Group 1 - The current trading price of London silver is around $94.33 per ounce, showing a decrease of 0.25% from the opening price of $94.64, with a daily high of $95.48 and a low of $93.33, indicating a short-term bearish trend [1] - The World Silver Association projects that by 2030, the demand for silver in photovoltaic solar energy will reach 12,000 tons annually, nearly doubling from 2025 levels; the automotive sector's silver demand is expected to rise from 2,566 tons in 2025 to 2,926 tons by 2031, a growth of 14% [1] - The demand for silver from AI servers and GPU infrastructure is estimated to be between 1,000 tons and 2,000 tons in 2025, with an expected annual growth rate of 20% to 25% over the next decade [1] Group 2 - Despite strong demand growth, global silver mine production has been declining since reaching a peak of nearly 28,000 tons in 2016, maintaining around 26,000 tons annually over the past five years, while secondary silver recovery from waste electrical components contributes approximately 6,000 tons per year [1] - The annual silver supply deficit has exceeded 4,000 tons for the past five years, highlighting a significant supply-demand imbalance in the market [1] - Recent announcements from leading Chinese photovoltaic companies, Longi Green Energy and JinkoSolar, indicate a shift towards using cheaper base metals to replace some silver, which could impact industrial demand for silver [2]

摘要今日周三(1月21日)亚盘时段，现货黄金最新报价为1089.34元/克，较前一交易日上涨22.52元，涨幅 2.11%，日内呈现强势上扬走势。当日开盘价报1066.67元/克，盘中最高触及1090.83元/克，最低下探至 1065.39元/克。 今日周三(1月21日)亚盘时段，现货黄金最新报价为1089.34元/克，较前一交易日上涨22.52元，涨幅 2.11%，日内呈现强势上扬走势。当日开盘价报1066.67元/克，盘中最高触及1090.83元/克，最低下探至 1065.39元/克。 【要闻速递】 两名民主党参议员就司法部对美联储主席鲍威尔的刑事调查发起国会首次正式回应，要求特朗普政府官 员保存并提供相关文件。 马萨诸塞州参议员伊丽莎白.沃伦与伊利诺伊州参议员迪克.德宾(分别为参议院监督美联储和司法部的民 主党首席成员)，周二致信司法部长帕姆.邦迪及联邦住房金融局局长比尔.普尔特(后者深度参与白宫对 央行的施压)，要求提交调查成型过程中的协调文件，并称"这项调查似乎是严重的权力滥用"。普尔特 此前称对此不知情，联邦住房金融局发言人表示司法部事务不在其职责范围，司法部未置评，白宫亦未 回应。 民主党人将此 ...

Group 1 - Gold prices surged to $4,861.01 per ounce, marking a 2.07% increase, with a peak of $4,870.41 and a low of $4,756.81, driven by heightened geopolitical tensions between the US and Europe [1] - The market's risk aversion was intensified by President Trump's aggressive stance on Greenland, which could potentially lead to a trade war with Europe and threaten NATO unity [1] - Trump's warning of imposing tariffs up to 200% on French wine and champagne if they obstruct US interests has caught European leaders off guard, prompting calls for the EU to reduce dependence on the US [1] Group 2 - Analysts noted that Trump's actions have led to a loss of trust in the US, with investors selling off US assets, including the dollar and long-term bonds, in favor of gold [2] - The dollar experienced its largest single-day drop in over a month, with the US stock market indices also seeing significant declines, indicating a broader sell-off of US assets [2] - Market participants are closely monitoring upcoming events, including the Supreme Court's review of Trump's attempt to remove a Federal Reserve governor and the Federal Reserve meeting scheduled for January 27-28, where rates are expected to remain unchanged [2] Group 3 - The gold market opened at $4,672.30, initially retracing to a low of $4,659.20 before rallying due to safe-haven demand, closing at $4,763.60 [3] - Technical indicators suggest a bullish outlook for gold, but caution is advised due to clear overbought signals, with specific price levels identified for potential adjustments and stop-loss placements [3] - Target prices for gold are set at various levels, including $4,745, $4,752, $4,763, $4,772, $4,785, and the $4,800 mark [3]

Core Viewpoint - The gold futures market is experiencing a strong performance, with the main contract rising significantly, indicating increased demand for gold as a safe-haven asset amid geopolitical tensions and economic uncertainties [1]. Market Developments - The Shanghai Futures Exchange announced adjustments to the trading limits and margin requirements for gold futures contracts starting January 22, 2026, which may impact trading strategies and market dynamics [2]. - The Polish central bank has approved a plan to purchase up to 150 tons of gold, increasing the country's reserves to 700 tons, reflecting a trend of central banks accumulating gold [2]. - Bridgewater Associates' founder Ray Dalio warned that Trump's policies could lead to a "capital war," driving investors towards gold as a hedge against declining confidence in U.S. assets due to trade tensions and rising deficits [2]. Institutional Perspectives - New Century Futures noted that heightened geopolitical risks and concerns over international trade, particularly related to Trump's tariffs on Greenland, are increasing demand for gold as a safe haven. Expectations of two interest rate cuts by the Federal Reserve later this year further support gold prices [4]. - Guotai Junan Futures highlighted the focus on the Greenland situation, with Denmark's pension fund withdrawing from U.S. Treasury markets, suggesting that challenges to global order may weaken confidence in dollar assets, maintaining a bullish outlook on precious metals [4].

Market Overview - On January 21, synthetic rubber futures showed a volatile upward trend, with the main contract rising significantly by 2.86% to 11,850.0 yuan/ton [1] - In the Shanghai market, high-grade polybutadiene rubber prices increased by 100-150 yuan/ton compared to the previous trading day, indicating a tentative rise in pricing [1] - As of January 20, the Dalian Commodity Exchange reported a decrease in the inventory of butadiene rubber futures to 24,330 tons, down by 1,700 tons from the previous trading day [1] Institutional Insights - Nanhua Futures noted a decline in butadiene production, with upstream profits expanding. Although polybutadiene production remains high, weak spot prices are compressing profits. Rising overseas butadiene prices provide some support for polybutadiene rubber prices. The market is expected to remain volatile under pressure, with a potential stabilization in the short term, but external macro risks such as tariffs should be monitored [3] - Ruida Futures highlighted that domestic polybutadiene production facilities have seen minimal shutdowns, maintaining high supply levels. Strong demand for butadiene and rumors of export transactions have significantly increased production costs. However, downstream resistance to high prices has led to notable discrepancies in negotiations. Both production and trade inventories have increased, and while production profits are under pressure, there are no signs of supply reductions. The operating rate of domestic tire manufacturers has improved significantly week-on-week, with expectations for stable production schedules [3]

Group 1 - The core viewpoint of the articles indicates that the domestic futures market for styrene is experiencing fluctuations, with the main contract showing a price increase of 3.68% during the trading session [1][2] - As of January 20, the top 20 futures companies held a total of 361,200 long positions and 406,800 short positions, resulting in a net position of -45,500 contracts, which increased by 11,500 contracts compared to the previous day [2] - The styrene inventory at Jiangsu port was reported at 93,500 tons, a decrease of 7.06% from the previous period, while the sample inventory from Chinese styrene factories was 161,200 tons, down 0.73% [2] Group 2 - According to Zhongyuan Futures, the current downstream cost transmission for styrene is not smooth, leading to continued losses, which may trigger negative feedback in the industry chain if the situation persists [2] - The production and capacity utilization rates for styrene have seen slight decreases, with downstream consumption of EPS, PS, and ABS increasing [3] - The market outlook for styrene remains strong, with expectations of price support in the short term due to a tight supply-demand balance, while geopolitical factors may influence international oil prices [3]

Group 1 - The domestic precious metals market showed a mostly positive trend on January 21, with platinum futures experiencing a significant increase, reaching a high of 658.10 yuan/ton and a rise of 3.73% [1] - The outlook for platinum indicates a strong upward trend, influenced by ongoing trade policy risks and geopolitical tensions, particularly related to the Greenland dispute and its impact on global industrial supply chains [2] - The Polish central bank's substantial gold purchases have reinforced the market's preference for gold as a reserve asset, leading to a reallocation of funds within the precious metals sector [2] Group 2 - Short-term geopolitical uncertainties, particularly the ongoing Greenland incident, are expected to support platinum and palladium prices due to increased risk aversion [2] - The platinum market has faced physical shortages for several years, with limited mining capacity and insufficient capital expenditure, while emerging applications like hydrogen energy provide additional support for demand [2] - Industrial demand for platinum and palladium is primarily driven by their use in fuel vehicle exhaust catalysts, but the overall market remains volatile and influenced by broader market sentiments [3]

消息面 1月21日蒙古国ETT公司炼焦煤进行线上竞拍，蒙5#原煤A13.5、V28、S1.0、G75、Mt3起拍价111.3美元/吨，挂牌数量6.4万吨全部成交，成交价 126.3美元/吨，以上价格均不含税。供货地点为中国甘其毛都口岸监管区，供货时间为付款后98天，最后供应时间为2026年4月30日。 日内价格震荡下行。昨日蒙煤通关量1440车。炼焦煤矿产量大幅抬升，现货竞拍成交改善，在盘面价格抬升的带动下，成交价格有所抬升，终端 库存大幅增加。炼焦煤总库存小幅抬升，产端库存小幅下降，体现出市场冬储的动作。整体来看，碳元素供应充裕，下游铁水维持淡季水平，观 察冬储是否继续进行，钢材利润水平一般，对于原材料压价情绪仍浓。焦煤盘面对蒙煤升水，市场对煤炭相关政策有一定预期，不过价格在总库 存抬升以及蒙煤通关数据较高的影响下大概率偏弱震荡为主。 机构观点 华泰期货： 蒙煤通关维持高位，国内煤矿产量回升，焦煤现货供应充足，价格上涨乏力，削弱了对焦炭的成本支撑。短期基本面矛盾相对可控，距离春节还 有三周，节前仍有补库预期存在，叠加动力煤价格止跌反弹，预计短期焦煤下行空间有限，维持震荡运行。关注焦煤供应政策、钢厂利润、焦化 ...

周三(1月21日)亚市盘中，现货黄金价格强势走涨，目前交投于4864.12美元/盎司附近，现货黄金大幅飙 升，首次突破4800美元的主要阻力位，本轮强劲表现，得益于短期内主升趋势的全面主导，同时受到下 方趋势线的支撑。分析师称后续或冲击5000美元关口。 由于与格陵兰相关的紧张局势升级，重新出现的贸易摩擦动摇了全球市场，迫使投资者寻求传统避险资 产，推动黄金价格在周三创下新纪录高点。 下行方面，上行趋势线所在的4600美元关口附近预计成为首道支撑位，随后看向位于4536.71美元附近 的次要摆动低点。 投资者在不确定性、潜在报復和去美元化趋势加速的背景下抛售美元。这为商品提供了额外的支持，并 推动了强劲的上涨。 日线昨日大阳拉伸代表还是多头走势；而日线指标macd金叉放量开口，灵动指标向上运行代表多头走 势。均线布林带呈现多头排列所以只需要关注均线MA5即可对应4675一线。从日线上讲：上方压制在 4845-4875以及4935-4955一线。 最新的上涨确认了通过本月迄今上升通道顶部的全新看涨突破。超过4800美元的后续强劲表现验证了建 设性的前景，并支持延续已建立的上涨趋势。移动平均线趋同/背离(MACD ...

Group 1 - The current trading price of London silver is above $94.05, with a recent opening at $94.64 per ounce and a current price of $94.12, reflecting a decrease of 0.47% [1] - The highest price reached was $95.48 per ounce, while the lowest was $93.48 per ounce, indicating a short-term bullish trend in the London silver market [1] Group 2 - U.S. Commerce Secretary Howard Lutnick predicts that the GDP growth rate for the first quarter of 2026 will exceed 5%, citing that lower interest rates could lead to even higher growth [2] - Lutnick's forecast is more optimistic than that of Treasury Secretary Besant, who estimates the actual GDP growth rate for 2026 to be between 4% and 5% [2] Group 3 - The London silver market experienced a strong rebound after a drop, with the lowest price recorded at $92.513 and the highest at $95.932, closing at $94.573 [3] - The market formed a bullish candlestick pattern, indicating potential upward movement with targets set at $94, $95, and $96-97 [3]