金银铜价格频破历史纪录

Core Viewpoint - The article highlights the recent surge in prices of precious and non-ferrous metals, with gold, silver, and copper reaching historical highs, driven by a combination of global liquidity expectations and supply-demand tensions [3][4]. Price Movements - As of December 26, 2025, the spot prices for gold and silver reached $4531.284 per ounce and $75.649 per ounce, respectively. In the domestic futures market, Shanghai gold and silver also hit historical highs, with Shanghai silver rising by 6.60% to close at 18319 yuan per kilogram, and Shanghai gold reaching a peak of 1023.96 yuan per gram before closing at 1016.30 yuan per gram, a 0.75% increase [3]. - Copper prices also set new records, with LME copper hitting $12282 per ton and Shanghai copper futures rising by 3.6% to reach 99730 yuan per ton before a slight pullback [3]. Market Analysis - The current market dynamics reflect a confluence of factors including expectations of global liquidity easing, structural supply-demand tensions in strategic resources, and speculative trading behaviors. Analysts caution that prices have significantly diverged from fundamentals, indicating a high level of speculative sentiment that could lead to volatility [3][4]. - Analysts from various firms note that while long-term bullish factors like "de-dollarization" exist, the rapid short-term price increases may have over-traded these factors, raising potential risks for market stability [4]. Supply Chain Insights - The supply side for copper has been impacted by unexpected production issues at major overseas mines, leading to downward revisions in global copper supply expectations since September. Additionally, U.S. tariffs on copper are drawing refined copper towards the U.S., tightening supply in other markets and fueling bullish sentiment [4]. Regulatory Measures - The Shanghai Futures Exchange has implemented risk management measures in response to the volatile market conditions, including adjustments to trading limits and margin requirements for gold and silver futures to enhance market resilience and prevent extreme fluctuations [5]. - These measures aim to guide investors towards rational participation in the market, especially during the sensitive year-end period when liquidity may change abruptly [5]. Investment Strategy - Analysts recommend a dual approach for investors: maintaining a strategic bullish outlook while avoiding chasing prices too high. Focus should be on accumulating positions during pullbacks for core assets like gold and copper, while being cautious with silver, platinum, and palladium [6].