突迎“黑色风暴”！跌停、回调！这个市场怎么了？

Core Viewpoint - The precious metals market has experienced a significant downturn after a period of rapid growth, driven by regulatory tightening, crowded trades, and a reversal in market sentiment [2][4]. Group 1: Market Performance - On December 30, the domestic futures market saw a sharp decline, with platinum and palladium futures hitting the limit down, both dropping by 13% [2]. - Gold and silver also faced substantial corrections, with silver dropping by 6% and copper falling over 4% [2]. - Internationally, precious metals faced a "Black Monday," with silver experiencing a drop of over 10%, marking the largest single-day decline since 2021 [4]. Group 2: Causes of Decline - The recent downturn is attributed to a combination of regulatory measures, crowded trading positions, and a shift in market sentiment rather than a single negative trigger [2][4]. - The Chicago Mercantile Exchange's announcement to raise margin requirements for various metal contracts has forced traders to increase cash holdings, leading to reduced positions and subsequent price declines [5]. - Analysts noted that the price increases in platinum and palladium had become detached from short-term fundamental support, indicating a technical overbought condition [4]. Group 3: Market Outlook - Despite the short-term volatility, the mid-term bullish logic for precious metals remains intact, although the previous strong upward trend has been disrupted [10]. - The market is expected to enter a period of wide fluctuations, with key support levels identified at 570 yuan per gram for platinum and 440 yuan per gram for palladium [10]. - Investment strategies are shifting from aggressive to defensive, with recommendations for existing investors to reduce positions and lock in profits, while new investors are advised to wait for clearer trends [10][11].