Report Industry Investment Rating There is no relevant content provided in the report. Core Viewpoints - Gold: Expectations of interest rate cuts are rising [2]. - Silver: Undergoing a period of fluctuating adjustment [2]. - Copper: Lacking a clear driving force, prices are oscillating [2]. - Zinc: LME inventories are accumulating [2]. - Lead: Reduced inventories are limiting price declines [2]. - Tin: Prices are falling from a high level [2]. - Aluminum: Trading within a range [2]. - Alumina: Continuing to face downward pressure [2]. - Cast aluminum alloy: Following the trend of electrolytic aluminum [2]. - Nickel: Nickel prices have broken through support levels and are under pressure, moving in a volatile manner [2]. - Stainless steel: Weak market realities are suppressing steel prices, but the downside is not expected to be significant [2]. Summary by Commodity Gold - Price and Performance: The closing price of Shanghai Gold 2512 was 937.00, with a daily increase of 2.01%, and the night - session closing price was 935.42, up 0.53%. Gold T + D closed at 934.28, up 2.05% daily, and 934.44 at night, up 0.39%. Comex Gold 2512 closed at 4078.30, up 0.27% [4]. - Trading Volume and Open Interest: The trading volume of Shanghai Gold 2512 was 239,515, an increase of 2,600 from the previous day, and the open interest was 82,838, a decrease of 8,034 [4]. - Inventory: The inventory of Shanghai Gold was 90,426 kilograms, unchanged from the previous day, and Comex Gold inventory (in troy ounces, the day before) was 37,224,744, a decrease of 93,766 [4]. - Macro and Industry News: Cryptocurrencies tumbled during the session. The Fed meeting minutes showed a significant divide, with many believing it's inappropriate to cut rates in December, and some worried about a disorderly stock - market decline [4][7]. Silver - Price and Performance: The closing price of Shanghai Silver 2512 was 12141, up 3.81% daily, and the night - session closing price was 12035.00, up 0.63%. Silver T + D closed at 12150, up 3.78% daily, and 12038 at night, up 0.33%. Comex Silver 2512 closed at 51.065, up 1.04% [4]. - Trading Volume and Open Interest: The trading volume of Shanghai Silver 2512 was 98,089, an increase of 22,238 from the previous day, and the open interest was 59,430, a decrease of 2,902 [4]. - Inventory: The inventory of Shanghai Silver was 547,685 kilograms, a decrease of 15986 from the previous day, and Comex Silver inventory (in troy ounces, the day before) was 465,535,121, a decrease of 4,000,330 [4]. - Macro and Industry News: Similar to gold, including cryptocurrency drops and Fed meeting - related news [4][7]. Copper - Price and Performance: The closing price of the Shanghai Copper main contract was 86,110, up 0.53% daily, and the night - session closing price was 86190, up 0.09%. The LME Copper 3M electronic - trading platform closed at 10,803, up 0.98% [8]. - Trading Volume and Open Interest: The trading volume of the Shanghai Copper index was 185,519, a decrease of 23,389 from the previous day, and the open interest was 527,120, an increase of 5,581. The LME Copper 3M electronic - trading platform had a trading volume of 16,612, a decrease of 7,909, and an open interest of 317,000, a decrease of 2,389 [8]. - Inventory: Shanghai Copper inventory was 58,352, a decrease of 2,522 from the previous day, and LME Copper inventory was 157,875, an increase of 17,375. The cancellation - warrant ratio was 6.16%, a decrease of 0.19% [8]. - Macro and Industry News: The Fed meeting showed a divide on December rate - cut expectations. Peru's copper production in September increased by 3.7% year - on - year to 240,995 tons. China's copper product output in October 2025 decreased by over 10% month - on - month [8][10]. Zinc - Price and Performance: The closing price of the Shanghai Zinc main contract was 22420, up 0.49%, and the LME Zinc 3M electronic - trading platform closed at 2990.5, up 0.03% [11]. - Trading Volume and Open Interest: The trading volume of the Shanghai Zinc main contract was 91247, a decrease of 2222, and the open interest was 67487, a decrease of 14839. The LME Zinc trading volume was 14603, an increase of 3454, and the open interest was 224451, a decrease of 3059 [11]. - Inventory: Shanghai Zinc futures inventory was 75314, a decrease of 1473, and LME Zinc inventory was 45075, an increase of 1550 [11]. - News: A report warns that the AI bubble may burst in 6 - 12 months. Morgan Stanley believes the power - equipment bull market is in the early - to - mid - stage [12]. Lead - Price and Performance: The closing price of the Shanghai Lead main contract was 17250, up 0.12%, and the LME Lead 3M electronic - trading platform closed at 2027, down 0.56% [14]. - Trading Volume and Open Interest: The trading volume of the Shanghai Lead main contract was 46208, a decrease of 8860, and the open interest was 63895, a decrease of 5231. The LME Lead trading volume was 8497, a decrease of 383, and the open interest was 172614, an increase of 9150 [14]. - Inventory: Shanghai Lead futures inventory was 31206, a decrease of 1484, and LME Lead inventory was 264475, a decrease of 325 [14]. - News: Similar to other metals, including Fed meeting - related news [15]. Tin - Price and Performance: The closing price of the Shanghai Tin main contract was 288,890, down 0.51%, and the night - session closing price was 291,890, up 0.68%. The LME Tin 3M electronic - trading platform closed at 36,860, down 0.11% [19]. - Trading Volume and Open Interest: The trading volume of the Shanghai Tin main contract was 67,408, a decrease of 10,882, and the open interest was 27,950, a decrease of 3,954. The LME Tin 3M electronic - trading platform had a trading volume of 180, a decrease of 9, and an open interest of 13,988, an increase of 53 [19]. - Inventory: Shanghai Tin inventory was 6,062, a decrease of 37, and LME Tin inventory was 3,055, unchanged. The cancellation - warrant ratio was 6.57%, a decrease of 0.38% [19]. - Macro and Industry News: Similar to other metals, including cryptocurrency drops and Fed meeting - related news [19][20]. Aluminum, Alumina, and Cast Aluminum Alloy - Price and Performance: The closing price of the Shanghai Aluminum main contract was 21570, up 105 from the previous day. The LME Aluminum 3M closed at 2815, up 25. The closing price of the Shanghai Alumina main contract was 2740, down 40. The closing price of the aluminum alloy main contract was 20815, up 85 [23]. - Trading Volume and Open Interest: The trading volume of the Shanghai Aluminum main contract was 202981, a decrease of 56481, and the open interest was 347833, a decrease of 8714. The LME Aluminum 3M trading volume was 22278, a decrease of 7841 [23]. - Inventory and Other Data: LME Aluminum cancellation - warrant ratio was 10.13%, up from 5.41%. The LME cash - 3M spread was - 28.05 [23]. - News: NVIDIA's revenue growth exceeded expectations. Fed Governor Milan called for reshaping bank regulations [24]. Nickel and Stainless Steel - Price and Performance: The closing price of the Shanghai Nickel main contract was 115,650, up 810. The closing price of the stainless - steel main contract was 12,335, down 30 [26]. - Trading Volume and Open Interest: The trading volume of the Shanghai Nickel main contract was 82,563, a decrease of 34,853, and the trading volume of the stainless - steel main contract was 114,420, a decrease of 7,812 [26]. - Industry Chain Data: The price of 8 - 12% high - nickel pig iron (ex - factory price) was 897, down 3. The price of 304/2B coil - cut edge (Wuxi) from TISCO/Zhangpu was 13,250, down 100 [26]. - News: An Indonesian mining area was taken over due to violations. China suspended an unofficial subsidy for imported copper and nickel from Russia [26][27].
黄金：降息预期回升白银：震荡调整铜：缺乏明确驱动，价格震荡
Guo Tai Jun An Qi Huo·2025-11-20 01:30