Gold and other precious metals, traditionally a hedge against stock volatility, have been swinging drastically in value lately — but the taxes on those investments can be even more jarring to investors. Last month, gold topped $5,000 per ounce and silver breached $100 an ounce for the first time. However, precious-metal prices tumbled to historic daily losses at the end of January, after President Donald Trump's announcement of his intention to nominate Kevin Warsh, a former Fed governor and investment ba ...

Oil Market - Oil prices are declining due to the U.S. seizing two sanctioned oil tankers and indicating the sale of Venezuelan oil, leading to expectations of increased Venezuelan crude sales [2][10] - WTI crude oil fell by 2%, settling at just below $56 per barrel, with market expectations that increased Venezuelan oil sales will exert downward pressure on an already oversupplied market [2][10] - President Trump announced that Venezuela will transfer up to 50 million barrels of oil to the U.S., with the proceeds benefiting both countries [2][10] - The U.S. Department of Energy is selectively easing sanctions on Venezuela, although specific details were not provided [2][10] - Analysts suggest that if prices continue to fall and breach the critical $55 psychological level, futures could accelerate down to $50 [11] Base Metals - Copper prices have retreated from record highs, along with other industrial metals, as traders took profits after rapid price increases [4][14] - At the London Metal Exchange, copper, nickel, and zinc futures all fell over 2%, reducing the sharp gains seen in recent weeks [5][15] - Despite a generally bullish long-term outlook for copper and other metals, the rapid price increase has raised concerns about a potential sharp market decline as traders lock in profits [5][15] - LME copper closed down 2.56% at $12,899.5 per ton, LME aluminum down 1.29% at $3,088.5 per ton, LME nickel down 3.4% at $17,895.0 per ton, and LME zinc down 2.57% at $3,167.5 per ton [16] Precious Metals - Silver and platinum have seen significant declines, continuing a trend of extreme volatility, as traders weigh the impacts of index rebalancing, supply constraints, and potential U.S. tariffs [6][14] - Platinum prices dropped as much as 7.7%, while silver fell by up to 6%, although both metals have recorded gains for the month so far [6][14] - The annual commodity index rebalancing is pressuring prices as passive tracking funds need to sell previously high-performing metals to match new weights [6][14] - Gold and palladium also fell alongside other precious metals, with analysts predicting large-scale sell-offs due to significant rebalancing fund flows [6][14] - As of the latest data, silver was down 3.78% at $78.202 per ounce, and gold was down 0.92% at $4,453.31 per ounce [17][18]

格隆汇12月29日｜据英国金融时报，由于美国关税、供应中断以及对全球短缺的担忧，铜价在年底出现 疯狂上涨，这种金属在12月份飙升至每吨12000美元以上的历史新高，2025年上涨超过三分之一，是自 2009年以来的最大年度涨幅，分析师预计，在2030年前，这种工业金属的需求将超过矿山供应，明年价 格将保持高位。商品经纪公司StoneX的高级金属需求分析师Natalie Scott-Gray表示，铜价上涨是今年多 种因素"完美风暴"的结果，包括贸易紧张局势的缓解、俄乌和平协议的谈判以及美国进口关税的影响。 金融服务集团Marex的策略师Alastair Munro表示，许多市场参与者"正在讨论从2026年开始的结构性铜 短缺"。今年，由于有关可能征收关税的传言四起，伦敦基准铜价和美国Comex铜价之间出现了前所未 有的价差。令市场意外的是，最终的关税豁免了此前大量流入美国的阴极铜。但分析师表示，Comex期 货价格仍高于LME的价格，反映出市场担心美国政府明年可能还会加征关税。Benchmark Mineral Intelligence的铜分析师Albert Mackenzie表示，市场正在对"一系列看涨情绪和 ...

Core Insights - The banking and trading sectors are expanding their precious metals trading and storage capabilities to capitalize on the record surge in gold prices this year, marking a significant opportunity in the financial industry [1] - Gold and silver prices have recently accelerated, with spot gold surpassing $4,500 per ounce and silver crossing $70 per ounce, resulting in year-to-date increases of 71% and 150%, respectively [1] Group 1: Revenue Growth - Major banks' precious metals trading departments have seen a 50% increase in revenue in the first nine months of this year compared to the same period in 2024 [2] - The revenue from precious metals trading for 12 leading banks reached approximately $1.4 billion from January to September, indicating that 2025 could be the second-best year for bank gold trading, following 2020 [2] Group 2: Market Participation and Competition - Banks that previously closed their precious metals trading departments, such as Société Générale, Morgan Stanley, and Sumitomo Mitsui Banking Corporation, are re-entering the market and expanding their teams [3] - Non-bank competitors, including Swiss refiner MKS Pamp and financial platform StoneX, are also enhancing their precious metals trading operations, indicating increased competition in the sector [3] Group 3: Storage Business Revival - The storage business, once considered dull and low-margin, is regaining popularity among banks, with many exploring or already engaged in this area [4] - Citigroup is reportedly considering opening a vault, while MKS Pamp has expanded its operations and aims to become a leading player in the precious metals industry [4] Group 4: Advantages and Challenges - Wall Street banks possess significant advantages due to their large balance sheets, which have become crucial as smaller traders face funding challenges amid rising gold prices [5] - Non-bank competitors have specialized advantages in physical gold procurement, which is complex due to compliance with "good delivery" standards, making banks hesitant to engage early in the supply chain [6]

Core Insights - The gold market is experiencing a historic bull run, leading banks and traders to expand their precious metals trading and logistics capabilities, making it one of the most profitable sectors in finance this year [1] - Top banks' precious metals trading revenue surged by 50% in the first nine months of the year compared to the same period in 2024, with 12 leading banks generating approximately $1.4 billion in revenue [1] - Major banks that previously closed their precious metals trading departments, such as Société Générale and Morgan Stanley, are now re-entering the market [1] Group 1 - Non-bank institutions are also increasing their market share in precious metals trading, with companies like MKS Pamp and StoneX enhancing their gold trading operations [2] - StoneX has opened a Comex-certified vault in New York and is expanding its operations in the UK, indicating a significant investment in physical gold trading [2] - The London gold market, which clears over $35 trillion in gold annually, has only four clearing members, highlighting the competitive landscape [2] Group 2 - Many banks are exploring or have already explored vault operations, which can provide stable income through custodial services [3] - MKS Pamp is expanding its operations, including plans to launch gold options trading and grow its refining business in the U.S. [3] - The unexpected surge in gold prices has put pressure on the balance sheets of manufacturers and smaller traders, giving larger banks a competitive advantage [3] Group 3 - Non-bank competitors possess more expertise in physical gold procurement, which is complex due to the need to verify gold sources and meet delivery standards [4] - Companies like Trafigura and Gunvor have recently entered the upstream gold trading sector, focusing on handling doré bars and refined gold [5] - A significant trading opportunity arose earlier this year due to price discrepancies between the New York and London markets, although not all institutions capitalized on it [5]

·新湖期货表示，美联储理事会一致同意重新任命11位地区联储主席，缓解人事不确定性担忧。短期来 看，此次美联储鸽派超过市场预期，大摩和花旗等外资大行甚至一致预期明年1月将再次降息，降息和 流动性宽松的乐观预期对金银上涨形成有利环境。白银方面，供给面紧缺叠加年末交割压力，基本面紧 张推动白银走强，不过金银比持续下行至历史低位附近，需警惕白银波动增大。另外，随着日本央行行 长的表态转向，加息概率飙升下注意年末流动性风险压力。中长期来看，央行购金具有持续性，叠加全 球货币的泛滥和去美元化趋势不可逆甚至加速，将继续支撑贵金属中枢上行，后续贵金属可能仍偏强。 ·Marex分析师Edward Meir指出，当利率在通胀环境下降低时，这对黄金极为利好，因为它削弱了持有 黄金的机会成本。而白银似乎正在拉动黄金上涨，同时带动铂金和钯金等其他贵金属跟进。这种联动效 应源于白银的双重属性，一方面作为工业金属，受全球制造业复苏预期支撑；另一方面作为贵金属，受 益于避险情绪升温。 ·荷兰国际集团：宏观利好和强劲的基本面仍预示着2026年金价将进一步上涨 【机构分析】 ·铜冠金源期货表示，美联储年内第三次如市场预期降息25BP，鲍威尔表态 ...

Core Insights - Abaxx Technologies Inc. has executed its first Enwex German Onshore Wind (GWM) futures block trade on November 17, 2025, marking a significant milestone in the renewable energy derivatives market [1][2] Company Overview - Abaxx Technologies is a financial software and market infrastructure company, and the majority shareholder of Abaxx Singapore Pte Ltd., which owns the Abaxx Commodity Exchange and Clearinghouse [1][6] - The company aims to build smarter markets through better tools, benchmarks, and technology to address societal challenges, including the energy transition [5] Industry Impact - The first trade of the Enwex German Onshore Wind Futures contract, brokered by TP ICAP, involved 10 lots traded at EUR 28.45/hour, demonstrating the potential for exchange-listed products to manage renewable generation risk [2][3] - The contract is designed to provide a practical way for market participants to hedge against wind variability, thus enhancing market transparency, efficiency, and liquidity [3][4] Product Details - The Enwex German Onshore Wind (GWM) Futures are euro-denominated and financially settled, indexed to a forecast-based wind speed index that translates wind speed into standardized generation utilization rates [4] - Trading for these futures is available from 1000 to 2400 SGT, Monday to Friday, excluding Singapore public holidays [4] Strategic Partnerships - The inaugural trade involved collaboration with Gunvor International B.V. and clearing services provided by ADM Investor Services Singapore, KGI Securities, and Marex, highlighting the importance of partnerships in enhancing market liquidity [2][3]

Group 1: Oil Market Insights - WTI crude oil closed at $60.98 per barrel, up 0.7%, but overall weekly movement was minimal [3] - OPEC+ is expected to slightly increase production in December, causing market caution regarding potential price impacts [3] - Speculation around U.S. military action against Venezuela led to temporary oil stockpiling, but subsequent denial by Trump reduced upward momentum [3] - U.S. sanctions on two major Russian oil producers are underestimated in their market impact, which could influence future oil prices [3] Group 2: Copper Market Dynamics - Copper prices reached a record high of $11,200 per ton but fell to $10,887.5, a decrease of 0.3% [4] - Analysts suggest that buying pressure is weakening, with short-term speculative funds withdrawing, indicating potential further declines [4] - Bloomberg Commodity Index will increase copper's weight from 5.37% to 6.36% next year, which may provide price support as funds tracking the index will need to buy copper [4] Group 3: Gold Market Trends - Gold prices have dropped from over $4,380 to around $4,000, a decline of over 8% [5] - The weakening expectation of aggressive interest rate cuts by the Federal Reserve has reduced gold's appeal as a safe haven [5] - Continuous outflows from gold ETFs have contributed to the price drop, with predictions suggesting a potential decline to $3,750 [5] - Long-term safe-haven attributes of gold remain, but short-term volatility suggests caution for investors considering entry points [5] Group 4: Investment Strategy Insights - The core message emphasizes the importance of understanding underlying market logic rather than reacting to daily price fluctuations [5] - Key factors influencing long-term price trends include OPEC+ production policies, speculative fund movements, and Federal Reserve monetary policy expectations [5]

Group 1 - LME copper prices continued to decline due to weak demand expectations, a strong dollar, and profit-taking after reaching record highs [1] - As of October 31, LME three-month copper fell by $29.5, or 0.27%, closing at $10,887.5 per ton, marking a drop for the second consecutive day after hitting $11,200 [1][2] - In October, copper prices have increased by $619, or 6.03%, marking the third consecutive month of gains [3] Group 2 - China's manufacturing Purchasing Managers' Index (PMI) fell to 49.0% in October, a decrease of 0.8 percentage points from the previous month, while the non-manufacturing business activity index rose slightly to 50.1% [5] - ING's commodity strategist noted that the sentiment in the base metals market is poor, with supply disruptions expected to keep prices around $10,000 per ton, but strong demand growth is needed for further price increases [5] - Citigroup analysts remain optimistic about copper prices, predicting an increase by 2026 due to cyclical demand expectations and constrained mine supply [5] - A stronger dollar index has added pressure to the market, making dollar-denominated assets more expensive for holders of other currencies [5] - Marex warned that copper prices may further decline, suggesting caution as some indicators hint at potential price corrections [5]

Group 1 - LME copper prices fell by $68, or 0.64%, closing at $10,623.50 per ton due to a strong dollar and signs of weak demand, although a decline in LME inventories provided some support [1][4] - LME registered copper inventories decreased to 127,350 tons, the lowest level since July, which helped to mitigate the price decline [4] - The copper premium at Yangshan Port dropped by 38% over the past month to $36 per ton, the lowest since July, indicating reduced buying interest from China [4] Group 2 - LME zinc prices increased by $9.5, or 0.32%, closing at $2,988.00 per ton, reflecting a tight supply situation [4][5] - LME zinc inventories fell to 37,275 tons, the lowest level since the beginning of 2023, despite expectations of a surplus in the global zinc market for this year and next [6]