Group 1 - In 2025, gold is projected to reach approximately $4,300 per ounce, while silver is expected to exceed $60, doubling its value, alongside strong increases in platinum and palladium prices [2] - The surge in precious metals is driven by central bank gold purchases, geopolitical risks, expectations of Federal Reserve interest rate cuts, and demand from the new energy sector [2] - The year 2026 is anticipated to still offer upward potential for precious metals, with the performance of the US dollar and the global economy being critical variables [2] Group 2 - The London Stock Exchange Group (LSEG) and Tokyo Commodity Exchange are collaborating to explore the precious metals market under macroeconomic conditions, providing exclusive data on gold, silver, platinum, and palladium [2] - LSEG offers comprehensive data and analytical solutions for commodity trading, enhancing competitive advantages for businesses in the market [20][23] - The company provides tailored solutions for various commodity sectors, including energy, metals, and agriculture, utilizing advanced data analytics and machine learning to predict market trends [25][26][28]

为什么在当前时点讨论 2026 年美国通胀走势具有重要意义？ 讨论 2026 年美国通胀走势的重要性主要体现在两个方面。首先，关于 2026 年整体美国经济的宏观组合，目前存在争议。经济可能呈现滞胀、衰退或软着 陆等不同情况，而通胀是其中一个关键维度。市场普遍认为增长边际回落，但 对通胀的看法不一。如果 2026 年通胀上行压力明显，且经济边际走弱，将导 致滞胀局面，对美联储政策产生重大影响，包括降息空间和重新紧缩的可能性。 其次，近期市场表现最好的资产是商品，如黄金和铜，有观点认为 2026 年原 油价格也可能上涨。这种预期背后需要美国及海外通胀上行的配合。如果 CPI 上行力度不足，商品交易逻辑将发生变化。因此，探讨美国通胀对于判断未来 美联储政策和商品交易策略至关重要。 大宗商品价格上涨不一定带动 CPI 同步上行。历史数据显示，即使能源 价格大幅上涨，美国核心 CPI 也未显著受影响。目前原油价格未显著上 涨，对核心 CPI 拉动作用有限。 服务类项目（占核心 CPI 约 70%）具有滞后性，如住房、医疗、汽车保 险等，与全社会总体成本相关。由于美国整体成本增速下降，预计 2026 年服务分项大幅上涨 ...

近日，中国（天津）自由贸易试验区管理委员会、天津市商务局、天津市地方金融管理局等6部门联合 发布《关于促进天津自贸试验区大宗商品交易场所高质量发展的若干措施》，明确支持大宗商品期现市 场联动发展，具体措施包括鼓励大宗商品交易场所在期货交易所设立报价专区，探索交割库合作与仓单 互认，为实体企业提供基差点价等联动服务。据笔者了解，近年来，浙江、大连、郑州、青岛、广西等 多地也陆续出台了一系列支持期现联动发展的政策，这些政策在顶层设计上既存在共性特征，又在路径 和策略上形成差异化布局。 第一，根本解决市场的"割裂"问题。所谓"割裂"，是指期货和现货两类交易场所在平台建设、交割库布 局、仓单互认以及数据互联互通等方面存在流动性阻滞，如流程割裂、服务割裂、信用割裂、监管割 裂、风险割裂等。要根本解决这些关键问题，必须要在知识、能力、产业链、核心平台等方面协同建 设：首先是全链路一体化管理，围绕现货合同，无缝集成客户、库存、资金收付、发票等现货管理，与 期货交易、结算、持仓等数据进行自动关联和对冲匹配；其次是智能化风险管理，建立覆盖客户、合 同、商品、仓库等多维度的风控模式，实时监控与期货结合的净风险敞口、基差变化等，建 ...

Gold and silver hitting new records today, both pasing for the best year since 1979. Copper is also at new highs. It's having its best year since 2009.Will the commodity runup continue in 2026. Well, joining us now, TD Securities global head of commodity strategy, Bart Malik. Bart, it's great to have you on and I want to start right there because it's been such a torid year.Whether it's precious metals or industrial metals, does it continue. >> Well, great to be here. Uh certainly we think uh that gold in t ...

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 150 points on Monday.The Dow traded up 0.39% to 48,322.06 while the NASDAQ jumped 0.46% to 23,417.50. The S&P 500 also rose, gaining, 0.46% to 6,866.26.Check This Out: GE Vernova To Rally Around 26%? Here Are 10 Top Analyst Forecasts For MondayLeading and Lagging SectorsMaterials shares rose by 1.3% on Monday.In trading on Monday, utilities stocks fell by 0.2%.Top HeadlineUniFirst Corp (NYSE:UNF) received an acquisi ...

人民财讯12月22日电，港交所发布2025年回顾，香港今年正式成为伦敦金属交易所(LME)认可的交割 地，无论对于LME的全球网络和覆盖度，还是对于香港大宗商品市场的发展，都是一大重要的里程 碑。至今年12月，香港的LME认可交割仓库已增至13个，反映了香港发展全球大宗商品交易中心的决 心。 LME今年亦表现强劲，年初至11月30日的平均每日成交量较去年同期升6%。继3月推出新交易平台 LMEselect v10后，亦发布了旨在提升流动性与透明度的期权市场现代化计划。LME计划于2026年下半 年初引入期权自动到期功能，预计年底推行电子期权交易。 ...

Core Viewpoint - Citadel Investment is facing its worst annual return since 2018 due to unsuccessful bets in the natural gas sector, which had been a major source of profit for the firm [1] Group 1: Fund Performance - As of December 18, the flagship fund's return rate stands at 9.3% [1] - Despite profits from equities, fixed income, credit, and quantitative strategies, the fund experienced losses earlier in the year [1] - The year may mark the sixth instance since Citadel's establishment in 1990 where the return rate falls below 10%, highlighting the firm's increasing reliance on commodity trading [1]

消息人士称，印度证券交易委员会将建议允许交易公司在交易所进行大宗商品衍生品交易。目前印度允 许通过托管进行股票交易，但不允许大宗商品交易。"大多数全球公司都通过托管进行交易，因此委员 会和印度证券交易委员会倾向于允许金属和能源领域的托管。农产品方面历来存在通胀担忧，因此这部 分商品可能被排除在托管之外。"此外，该消息人士称，该委员会还将建议降低农产品保证金，以促进 交易。 ...

Market Overview - U.S. stocks showed mixed performance with the Dow Jones index increasing by 0.64% to 47,673.48, while the NASDAQ decreased by 0.79% to 23,340.59 and the S&P 500 fell by 0.23% to 6,817.03 [1] - Energy shares experienced a rise of 1.2%, while information technology stocks saw a decline of 0.9% [1] Company Performance - RealReal Inc (NASDAQ:REAL) shares surged after reporting better-than-expected third-quarter results and providing fourth-quarter sales guidance above estimates, along with an increase in FY25 sales guidance [2] - enGene Holdings Inc (NASDAQ:ENGN) shares increased by 72% to $10.34 following positive Phase 2 LEGEND study data showing a 63% complete response rate [9] - Energy Vault Holdings Inc (NYSE:NRGV) shares rose by 30% to $4.62 after releasing third-quarter results [9] - Surmodics Inc (NASDAQ:SRDX) shares gained 49% to $40.80 after a court denied the FTC's attempt to block GTCR's acquisition [9] - Vor Biopharma Inc (NASDAQ:VOR) shares dropped by 50% to $9.32 due to the announcement of a $100 million public offering [9] - Salarius Pharmaceuticals Inc (NASDAQ:SLRX) shares fell by 50% to $1.00 after announcing a $7 million underwritten public offering [9] - Outset Medical Inc (NASDAQ:OM) shares decreased by 50% to $6.07 following worse-than-expected third-quarter results and a cut in FY25 sales guidance [9] Commodity Market - Oil prices increased by 1.5% to $61.00, while gold rose by 0.3% to $4,134.70 [5] - Silver traded up by 0.8% to $50.730, whereas copper fell by 0.4% to $5.0845 [5] European Market - European shares showed positive movement with the eurozone's STOXX 600 rising by 1.05%, Spain's IBEX 35 Index gaining 1.05%, and London's FTSE 100 increasing by 0.94% [6] Asian Market - Asian markets closed mixed, with Japan's Nikkei 225 down by 0.14%, Hong Kong's Hang Seng up by 0.18%, China's Shanghai Composite down by 0.39%, and India's BSE Sensex up by 0.40% [7]

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - **Iron Ore**: Expected to fluctuate repeatedly [2][5] - **Rebar and Hot - Rolled Coil**: In the off - season, focus on the expected rebound opportunities of steel prices [2][6] - **Ferrosilicon and Silicomanganese**: The spot market trading sentiment is average, with wide - range fluctuations [2][10] - **Coke**: Expected to fluctuate strongly [2][13] - **Coking Coal**: Supported by fundamentals, expected to fluctuate strongly [2][14] - **Logs**: Expected to fluctuate repeatedly [2][16] 3. Summary by Commodity Iron Ore - **Price and Position Data**: The futures closed at 786.5 yuan/ton, up 15.5 yuan or 2.01%. The position decreased by 6,796 lots to 558,846 lots. Imported ore prices generally rose, while domestic ore prices declined. The basis and spreads showed different changes [4] - **News**: Sino - US economic and trade consultations were held in Kuala Lumpur from October 25th to 26th, and preliminary consensus was reached on multiple important economic and trade issues [4] - **Trend Intensity**: 0, indicating a neutral trend [4] Rebar and Hot - Rolled Coil - **Price and Position Data**: Rebar RB2601 closed at 3,100 yuan/ton, up 47 yuan or 1.54%. Hot - rolled coil HC2601 closed at 3,299 yuan/ton, up 47 yuan or 1.45%. Spot prices in various regions showed an upward trend. The basis and spreads also changed [6] - **News**: In the week of October 23rd, rebar production increased by 5.91 tons, hot - rolled coil production increased by 0.62 tons, and the total inventory of five major varieties decreased by 27.41 tons. In September 2025, national steel production data showed different trends [7][8] - **Trend Intensity**: 0 for both, indicating a neutral trend [9] Ferrosilicon and Silicomanganese - **Price and Position Data**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices also showed a downward trend. The basis, near - far month spreads, and cross - variety spreads changed [10] - **News**: On October 27th, silicon - iron prices in different regions were reported, and NMT announced the November 2025 manganese ore shipment price to China [10] - **Trend Intensity**: 0 for both, indicating a neutral trend [12] Coke and Coking Coal - **Price and Position Data**: Coking coal JM2601 closed at 1,263.5 yuan/ton, up 1.2%. Coke J2601 closed at 1,779.5 yuan/ton, up 1.3%. Spot prices of coking coal and coke showed different changes. The basis and spreads also had corresponding changes [14] - **News**: Sino - US economic and trade consultations were held in Kuala Lumpur from October 25th to 26th, and preliminary consensus was reached on multiple important economic and trade issues [15] - **Trend Intensity**: 1 for both, indicating a relatively strong trend [15] Logs - **Price and Position Data**: The closing prices of different contracts decreased, with daily and weekly declines. The trading volume and position of some contracts changed significantly [17] - **News**: Sino - US economic and trade consultations were held in Kuala Lumpur from October 25th to 26th, and preliminary consensus was reached on multiple important economic and trade issues [19] - **Trend Intensity**: 1, indicating a relatively strong trend [19]