Platinum and Palladium Surged Intraday, Continued Attention Needed on US Section 232 Tariff Investigation Results [SMM Daily Review]

On January 12, the most-traded platinum contract PT2606 and the most-traded palladium contract PD2606 both rose significantly intraday, with PT2606 closing at 622.8 yuan per gram, up 4.65%, and PD2606 closing at 505.1 yuan per gram, up 3.59%. In terms of futures trading: on January 12, the trading volume of PT2606 was 38,798 lots, and that of PD2606 was 23,563 lots; the open interest of PT2606 was 31,930 lots, a decrease of 64 lots from the previous trading day; the open interest of PD2606 was 13,222 lots, a decrease of 262 lots from the previous trading day. Recent price movements have been influenced by multiple factors, including Trump's blitzkrieg, adjustments to the precious metals index parameters, sudden shifts in expectations for US Fed interest rate cuts, increased willingness for post-holiday capital inflows into bullish positions, frequent regulatory notices from exchanges to cool the market, the LME's planned announcement of a new administrator within the month, and the anticipated release of Section 232 and Russian unwrought palladium investigation results. Among these, the findings of the US critical minerals Section 232 tariff investigation are expected to be announced soon, a decision that will have a significant market impact on COMEX platinum and palladium prices.