Group 1: Domestic Gold Prices - Domestic gold prices remain stable, with some brands showing signs of slight increases, such as Chow Sang Sang, which rose by 2 yuan per gram to 1318 yuan per gram, the highest among gold shops [1] - The price difference between the highest and lowest gold shops has expanded to 96 yuan per gram, with Shanghai China Gold remaining the lowest at 1222 yuan per gram [1] - Detailed gold prices from various brands include: Lao Miao at 1316 yuan, Liufu at 1310 yuan, and Zhou Dafu at 1312 yuan, among others [1] Group 2: Platinum Prices - Platinum prices have seen a significant increase, with Chow Sang Sang's platinum jewelry rising by 28 yuan per gram to 652 yuan per gram [1] Group 3: Gold Recycling Prices - The gold recycling price has slightly decreased by 2.1 yuan per gram, with notable differences among brands; for instance, the recycling price for gold is 932 yuan per gram [2] Group 4: International Gold Prices - Spot gold prices reached a new high, peaking at 4173.20 USD per ounce, closing at 4162.35 USD per ounce, reflecting a 0.79% increase [3] - Current spot gold prices have dipped to 4153.88 USD per ounce, showing a 0.20% decrease [3] - The rise in gold prices is attributed to market expectations of a Federal Reserve rate cut, with the probability of a December rate cut now at 84.9% [3] - Recent data shows initial jobless claims in the U.S. at 216,000, lower than expected, indicating labor market resilience, which may exert pressure on gold prices [3]

格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 26 日星期三 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 COMEX 黄金期货涨 0.78%报 4126.3 美元/盎司，COMEX 白银期货涨 1.50%报 51.08 美 | | --- | --- | --- | --- | | | | | 元/盎司。沪金收涨 0.45%报 945.76 元/克，沪银涨 0.76%报 12103 元/千克。 【重要资讯】 | | | | | 1、截至 11 月 25 日，全球最大的黄金 ETF SPDR Gold Trust 持仓量为 1040.86 吨， 较前一个交易日维持不变。全球最大白银 ETF--iShares Silver Trust 持仓较上日 | | | | | 增加 70.52 吨，当前持仓量为 15582.33 吨。 | | | | | 2、据 CME"美联储观察"：美联储 12 月降息 25 个基点的概率为 84.9% ...

今日凌晨进行了今年第23次油价调整，下调汽油价格70元/吨，柴油价格65元/吨。折合升计算为下调油价0.05元/升-0.06元/升。 总的来说，国际油价仍有震荡空间，市场正观望俄乌局势的走向，本轮油价调整仍存下跌希望。 本轮油价会跌多少，让我们持续关注~ 本轮油价调整时间：12月8日24时 注意，国际油价大涨 注意，受美联储降息预期升温影响，市场对经济复苏预期加强，原油需求端支撑加强。而俄乌停火谈判仍有不确定性，供应中断担忧也没 有完全消除。昨日国际油价直接出现大幅反弹，新一轮油价调整不知道又会有什么变化。 这边说下昨日原油市场的表现，美原油：上涨1.57%，收于58.88美元/桶。布伦特原油上涨1.42%，收于62.73美元/桶。今日国际油价震荡 中，截至发稿，美原油暂报58.72美元/桶，跌幅0.29%。 对于近期油价走势，分析师们普遍认为受俄乌谈判进展影响，本周任何停火或协议迹象都可能加速价格回落，也分析师称，战争持续可能 性仍存，油价地缘政治风险溢价还将继续支撑油价走高。 而目前在俄乌局势上，乌克兰官员称，此前的28点和平计划已不复存在，美乌已起草新的19点和平计划，但政治上最敏感的部分将留给两 国总 ...

能化板块周度报告 新纪元期货研究 20251121 张伟伟 从业资格证号：F0269806 投资咨询证号：Z0002796 央视记者当地时间11月19日获悉，美国政府正与俄罗斯就结束俄乌冲突的框架协议接近达成"重大突破"，预计最迟本月底、甚至"最快本 周内"完成。据两名知情人士表示，美国已向乌克兰总统泽连斯基发出信号，要求乌方接受一项由美国起草的俄乌停战框架。该框架内容包 括乌克兰放弃部分领土并交出部分武器。据悉，美方将此方案视为结束,冲中突的核心基础，并要求乌克兰接受。 鲍玉虹 从业资讯证号：F03149670 投资有风险，入市需谨慎 聚酯板块数据周报 宏观及原油重要资讯一览 周四凌晨美联储公布十月货币政策会议纪要，大多数官员不支持12月进一步隆息，叠加美国劳工部不公布10月非农就业报告与11月合并发布， 削弱了美联储降息的数据依据，推动美元指数强势运行，以美元计价的原油价格持续面临下行压力。 周四晚间美国劳工部发布的9月非农就业数据显示，9月非农新增就业人口达到11.9万，明显高于市场预期，前两月就业人口被大幅下修3.3 万，数据发布后美联储隆息榔率只小幅升至35%，显示出在美国政府关门背景下就业市场仍展 ...

Group 1: Gold Market - The Federal Reserve officials have expressed cautious attitudes towards interest rate cuts in December, putting downward pressure on gold prices [2] - Fed officials, including Collins and Bostic, indicate a high threshold for further rate cuts due to ongoing inflation concerns, with Bostic preferring to maintain rates until clear evidence shows inflation returning to the 2% target [2] - Market liquidity has stabilized following the end of the U.S. government shutdown, supporting precious metals, but the cautious stance on rate cuts has significantly reduced expectations, further pressuring gold prices [2] Group 2: Oil Market - Ukraine has claimed to have struck the Russian oil company Novokubyshevsk refinery, marking the latest in a series of attacks on Russian oil production facilities [4] - The Ukrainian military reported explosions and fires in the targeted area but did not specify the extent of the damage; they also updated the results of a previous attack on the Ryazan refinery, indicating damage to two major processing units and a storage tank [4] - The focus in the oil market remains on the escalating tensions in the Russia-Ukraine conflict, raising concerns over Russian oil supply [5] Group 3: Copper Market - The copper market has shown a downward trend, with prices closing lower and trading below the 60/120-day moving averages [7] - There is a divergence in price movement, and attention is on whether a market correction will occur, with support at $4.90 and resistance at $5.01 [7] Group 4: Nasdaq Index - The Nasdaq index is fluctuating between 24,500 and 25,700, forming a descending triangle pattern [8] - The index is trading below the 60/120-day moving averages, continuing its downward trend, with a key level to watch at 24,600 for potential breakdown [8]

Sector Investment Rating - No information provided Core Viewpoint - The macro news stimulates the market sentiment to be optimistic, and non-ferrous metals generally strengthen. Shanghai Aluminum (SHFE Aluminum) rises, LME Aluminum rises, and domestic spot aluminum falls. SHFE Aluminum continues the oscillating upward trend, and the medium-term focus is on the change of spot demand [4]. Summary by Related Content Market Conditions - The US Congress is close to reaching an agreement, the government shutdown is expected to end, and China and the US will mutually cancel trade restrictions. The US dollar rises and the RMB slightly falls [4]. - SHFE Aluminum closes at 21,725, and the spot price is 21,480, with a spot - futures discount of -425 points. The spot discount this week remains flat at -30 yuan, and spot trading is poor [4]. - The domestic electrolytic aluminum social inventory is stable, the alumina inventory rises, the SHFE aluminum inventory slightly decreases, and the spot demand is average. The LME inventory significantly rises, the LME spot discount widens to -13 US dollars, and the overseas spot demand is poor [4]. - The RMB exchange rate rises significantly this week, and the SHFE - LME ratio of aluminum prices rises to 7.59, with the domestic market outperforming the overseas market [4]. Technical Analysis - Crude oil surges, LME Aluminum slightly rises and trades around 2,880 US dollars. SHFE Aluminum rebounds after hitting a low, slightly rises, approaches a new high, and closes at 21,725, with a strong technical pattern [4]. - The trading volume of SHFE Aluminum decreases and the open interest increases, and the market sentiment is optimistic [4]. Influencing Factors - The hype of anti - involution cools down, and alumina oscillates at a low level. Trade disputes ease, the Russia - Ukraine situation is unclear, and energy prices rise, which strengthen the market sentiment [4]. - After the hype of gold and copper declines, small metals are favored by funds, and the overseas price ratio is significantly higher than the domestic one [4]. Data Monitoring | Date | RMB Exchange Rate | Spot Premium/Discount | LME Aluminum Futures - Spot Difference | Main Contract SHFE - LME Ratio | | ---- | ---- | ---- | ---- | ---- | | Nov 4 | 7.1352 | -30 | -4 | 7.43 | | Nov 5 | 7.1312 | -20 | -7 | 7.50 | | Nov 6 | 7.1209 | -30 | -7 | 7.52 | | Nov 7 | 7.1251 | -30 | -14 | 7.53 | | Nov 10 | 7.1206 | -30 | -13 | 7.59 | [5]

Core Viewpoint - The international gold price is experiencing a significant decline, approaching the critical support level of $4000 per ounce, influenced by short-term market factors and profit-taking after a substantial price increase [1][4][5]. Price Movement - As of October 22, the London gold price fell by 1.79% to $4037.901 per ounce, with a low of $4023.59 during the trading session [1][2]. - COMEX gold futures also dropped by 2.1%, reaching $4051.0 per ounce, with a minimum of $4034.2 [2][3]. Market Analysis - The recent adjustment in gold prices is attributed to crowded trading conditions and geopolitical news disturbances, leading to profit-taking after a $1000 increase since September [4]. - Analysts suggest that the easing of geopolitical tensions and the stabilization of silver markets have contributed to the current price adjustments [3][4]. Future Outlook - Despite the short-term decline, there is optimism for a medium to long-term increase in gold prices due to central bank purchases and rising investment demand [3][4]. - The market is advised to closely monitor developments in US-China trade negotiations, as any positive outcomes could further influence gold prices [5].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - Gold: Short - term outlook is bearish, medium - term is sideways, and the reference view is to wait and see. The core logic is the increasing expectation of Sino - US trade relaxation and the end of the Russia - Ukraine war, leading to strong profit - taking intentions among funds [1][3]. - Copper: Short - term, medium - term and intraday outlooks are bullish, and it is considered strong in the long run. The core logic is the recurrence of mine - end disturbances, a rapid increase in capital attention, and the intensification of Sino - US trade fluctuations. Also, there are macro - level positive expectations and supply contractions, although short - term industrial demand decline and high COMEX inventories may suppress prices [1][4]. 3) Summary by Related Catalogs Gold - Price: Yesterday, the price of gold fluctuated and stabilized with a narrowing amplitude. New York gold reached above $4100, and Shanghai gold approached 950 yuan [3]. - Market situation: After a sharp short - term decline, the profit - taking intention of previous long - positions rose rapidly. The price of gold fell below the 10 - day moving average, breaking the short - term strong pattern [3]. - News: Chinese Vice Premier He Lifeng will lead a delegation to Malaysia for Sino - US economic and trade consultations from October 24th to 27th [3]. Copper - Price: Yesterday, the price of copper increased with rising positions, and the main contract price closed above the 86,000 - yuan mark at the end of the session [4]. - Market situation: In the afternoon, the market sentiment improved, with both commodities and stock indices rising. The market has strong positive macro - level expectations for the Fourth Plenary Session. The short - term upward momentum is strong, and attention should be paid to the pressure at the previous high [4]. - Factors: Macro - level easing and supply contractions continue to drive up the price of copper, while short - term industrial demand decline and high COMEX inventories may suppress the price [4].

Group 1 - The U.S. Treasury announced sanctions against Russia's largest oil companies, Rosneft and Lukoil, along with their subsidiaries [2] - President Trump confirmed the cancellation of the upcoming meeting with President Putin, stating that the meeting would not yield results [2] Group 2 - President Putin emphasized that the new U.S. sanctions are unfriendly actions that will not significantly impact the Russian economy [1] - Putin expressed the importance of dialogue over confrontation, reiterating Russia's stance on maintaining communication with the U.S. [1] - In response to Ukraine's potential acquisition of long-range weapons, Putin warned of severe consequences if such weapons are used against Russian territory [1]

Group 1 - The core viewpoint of the articles is that the new U.S. sanctions against Russia are seen as an unfriendly act that will not significantly impact the Russian economy, according to President Putin [1][2] - Putin emphasized the importance of dialogue over confrontation, stating that discussions about the long-term future, including economic cooperation, could provide opportunities for both countries [1] - The U.S. Treasury announced sanctions against Russia's largest oil companies, Rosneft and Lukoil, along with their subsidiaries, indicating a continued focus on the energy sector [2] Group 2 - Trump confirmed the cancellation of the planned meeting with Putin, citing that the meeting would not yield results at this time, but expressed intentions to meet in the future [2] - Putin responded to Ukrainian President Zelensky's comments about acquiring long-range weapons, warning that any attack on Russian territory would provoke a severe response from Russia [1]