EUR/USD
1.18517
-0.008%
Gold
4597.07
-5.169%
Oil
61.307
-6.384%
USD/JPY
154.880
0.081%
GBP/USD
1.36689
-0.100%
GBP/JPY
211.708
-0.020%
Real-time News
1. Market Dynamics: Platinum and palladium futures contracts both hit their daily limit down, falling by 16% to 552.15 yuan/gram and 413.7 yuan/gram respectively; Shanghai gold futures fell by over 11%, and Shanghai silver futures hit their daily limit down; precious metals experienced a sell-off across the board. 2. Core Drivers: US President Trump nominated the hawkish Warsh as Federal Reserve Chairman, coupled with the unexpected rise in US December PPI inflation (annual rate of 3%, higher than expected), shaking market expectations for aggressive easing, easing concerns about the Feds independence, and shifting macroeconomic expectations. 3. Risk Control Pressure: CME significantly raised margin requirements for silver, platinum, and palladium futures for the second time this year, with gold margin also increasing (from 6% to 8% for non-high-risk accounts), significantly raising holding costs and intensifying liquidity tightening pressure. 4. Fund Flows: Speculative funds mainly flowed out; as of January 30, gold, silver, and palladium recorded reductions for 6, 2, and 3 consecutive days respectively, and the North American gold mining index fell sharply. 5. Nanhua Futures: Short-term "tightening trading" expectations do not change the medium-to-long-term "easing trend," and the foundation for a platinum and palladium bull market remains; however, the Warsh nomination brings concerns about a potential disruption of the underlying logic, and caution is advised against opening gaps due to high volatility. Position control is also crucial. 6. Yide Futures: The sharp decline disrupted the upward trend, but undoubtedly opened up opportunities for allocation trading. 7. Guoxin Futures: The trend of platinum group metals is anchored to the macro sentiment of the gold and silver sector. The Warsh nomination shakes the easing narrative, and CMEs increased protection measures exacerbate liquidity tightening; platinum and palladium may exhibit a weak and volatile situation, and a wait-and-see approach is recommended. 8. Other news: Parts of the US government face the risk of a shutdown, and House members need to return in two days to review the spending bill; Federal Reserve official Milan stated that he will continue to serve as a governor until Congress confirms a successor, emphasizing that current interest rates are still too restrictive. (The above content is compiled from publicly available market data and is for reference only, not investment advice.)The SC crude oil futures contract hit its daily limit down, falling 7.02% to 449 yuan per barrel.On February 2nd, Futures News reported that during this pricing cycle, the US continued to exert pressure on the Middle East, escalating geopolitical tensions and raising market concerns about potential oil supply disruptions following conflict. Consequently, a significant geopolitical premium was observed in crude oil prices. Furthermore, extreme cold weather in the US caused substantial production losses and a prolonged recovery period. Coupled with the slower-than-expected recovery of oil fields in Kazakhstan, a temporary supply shortage emerged, further driving up crude oil prices. WTI crude oil, after stabilizing above $60/barrel, broke through the $65/barrel mark again. Correspondingly, the crude oil price change rate rose within a positive range, indicating another increase in retail prices for refined oil products—the first "two consecutive increases" in 2026. According to Zhuochuang Informations calculations, as of the close of trading on January 30th, the domestic reference crude oil price change rate for the 9th working day was 5.32%, with gasoline and diesel prices expected to increase by 230 yuan/ton. The price adjustment window will open at 24:00 on February 3rd.On February 2nd, Maybank analysts stated that Trumps nomination of Kevin Warsh to lead the Federal Reserve provided the necessary trigger for the market to unwind extreme positions. Their report stated, "This nomination alleviated market concerns that Trumps nominee might be a staunch supporter, as such a candidate could excessively lower policy rates at the expense of increasing inflation risks." Warsh has been a critic of the Fed, arguing that it should only be responsible for price stability. His unexpected nomination prompted market participants to abandon their arguments for a weaker dollar, leading to a sharp drop in gold, silver, and copper after their significant gains in January. However, Maybank indicated that the price action suggests the likelihood of a more dramatic reversal remains relatively low, with resistance expected at 97.50.Keidanren, Japans largest business lobbying group, invited activist investor Elliott Management to a private meeting on March 5.
