Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Gold: The expectation of interest rate cuts is rising [2]. - Silver: It is expected to oscillate and decline [2]. - Copper: The increase in overseas inventories may limit the price increase [2]. - Zinc: It is expected to oscillate strongly [2]. - Lead: The reduction in inventories supports the price to oscillate [2]. - Tin: There are new disturbances in supply [2]. - Aluminum: It is expected to oscillate within a range [2]. - Alumina: It is expected to operate under pressure [2]. - Cast aluminum alloy: It follows the trend of electrolytic aluminum [2]. - Platinum: It has not escaped the oscillation range for the time being [2]. - Palladium: The bottom has significantly risen from a technical perspective [2]. - Nickel: The structural surplus has changed, but the game contradictions remain unchanged [2]. - Stainless steel: The supply and demand continue to operate weakly, and the cost - support logic is strengthening [2]. Summary by Related Catalogs Gold - Price Data: The closing prices of Shanghai Gold 2512, Gold T + D, Comex Gold 2512, and London Gold Spot were 961.04 (with a daily increase of 0.80%), 956.00 (with a daily increase of 0.80%), 4227.70 (with a daily decrease of 0.24%), and 4196.37 (with a daily decrease of 0.23%) respectively [4]. - Trading and Position Data: The trading volume and position of Shanghai Gold 25122510 decreased by 72,792 and 685 respectively compared with the previous day. The trading volume and position of Comex Gold 2512 increased by 35,703 and 2,168 respectively compared with the previous day [4]. - Inventory Data: The inventory of Shanghai Gold increased by 429 kg compared with the previous day, while the inventory of Comex Gold decreased by 22,394 troy ounces compared with the previous day [4]. - Trend Intensity: The trend intensity of gold is 1 [7]. Silver - Price Data: The closing prices of Shanghai Silver 2512, Silver T + D, Comex Silver 2512, and London Silver Spot were 13687 (with a daily increase of 1.94%), 13639 (with a daily increase of 1.58%), 58.800 (with a daily increase of 2.21%), and 58.215 (with a daily increase of 2.09%) respectively [4]. - Trading and Position Data: The trading volume of Shanghai Silver 2512 decreased by 576,673 compared with the previous day, and the position decreased by 84. The trading volume of Comex Silver 2512 increased by 5,227 compared with the previous day, and the position remained unchanged [4]. - Inventory Data: The inventory of Shanghai Silver increased by 33,858 kg compared with the previous day, and the inventory of Comex Silver increased by 498,769 troy ounces compared with the previous day [4]. - Trend Intensity: The trend intensity of silver is 1 [7]. Copper - Price Data: The closing price of the main Shanghai Copper contract was 92,970 (with a daily increase of 0.20%), and the closing price of the LME Copper 3M electronic disk was 11,675 (with a daily increase of 0.09%) [9]. - Trading and Position Data: The trading volume of the Shanghai Copper index increased by 9,060 compared with the previous day, and the position increased by 5,079. The trading volume of the LME Copper 3M electronic disk decreased by 9,496 compared with the previous day, and the position increased by 449 [9]. - Inventory and Other Data: The inventory of Shanghai Copper decreased by 980, and the inventory of LME Copper increased by 2,000. The cancellation warrant ratio of LME Copper was 38.39%, a decrease of 0.89% compared with the previous day [9]. - Trend Intensity: The trend intensity of copper is 1 [11]. Zinc - Price Data: The closing price of the main Shanghai Zinc contract was 23,285 (with a daily decrease of 0.09%), and the closing price of the LME Zinc 3M electronic disk was 3098.5 (with a daily increase of 0.44%) [12]. - Trading and Position Data: The trading volume of the main Shanghai Zinc contract increased by 17,105 compared with the previous day, and the position increased by 1,114. The trading volume of LME Zinc increased by 38 compared with the previous day, and the position decreased by 2,099 [12]. - Inventory and Other Data: The inventory of Shanghai Zinc futures decreased by 2,332 tons, and the inventory of LME Zinc increased by 2,375 tons [12]. - Trend Intensity: The trend intensity of zinc is 1 [14]. Lead - Price Data: The closing price of the main Shanghai Lead contract was 17,340 (with a daily increase of 0.29%), and the closing price of the LME Lead 3M electronic disk was 2009 (with a daily decrease of 0.35%) [15]. - Trading and Position Data: The trading volume of the main Shanghai Lead contract decreased by 6,447 compared with the previous day, and the position decreased by 1,837. The trading volume of LME Lead increased by 986 compared with the previous day, and the position decreased by 711 [15]. - Inventory and Other Data: The inventory of Shanghai Lead futures decreased by 547 tons, and the inventory of LME Lead decreased by 3,725 tons [15]. - Trend Intensity: The trend intensity of lead is 0 [16]. Tin - Price Data: The closing price of the main Shanghai Tin contract was 317,500 (with a daily increase of 0.40%), and the closing price of the LME Tin 3M electronic disk was 39,240 (with a daily decrease of 0.15%) [18]. - Trading and Position Data: The trading volume of the main Shanghai Tin contract decreased by 53,691 compared with the previous day, and the position decreased by 1,269. The trading volume of the LME Tin 3M electronic disk decreased by 9 compared with the previous day, and the position increased by 53 [18]. - Inventory and Other Data: The inventory of Shanghai Tin increased by 107 tons, and the inventory of LME Tin decreased by 90 tons. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% compared with the previous day [18]. - Trend Intensity: The trend intensity of tin is 0 [21]. Aluminum, Alumina, and Cast Aluminum Alloy - Price Data: The closing price of the main Shanghai Aluminum contract was 22,275 (a decrease of 70 compared with the previous day), the closing price of the main Shanghai Alumina contract was 2,585 (an increase of 30 compared with the previous day), and the closing price of the main Aluminum Alloy contract was 21,135 (a decrease of 55 compared with the previous day) [22]. - Trading and Position Data: The trading volume of the main Shanghai Aluminum contract decreased by 9,958 compared with the previous day, and the position decreased by 12,196. The trading volume of the main Shanghai Alumina contract decreased by 3,127 compared with the previous day, and the position decreased by 35,045. The trading volume of the main Aluminum Alloy contract decreased by 3,248 compared with the previous day, and the position increased by 326 [22]. - Inventory and Other Data: The domestic social inventory of aluminum ingots was 59.10 million tons, a decrease of 0.20 million tons compared with the previous day. The inventory of LME aluminum ingots was 52.58 million tons, a decrease of 0.25 million tons compared with the previous day [22]. - Trend Intensity: The trend intensities of aluminum, alumina, and aluminum alloy are all 0 [23]. Platinum and Palladium - Price Data: The closing prices of Platinum Futures 2606, Gold Exchange Platinum, New York Platinum Main - continuous, and London Spot Platinum were 443.20 (with a daily increase of 0.20%), 435.30 (with no change), 1662.00 (with a daily increase of 0.42%), and 1651.40 (with a daily increase of 1.00%) respectively. The closing prices of Palladium Futures 2606, RMB Spot Palladium, New York Palladium Main - continuous, and London Spot Palladium were 383.70 (with a daily increase of 0.51%), 362.00 (with a daily increase of 1.97%), 1517.50 (with a daily increase of 3.06%), and 1475.00 (with a daily increase of 1.23%) respectively [26]. - Trading and Position Data: The trading volume of Guangzhou Platinum increased by 1,533 compared with the previous day, and the position increased. The trading volume of NYMEX Platinum increased by 1,820 compared with the previous day, and the position decreased by 1,473. The trading volume of Guangzhou Palladium increased by 371 compared with the previous day, and the position increased by 220. The trading volume of NYMEX Palladium decreased by 788 compared with the previous day, and the position increased by 85 [26]. - Inventory Data: The inventory of NYMEX Platinum decreased by 235 ounces compared with the previous day, and the inventory of NYMEX Palladium increased by 4,315 ounces compared with the previous day [26]. - Trend Intensity: The trend intensity of platinum is 0, and the trend intensity of palladium is 1 [28]. Nickel and Stainless Steel - Price Data: The closing price of the main Shanghai Nickel contract was 118,030 (an increase of 240 compared with the previous day), and the closing price of the main Stainless Steel contract was 12,510 (an increase of 10 compared with the previous day) [30]. - Trading and Position Data: The trading volume of the main Shanghai Nickel contract increased by 17,296 compared with the previous day, and the trading volume of the main Stainless Steel contract decreased by 5,158 compared with the previous day [30]. - Industry News: Due to violating forestry license regulations, the Indonesian Forestry Working Group took over more than 148 hectares of the PT Weda Bay Nickel mining area, which is expected to affect the nickel ore production by about 600 metal tons per month [30]. - Trend Intensity: The trend intensities of nickel and stainless steel are both 0 [34].
黄金：降息预期回升白银：震荡回落
Guo Tai Jun An Qi Huo·2025-12-09 01:46