriced selling orders in the ICE cotton futures decreased, and the Brazilian cotton export decreased. The domestic cotton price entered an adjustment phase, and the spinning mill operating rate decreased [5][6]. - Trading strategy: Wait and see, with the price range of 14,500 - 14,900 yuan/ton [6]. Eggs - Market performance: The futures price was weak, and the spot price declined slightly [6]. - Fundamentals: The inventory of laying hens decreased, the replenishment was active, and the demand weakened. The egg price is expected to decline seasonally [6]. - Trading strategy: The futures price is expected to be weak [6]. Pork - Market performance: The futures and spot prices were weak [6]. - Fundamentals: The slaughter volume increased in the short - term but was expected to decline after the minor New Year. The supply was strong, and the demand was weak [6]. - Trading strategy: The futures price is expected to be weak [6]. Energy Chemicals LLDPE - Market performance: The main contract rebounded slightly. The spot price in North China was 6,630 yuan/ton, and the basis was weak [7]. - Fundamentals: The domestic supply pressure slowed down, and the import was expected to decrease. The downstream demand weakened [7]. - Trading strategy: Buy on dips in the short - term and mid - term, and pay attention to geopolitical situations [7]. PVC - Market performance: The v05 contract closed at 4,965 yuan, a decrease of 0.6% [7]. - Fundamentals: The price rebounded due to macro - stimulation. The supply was large, and the demand weakened seasonally. The inventory increased significantly [7]. - Trading strategy: Implement a positive spread strategy of buying 09 and selling 01 contracts [7]. PTA - Market performance: The PX CFR China price was 902 US dollars/ton, and the PTA spot price in East China was 5,140 yuan/ton, with a basis of - 62 yuan/ton [7][8]. - Fundamentals: The supply of PX and PTA was at a high level, and the demand in the polyester industry decreased. The inventory increased [8]. - Trading strategy: The PX valuation is expected to adjust, and long - allocation is recommended in the mid - term. The PTA inventory increases seasonally, and profits can be taken at high processing fees [8]. Glass - Market performance: The fg01 contract closed at 1,058 yuan, a decrease of 1.4% [8]. - Fundamentals: The trading center of glass was stable, and the supply decreased. The inventory was at a high level, and the demand in the downstream was weak. The real estate market was weak [8]. - Trading strategy: Buy glass and sell soda ash [8]. PP - Market performance: The main contract oscillated slightly. The spot price in East China was 6,580 yuan/ton, and the basis was weak [8]. - Fundamentals: The domestic supply increased, and the export window opened. The downstream operating rate was stable [8]. - Trading strategy: The price is expected to oscillate weakly in the short - term and mid - term, and short positions can be taken on rallies [8]. MEG - Market performance: The spot price in East China was 3,675 yuan/ton, with a basis of - 105 yuan/ton [8]. - Fundamentals: The supply increased, and the import decreased. The inventory increased, and the demand in the polyester industry decreased [8]. - Trading strategy: Hold short positions [8]. Crude Oil - Market performance: The oil price oscillated this week due to the uncertainty of the Iran geopolitical event [8]. - Fundamentals: The supply decreased in January due to short - term factors. The US - Iran negotiation is the core of trading. The supply pressure is large in the mid - term, and the demand decreased seasonally. The inventory increased [8]. - Trading strategy: Buy out - of - the - money put options on rallies [8]. Styrene - Market performance: The main contract declined slightly on Friday. The spot price in East China was 7,720 yuan/ton, and the trading atmosphere was average [9]. - Fundamentals: The pure benzene inventory was at a normal - high level, and the styrene inventory was at a normal - low level. The demand in the downstream weakened [9]. - Trading strategy: The price is expected to oscillate widely in the short - term, and long positions can be taken on dips in the mid - term [9]. Soda Ash - Market performance: The sa05 contract closed at 1,172 yuan, a decrease of 1.8% [9]. - Fundamentals: The price was stalemate at the bottom, the supply increased, and the demand in the downstream was weak. The inventory increased [9]. - Trading strategy: Wait and see [9].

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - On February 5th, platinum and palladium prices declined overall. The PT2606 contract closed down 7.96% to 540.3 yuan/gram, and the PD2606 contract closed down 1.97% to 442.7 yuan/gram. Affected by the marginal market of macro - drivers and pre - holiday liquidity tightening, the precious metals market was sold off again. Platinum and palladium were no exception. Fundamentally, Trump plans to set up a $12 billion strategic reserve for critical minerals, and the EU is considering new sanctions on Russian - exported platinum, so platinum and palladium prices may still have support, especially palladium. In the short term, platinum and palladium prices are expected to fluctuate widely, and long - term allocation opportunities after this significant decline can be focused on. In the medium - to - long term, the supply - demand prospects of platinum and palladium are different. There is still a supply - demand gap for platinum, while palladium tends to have a loose supply. Therefore, the strategy suggests unilaterally allocating platinum at low prices or continuing to focus on the long - platinum and short - palladium arbitrage strategy [6] 3. Summary by Relevant Contents Price Changes - **Domestic Prices**: Platinum futures main contract closing price dropped from 599.85 to 540.3 yuan/gram, a decline of 9.93%. The spot price of platinum (99.95%) was 573.5 yuan/gram, a decline of 8.46%. The platinum basis (spot - futures) changed from - 15.3 to - 26.35, a decline of 41.94%. Lithium futures main contract closing price dropped from 461 to 442.7 yuan/gram, a decline of 3.97%. The spot price of lithium (99.95%) was 449 yuan/gram, a decline of 3.12%. The lithium basis (spot - futures) changed from - 7.7 to - 12, a decline of 35.83% [4] - **International Prices**: London spot platinum price dropped from 2322.4 to 2090.3 dollars/ounce, a decline of 9.99%. London spot palladium price dropped from 1802.914 to 1724.399 dollars/ounce, a decline of 4.35%. NYMEX platinum price dropped from 2304.6 to 2074.6 dollars/ounce, a decline of 9.98%. NYMEX palladium price dropped from 1804 to 1722.5 dollars/ounce, a decline of 4.52%. The dollar/renminbi middle - rate increased by 0.05% from 6.9533 to 6.957. The spread between Guangzhou platinum and London platinum (at 15:00) decreased by 9.10% from 13.18 to 11.98 yuan/gram. The spread between Guangzhou platinum and NYMEX platinum decreased by 9.77% from 17.67 to 15.94 yuan/gram [4] Price Ratios and Spreads - The ratio of Guangdong Futures Exchange platinum to palladium changed from 1.2205 to 1.3012, an increase of 0.0807. The ratio of London spot platinum to palladium changed from 1.2881 to 1.2122, a decrease of 0.0759. The spread between Guangzhou lithium and London palladium increased by 23.44% from 5.56 to 6.86. The spread between Guangzhou palladium and NYMEX palladium increased by 38.94% from 5.28 to 7.34 [5] Inventory and Position - NYMEX platinum inventory increased by 9.39% from 605259 to 662085 troy ounces. NYMEX palladium inventory remained unchanged at 208456 troy ounces. NYMEX total platinum position decreased by 0.55% from 79441 to 79009. NYMEX non - commercial net long position in platinum decreased by 7.95% from 15124 to 13922. NYMEX total palladium position decreased by 0.23% from 19167 to 19123. NYMEX non - commercial net long position in palladium decreased by 22.97% from 888 to 684 [5]

Report Overview - The report is a daily data report on platinum and palladium by the Research Institute of Guomao Futures, focusing on price, inventory, and market analysis [2][3] 1. Price Information Domestic Prices - Platinum futures main contract closing price: 633.85 yuan/g, up 0.85% from the previous value [4] - Platinum (99.95%) spot price: 618.5 yuan/g, down 0.56% [4] - Platinum basis (spot - futures): -15.35 yuan/g, up 136.15% [4] - Lithium futures main contract closing price: 483.75 yuan/g, down 0.42% [4] - Lithium (99.95%) spot price: 464.5 yuan/g, down 1.59% [4] - Lithium basis (spot - futures): -19.25 yuan/g, up 39.49% [4] International Prices - London spot platinum: 2468.754 dollars/ounce, up 1.39% [4] - London spot palladium: 1853.585 dollars/ounce, up 0.10% [4] - NYMEX platinum: 2468.9 dollars/ounce, up 1.27% [4] - NYMEX palladium: 1883.5 dollars/ounce, down 0.32% [4] Exchange Rate and Price Differences - Dollar/CNY central parity rate: 7.0019, up 0.01% [4] - Difference between Guangzhou platinum and London platinum: 5.85 yuan/g, down 36.16% [4] - Difference between Guangzhou platinum and NYMEX platinum: 5.81 yuan/g, down 30.76% [4] - Difference between Guangzhou lithium and London palladium: 12.23 yuan/g, down 17.26% [5] - Difference between Guangzhou lithium and NYMEX palladium: 4.62 yuan/g, down 10.77% [5] 2. Ratio and Inventory Information Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.3103, up 0.0165 [5] - London spot platinum/palladium ratio: 1.3319, up 0.0170 [5] Inventory - NYMEX platinum inventory: 675,766 ounces, up 1.71% [5] - NYMEX palladium inventory: 216,266 ounces, down 0.18% [5] Position - NYMEX total platinum position: 78,337, down 0.90% [5] - NYMEX non - commercial net long position of platinum: 18,110, down 2.85% [5] - NYMEX total palladium position: 19,483, up 0.69% [5] - NYMEX non - commercial net long position of palladium: 579, up 111.57% [5] 3. Market Analysis and Strategy Market Analysis - On January 22, platinum and palladium opened lower and then rebounded, narrowing the decline. The PT2606 contract fell 0.92% to 63.85 yuan/g, and the PD2606 contract fell 1.9% to 483.75 yuan/g [6] - At the macro level, the Greenland crisis has eased, weakening market risk - aversion sentiment, which once suppressed platinum and palladium prices. However, due to high market uncertainty and weak US bond yields, there is still support for platinum and palladium prices [6] - Fundamentally, the US has decided to postpone imposing import tariffs on key minerals, alleviating the tariff risk for platinum and palladium. If the tariff risk decreases in the future, platinum and palladium inventories may shift from the US to non - US regions, which may ease the tight spot situation and suppress the upward space of platinum and palladium prices in the short term [6] Strategy - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern. Attention should be paid to changes in New York inventories [6] - In the long term, with a supply - demand gap for platinum and a relatively loose supply for palladium, the strategy can be to unilaterally allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Short - term, platinum and palladium are expected to fluctuate in a wide range. It is recommended to pay attention to the changes in New York inventory. In the long - term, considering the supply - demand gap of platinum and the loosening supply of palladium, the strategy can be to allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6] Summary by Relevant Content Domestic Prices (Yuan/Gram) - Platinum futures main contract closing price: The current value is 615.1, the previous value is 610.05, with a rise of 0.83% [4] - Spot platinum (99.95%): The current value is 608, the previous value is 603, with a rise of 0.83% [4] - Platinum basis (spot - futures): The current value is - 7.1, the previous value is - 7.05, with a rise of 0.71% [4] - Lithium futures main contract closing price: The current value is 477.95, the previous value is 469.35, with a rise of 1.83% [4] - Spot lithium (99.95%): The current value is 458, the previous value is 448.5, with a rise of 2.12% [4] - Lithium basis (spot - futures): The current value is - 19.95, the previous value is - 20.85, with a fall of 4.32% [4] International Prices (15:00, US dollars/Ounce) - London spot platinum: The current value is 2350.4, the previous value is 2338.8, with a rise of 0.50% [4] - London spot lithium gold: The current value is 1797.455, the previous value is 1747.624, with a rise of 2.85% [4] - NYMEX platinum: The current value is 2362, the previous value is 2336, with a rise of 1.11% [4] - NYMEX lithium: The current value is 1847.5, the previous value is 1795, with a rise of 2.92% [4] Internal - External 15:00 Spread (Yuan/Gram) - Guangdong platinum - London platinum: The current value is 16.93, the previous value is 14.60, with a rise of 15.94% [4] - Guangdong platinum - NYMEX platinum: The current value is 13.98, the previous value is 15.31, with a fall of 8.74% [4] - Guangdong lithium - London lithium: The current value is 20.50, the previous value is 24.41, with a fall of 16.02% [5] - Guangdong lithium - NYMEX lithium: The current value is 7.77, the previous value is 12.35, with a fall of 37.12% [5] Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: The current value is 1.2870, the previous value is 1.2998, with a decrease of 0.0128 [5] - London spot platinum/palladium ratio: The current value is 1.3076, the previous value is 1.3383, with a decrease of 0.0306 [5] Inventory (Troy Ounces) - NYMEX platinum inventory: The current value is 664393, the previous value is 664293, with a rise of 0.01% [5] - NYMEX palladium inventory: The current value is 207020, the previous value is 210908, with a fall of 1.84% [5] Positions - NYMEX total platinum position: The current value is 78337, the previous value is 79050, with a fall of 0.90% [5] - NYMEX non - commercial net long platinum position: The current value is 17594, the previous value is 18110, with a fall of 2.85% [5] - NYMEX total palladium position: The current value is 19483, the previous value is 19349, with a rise of 0.69% [5] - NYMEX non - commercial net long palladium position: The current value is 579, the previous value is 1225, with a rise of 111.57% [5]

Group 1 - The article discusses a significant drop in silver prices, suggesting it was manipulated by Wall Street capital, which initially drove prices up before a sharp decline [1] - The Chicago Mercantile Exchange announced an increase in margin requirements for various metal futures, including silver, as a measure to "curb speculation and stabilize the market," which directly impacts the cost of purchasing contracts [1] - Historical patterns of manipulation by Wall Street are highlighted, including past instances where price surges were followed by regulatory measures that led to significant price drops, indicating a recurring strategy to attract retail investors before a market correction [2] Group 2 - Current economic conditions in the U.S. show structural disparities in the job market, but the overall risk of recession remains low, with the Federal Reserve exhibiting cautious attitudes towards inflation and employment targets [4] - Market expectations for monetary easing may rise due to comments from influential figures and concerns over the independence of the Federal Reserve, potentially impacting gold prices positively in the long term [4] - Short-term market dynamics may suppress gold price increases, with a need for further economic data and Federal Reserve statements to influence market sentiment and price movements [4]

Core Viewpoint - Gold prices experienced significant volatility on December 29, with a peak of $4581 per ounce followed by a sharp decline to $4316, reflecting a drop of over $265 during the trading session [1] Market Performance - COMEX gold futures closed down 4.45% at $4350.2 per ounce [1] - The China Gold ETF (518850) fell by 0.87%, while the Gold Stock ETF (159562) decreased by 2.27%, and the Nonferrous Metals ETF (516650) dropped by 1.96% [1] Market Influences - The increase in margin requirements by CME Group for gold, silver, and lithium futures contributed to market pressure, potentially triggering short-term adjustments [1] - The meeting between U.S. President Trump and Ukrainian President Zelensky, which both parties described as having made "great progress," may have influenced market sentiment [1] Technical Analysis - Analysts suggest that the recent price correction in gold may be a technical adjustment following a rapid increase, compounded by the upcoming New Year holiday and stricter risk control measures from exchanges [1] - Despite short-term volatility, market analysis indicates strong support for gold prices in the range of $4350 to $4400 per ounce, suggesting limited downside potential [1]

Core Viewpoint - Gold and silver prices have surged to historical highs, with gold reaching a peak of 4584 on COMEX, indicating a strong upward trend in precious metals [1] Group 1: Market Performance - On December 29, the gold ETF (518800) closed down by 0.9% [1] - Last week, precious metals prices, including silver, soared to record highs, continuing a historical upward trend [1] - The London spot gold price broke previous highs and continued to strengthen, consistently setting new historical records [1] Group 2: Economic Indicators - The U.S. GDP growth rate for Q3 2025 is projected to rise from 3.8% in Q2 2023 to 4.3%, significantly above Bloomberg's consensus estimate of 3.3% [1] - Market expectations for interest rate cuts have cooled, but there are concerns that the current high growth in the U.S. economy may not be sustainable [1] Group 3: Geopolitical Developments - Ongoing tensions between Russia and Ukraine persist, with reports of drone attacks on Moscow and unresolved territorial issues between Trump and Zelensky [1] - The situation in Venezuela is escalating, with Trump increasing pressure on President Maduro by blocking oil tankers and announcing the closure of airspace around Venezuela, with potential airstrike options not ruled out [1] Group 4: Market Regulations - CME Group announced a significant increase in margin requirements for metal futures, including gold and silver, effective after market close on December 29 [2] - The Shanghai Futures Exchange has also issued risk warnings and control measures in response to the precious metals market trends [2] Group 5: Investment Opportunities - Short-term, there is an increased risk of profit-taking among investors following the recent highs in gold prices [2] - In the medium to long term, factors such as the Fed's interest rate cut cycle, increasing global uncertainties, and the trend of de-dollarization are expected to provide support for gold prices [2] - Investors are encouraged to monitor investment opportunities in gold ETFs (518800) and gold stock ETFs (517400) [2]