白银和伦铜双双创历史新高，原因详解

Core Viewpoint - The article highlights the rising prices of silver and copper driven by global supply constraints and expectations of monetary policy easing, marking a significant shift in the commodities market [1][4]. Supply and Demand Dynamics - The strong momentum in silver and copper prices reflects a general optimism in the precious metals market and specific supply-demand imbalances for these metals [2]. - On December 1, 2023, spot silver prices surpassed $57 per ounce for the first time in history, with silver futures reaching $57.81 per ounce [3]. - China's silver inventory has dropped to a seven-year low, directly linked to record export volumes in October, indicating a significant consumption of inventory due to cross-border tariff arbitrage activities [5][11]. Price Trends and Market Reactions - Copper prices also surged, with the London Metal Exchange (LME) reaching a historical high of $11,210.5 per ton, and Comex copper prices rising to $532.55 per pound [5][7]. - Since the end of August, LME copper prices have increased by approximately 13%, driven by supply tightness and traders moving inventory to the U.S. to lock in premiums [7]. Market Sentiment and Future Outlook - The current situation is characterized by a supply shortage that is becoming a core driver of prices, as indicated by the movement of large inventories to the U.S. market [9][10]. - Analysts suggest that the supply tightness is evident in commercial negotiations, with Chilean copper producer Codelco seeking to significantly increase its annual contract premiums [12]. Monetary Policy Influence - Expectations of monetary easing by the Federal Reserve are providing solid support for silver and the broader precious metals market, enhancing the appeal of non-yielding assets like silver [14]. - Recent dovish comments from Federal Reserve officials have reinforced market expectations for a potential rate cut in December, further boosting confidence in a low-interest-rate environment [14].