Report Industry Investment Rating - Not provided in the content Core Viewpoints - For gold, due to better - than - expected US ADP and PMI services data, risk appetite improved, leading to a rebound in gold prices. The medium - to - long - term trend is slightly bearish, and the price will fluctuate. The premium of Shanghai gold remains at 0 yuan/gram [4]. - For silver, also driven by better - than - expected US ADP and PMI services data, risk appetite improved, resulting in a significant rebound in silver prices. The long - term trend is slightly bearish, and the price will oscillate. The silver premium has expanded to 310 yuan/gram [6]. Summary by Directory 1. Previous Day's Review - Gold: The US ADP and PMI services data were better than expected, risk appetite improved, and the price of COMEX gold futures rose 0.75% to $3990.40 per ounce. The 10 - year US Treasury yield rose 7.78 basis points to 4.159%, and the US dollar index fell 0.05% to 100.16. The offshore RMB appreciated slightly against the US dollar to 7.1312 [4]. - Silver: The US ADP and PMI services data were better than expected, risk appetite improved, and the price of COMEX silver futures rose 1.20% to $47.86 per ounce. The 10 - year US Treasury yield fell 2.72 basis points to 4.083%, and the US dollar index rose 0.34% to 100.21. The offshore RMB depreciated against the US dollar to 7.1352 [6]. 2. Daily Tips - Gold: The basis is - 2.66, with the spot at a discount to the futures; the inventory of gold futures warrants is 87,816 kg, unchanged; the 20 - day moving average is upward, and the K - line is below the 20 - day moving average; the main net position is long, and the main long position decreased [4][5]. - Silver: The basis is - 19, with the spot at a discount to the futures; the inventory of Shanghai silver futures warrants is 665,610 kg, an increase of 6,759 kg from the previous day; the 20 - day moving average is upward, and the K - line is below the 20 - day moving average; the main net position is long, and the main long position increased [6]. 3. Today's Focus - At 08:30, pay attention to Australia's September goods and services trade balance, and Japan's October final services and composite PMI values. - It is time - undetermined that the 2025 World Internet Conference Wuzhen Summit will open (lasting until November 9), Xiaoma Zhixing and Wenyuan Zhixing plan to be listed on the Hong Kong Stock Exchange simultaneously, and iFlytek will hold an offline main forum in Hefei (releasing the latest progress of the Spark large - model). - At 10:05, focus on Vietnam's October import - export and trade balance. - At 13:00, pay attention to India's October final services and composite PMI values. - At 15:00, focus on Germany's September industrial output. - At 16:00, the European Central Bank will hold the "Money Market 2025" conference, with Executive Board member Schnabel delivering a keynote speech and ECB Governing Council member Kocher speaking. - At 16:30, ECB Vice - President Guindos will attend a seminar on "Current Policy Challenges in the Eurozone". - At 17:00, the Norwegian Central Bank will announce its interest rate decision. - At 19:45, ECB Governing Council member and Bank of France Governor Villeroy will speak. - At 20:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report. - At 20:30, ECB Governing Council member and German Central Bank President Nagel will discuss the global economy at a conference in Frankfurt. - At 22:00, ECB Governing Council member and German Central Bank President Nagel will discuss financial stability in Frankfurt. - At 23:30, Bank of Canada Governor Macklem and Senior Deputy Governor Rogers will attend a Senate committee hearing. - At 00:00 the next day, New York Fed President Williams will speak, and Fed Governor Barr will participate in a discussion. - At 01:00 the next day, Cleveland Fed President Hammack will speak at the New York Economic Club. - At 02:30 the next day, ECB Chief Economist Lane will speak. - At 04:30 the next day, Fed Governor Waller will participate in a conference on central banks and payments. - At 05:30 the next day, Philadelphia Fed President Paulson will speak. - At 06:30 the next day, St. Louis Fed President Musalem will speak [16]. 4. Fundamental Data - Gold: The basis is - 2.66, with the spot at a discount to the futures; the inventory of gold futures warrants is 87,816 kg, unchanged; the 20 - day moving average is upward, and the K - line is below the 20 - day moving average; the main net position is long, and the main long position decreased [4][5]. - Silver: The basis is - 19, with the spot at a discount to the futures; the inventory of Shanghai silver futures warrants is 665,610 kg, an increase of 6,759 kg from the previous day; the 20 - day moving average is upward, and the K - line is below the 20 - day moving average; the main net position is long, and the main long position increased [6]. 5. Position Data - Gold: The long position of the top 20 holders of Shanghai gold decreased by 0.95% to 160,330, the short position decreased by 1.30% to 65,685, and the net position decreased by 0.71% to 94,645 [31]. - Silver: The long position of the top 20 holders of Shanghai silver decreased by 1.77% to 330,613, the short position decreased by 3.62% to 246,681, and the net position increased by 4.12% to 83,932 [33].
大越期货贵金属早报-20251106
Da Yue Qi Huo·2025-11-06 02:48