白银基金复牌后跌停 现货白银抹去年内全部涨幅

Core Viewpoint - The recent extreme fluctuations in precious metals prices have continued, with significant volatility observed in gold, silver, and copper, leading to historical highs followed by sharp declines [1][2]. Group 1: Market Performance - On February 2, domestic gold jewelry prices saw a decline, with brands like Chow Sang Sang and Luk Fook dropping by 224 CNY per gram compared to January 29, when international gold prices peaked [1]. - The Shanghai Futures market experienced a significant drop, with gold futures (沪金) falling over 15% to 1016 CNY per gram, and silver futures hitting the limit down [2]. - The Shanghai Composite Index fell by 2.48%, and the ChiNext Index dropped by 2.46%, reflecting a broader market downturn affecting various sectors including oil, coal, and steel [2]. Group 2: Regulatory Adjustments - The Shanghai Gold Exchange announced an increase in margin requirements and price fluctuation limits for silver contracts, raising the margin from 20% to 26% and adjusting the fluctuation limit from 19% to 25% in case of a one-sided market [4]. - The Shenzhen Stock Exchange reported abnormal trading behaviors affecting the "Guotou Silver LOF" fund, leading to self-regulatory measures including trading suspensions for certain investors [4]. Group 3: Market Outlook - Long-term structural changes in the global base metals market are anticipated, with potential price adjustments in the short term due to macroeconomic influences, while medium to long-term price levels are expected to rise [5]. - Analysts from Western Securities suggest that the current market sentiment is being released, and they await a return to the intrinsic value of the sector [6]. - CITIC Securities indicates that despite the recent downturn, there remains sufficient momentum for price increases in non-ferrous metals, supported by supply disruptions and high demand in certain areas [6].