1. Report Industry Investment Rating - The report maintains a bullish tone on platinum and palladium [4]. 2. Core View of the Report - The long - term core logic for platinum and palladium remains unchanged, but short - term fluctuations are intensified due to technical corrections and Fed personnel changes. Despite short - term disturbances, the long - term bullish logic persists, though risks such as the nomination process and foreign market corrections need to be watched [4]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Platinum Futures**: For contracts pt2606, pt2608, and pt2610, the current prices are 506.00, 498.55, and 491.60 respectively, with price drops of -42.85, -47.45, and -42.25, and percentage drops of -7.81%, -8.69%, and -7.91% respectively. The trading volumes are 27928, 1414, and 623 respectively. The open interest for all three contracts is 12001 [1]. - **Palladium Futures**: For contracts pd2606, pd2608, and pd2610, the current prices are 410.50, 408.45, and 405.55 respectively, with price drops of -26.75, -26.25, and -17.60, and percentage drops of -6.12%, -6.04%, and -4.16% respectively. The trading volumes are 12296, 392, and 177 respectively. The open interest for all three contracts is 4172 [1]. 3.2 Spot Market - **Platinum Spot**: The Shanghai platinum price dropped by -18.48 to 527.99 yuan per gram, a -0.034% change. The London platinum price rose by 279.00 to 2303.00 dollars per ounce, a 0.138% change. The prices of Zhou Dafu and Lao Fengxiang platinum are 805.00 and 960.00 yuan per gram respectively, with changes of -89.00 and 0.00 [1]. - **Palladium Spot**: The Chinese palladium price dropped by -20.00 to 410.00 yuan per gram, a -0.047% change. The Russian palladium price dropped by -351.93 to 4161.93 rubles per gram, a -0.078% change [1]. 3.3 Inventory - **Platinum Inventory**: The NYMEX platinum inventory increased by 533.3 ounces to 662,618.73 ounces, while the registered warehouse receipts remained unchanged at 326,637.95 ounces. The Shanghai Gold Exchange's platinum trading volume decreased by 116.0 kilograms to 108.00 kilograms, and the trading value decreased by 6562.1 ten - thousand yuan to 5,635.35 ten - thousand yuan [1]. - **Palladium Inventory**: The NYMEX palladium inventory decreased by 17582.4 ounces to 190,873.50 ounces, and the registered warehouse receipts remained unchanged at 148,317.64 ounces [1]. 3.4 Related Fluctuations - **Macro - indicators**: The US dollar index decreased by -0.35 to 97.61, the S&P 500 index increased by 133.90 to 6,932.30, the US Treasury yield increased by 0.01 to 4.22, the Nasdaq index increased by 490.62 to 23,031.21, the Dow Jones index increased by 1206.95 to 50,115.67, and the US dollar to RMB exchange rate remained unchanged at 6.96 [1]. - **Related Derivatives**: The prices of Shanghai gold contracts 2604, 2606, and 2608 decreased by -15.64, -16.38, and -16.32 respectively. The prices of Shanghai silver contracts 2604, 2606, and 2608 decreased by -1456, -1546, and -1594 respectively [1]. 3.5 Macro News - **Fed Policy**: The Fed maintained the benchmark interest rate at 3.50% - 3.75% after three consecutive 25 - basis - point cuts. Fed Chair candidate Waller supports a 25 - basis - point cut, in line with Trump - appointed director Milan [2]. - **Fed Chair Nomination**: Trump nominated former Fed governor Kevin Warsh as the next Fed chair, but the nomination needs Senate approval. Some senators oppose the nomination [2]. - **China's Economic Data**: In January 2026, China's manufacturing PMI was 49.3%, down 0.8 percentage points from the previous month. The PMIs of the equipment manufacturing and high - tech manufacturing industries were 50.1% and 52% respectively, indicating stable and positive development [2]. - **Payment System Meeting**: The People's Bank of China held a 2026 payment and settlement work meeting, with requirements including promoting the high - quality development of the modern payment system, accelerating the construction of the RMB cross - border payment system, and strengthening regulatory measures [3]. 3.6 Comments and Strategies - The long - term bullish logic for platinum and palladium remains unchanged. Short - term fluctuations are caused by technical corrections and Fed personnel changes. The nomination of Kevin Warsh as Fed chair has affected the prices. Macro factors such as the weakening of the US dollar's credit and the global central bank's gold - buying trend support the long - term value of platinum and palladium. On the industrial side, platinum has a clear supply - demand gap, and palladium has a rigid supply and strong demand [4].