花旗预计到2026年第二季度，铜价将继续攀升至平均1.2万美元/吨（牛市情况为1.4万美元/吨）；预计 今年剩余时间铜交易价格约为1.1万美元/吨。忽略近期实物需求疲软的因素，目标价反映出2026年更看 涨的基本面设置，但如果看涨催化剂出现，铜价可能比预期更快涨至1.2万美元/吨。全球制造业情绪好 坏参半，意味着2025年剩余时间内周期性铜需求板块上行空间有限。预计在2024年较强劲消费的基础 上，2025年第四季度铜消费同比增长将持续走软，制造业活动也将放缓，但预计在美国宽松的财政和全 球货币政策的帮助下，到2026年将出现复苏。 4. 高盛预测：美国股市将在未来十年内表现逊于新兴市场 国外 1. 野村：预计美联储将在12月暂停降息 野村证券现在预计美联储将在12月维持利率不变，并辩称，尽管美国政府停摆影响了官方数据的发布， 但近期指标仍显示就业市场具有弹性。该行在给客户的一份报告中说，美联储主席鲍威尔在10月新闻发 布会上出人意料的强硬语气，强化了该行的观点，即美联储可能会在连续两次降息后暂停降息。暂停降 息可能会重新引发对美联储的政治压力，预计特朗普总统将批评这一决定，声称这是在大选年到来之际 对经济增 ...

Economic Growth - The UK economy experienced minimal growth in Q3, with GDP increasing by only 0.1%, down from 0.3% in Q2 and below the forecasted 0.2% [1][3] - In September alone, the economy contracted by 0.1%, as weak growth in the services sector was offset by a sharp decline in manufacturing [1] Jaguar Land Rover Incident - A significant factor impacting September's economic performance was a cyberattack on Jaguar Land Rover, leading to a production halt of over five weeks and a nearly 30% drop in automotive manufacturing output [7] - This incident directly contributed to a 0.17 percentage point decline in GDP for September [7] Consumer and Business Sentiment - Consumer and business spending has been sluggish due to concerns over potential tax increases in the upcoming budget announcement by Chancellor Rachel Reeves [3][5] - The economic outlook is further dampened by expectations of significant tax hikes, which could reduce GDP by approximately 0.2% by 2026 [3] Trade Performance - UK exports to the US fell by 11.4% (approximately £500 million), reaching the lowest level since January 2022, largely due to tariffs imposed by the US [8][9] - Overall, UK exports decreased by 0.1% in Q3, while imports declined by 0.3% [11]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the price trends and key support and resistance levels of various futures contracts on November 13, 2025 [2][3][4]. Summary by Directory 1. Macro News and Trading Alerts - China - Spain leaders met and witnessed the signing of 10 cooperation documents in economic, technological, and educational fields [7]. - Chinese and US economic officials emphasized the importance of economic and trade cooperation [7]. - Chinese officials welcomed foreign retail enterprises to invest in China [7]. - Seven Chinese government departments jointly issued an opinion to strengthen science and technology education in primary and secondary schools [7]. - The US House of Representatives will vote on a temporary appropriation bill, potentially ending the 43 - day government shutdown [8]. - The US Treasury Secretary announced upcoming "substantial" tariff news and a "tariff dividend" plan [8]. - Different Fed officials have different views on interest rate cuts [8]. 2. Commodity Futures - related Information - On November 12, US and Brent crude oil futures prices fell, with OPEC lowering its global oil demand forecast [9]. - On November 12, international precious metal futures generally rose, driven by factors such as the approaching end of the US government shutdown and geopolitical risks [9]. - On November 12, most London base metals rose [10]. - The EIA adjusted its 2025 and 2026 crude oil price forecasts [10]. - The IEA believes that global oil and gas demand may continue to grow until 2050 [11]. - OPEC expects the oil market to achieve supply - demand balance in 2026 [11]. - The Simandou iron ore project officially started production, with proven reserves of 4.4 billion tons [11]. - On November 12, the on - shore RMB against the US dollar and the RMB central parity rate both rose [11]. - On November 12, the US dollar index fell slightly, and non - US currencies showed mixed performance [12]. 3. Futures Market Analysis and Forecast 3.1 Stock Index Futures - On November 12, the main contracts of stock index futures showed different trends, with overall weak rebounds [12][13][14]. - A - share markets were volatile on November 12, with some sectors rising and others falling [14]. - The Shanghai Stock Exchange International Investors Conference was held, with officials announcing measures to optimize the capital market [15][16]. - Overseas investors' holdings of A - shares have increased, and institutions are generally optimistic about A - shares in 2026 [15][16]. - On November 12, the Hong Kong stock market rose, with different performances among sectors [16]. - On November 12, US and European stock markets showed different trends, and institutions are cautious about the future performance of US stocks [17]. - It is expected that stock index futures will oscillate and consolidate on November 13, 2025, and will have wide - range oscillations in November [18]. 3.2 Treasury Bond Futures - On November 12, the main contracts of ten - year and thirty - year treasury bond futures rose slightly, with weak rebounds [33][39]. - On November 12, the central bank conducted 195.5 billion yuan of reverse repurchase operations, with a net investment of 130 billion yuan [34]. - On November 12, short - term Shibor rates declined [34]. - It is expected that the main contracts of ten - year and thirty - year treasury bond futures will have wide - range oscillations on November 13, 2025 [36][40]. 3.3 Precious Metal Futures - On November 12, the main contract of gold futures had a slight decline, with weakening upward momentum [40]. - On November 12, the main contract of silver futures rose significantly, hitting a record high [48]. - It is expected that in November 2025, the main continuous contracts of gold and silver futures will have strong wide - range oscillations, and the silver futures will hit a record high. On November 13, 2025, both are expected to oscillate strongly [40][41][49][50]. 3.4 Base Metal Futures - On November 12, the main contracts of copper, aluminum, and tin futures rose slightly, with varying degrees of upward momentum [53][57][61]. - It is expected that in November 2025, the main continuous contracts of copper, aluminum, and tin futures will have strong wide - range oscillations. On November 13, 2025, they are expected to oscillate strongly [53][57][61]. 3.5 Other Commodity Futures - On November 12, the main contracts of polysilicon, lithium carbonate, rebar, hot - rolled coil, iron ore, coking coal, crude oil, fuel oil, and PTA futures showed different trends [65][66][72][75][77][84][89][94][96]. - It is expected that on November 13, 2025, polysilicon and lithium carbonate futures will have wide - range oscillations; rebar, hot - rolled coil, iron ore, coking coal, and PTA futures will oscillate weakly; crude oil and fuel oil futures will oscillate weakly [66][73][75][77][85][89][94][96].

今日周四(11月13日)亚盘时段，白银期货目前交投于12369一线上方，今日开盘于12092元/千克，截至发 稿，白银期货暂报12466元/千克，上涨4.46%，最高触及12520元/千克，最低下探12036元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 哈塞特补充说，他希望在12月的政策会议上实施更大幅度的降息。哈塞特是特朗普点名的候选人之一。 他表示，对鲍威尔在长期政府停摆和好于预期的通胀数据背景下没有采取更激进的降息感到惊讶。 哈塞特说："我认为总统觉得利率可以更低，而我对此表示赞同。"他指出，自己认为有理由进行50个基 点的降息，但预计美联储只会降息25个基点。 哈塞特认为政府关门每持续一周，美国GDP就会减少约150亿美元，并指出9月的通胀数据低于预期。 【最新白银期货行情解析】 沪银达到了12350目标，按照这个周期的上涨趋势来看，目前白银的上涨已经突破了前高，上涨至12550 附近，那么，在趋势的作用下，上涨不猜顶，需要继续看趋势力度，并且没有高点可看。短线来将，今 天的沪银需要继续做多看涨，下方支撑在12300附近，回落这个价位再考虑是否可以做多。 打开APP，查看更多高清行情>> 【要 ...

柯林斯的言论之所以引人注目，是因为她是负责制定利率的联邦公开市场委员会（FOMC）中今年拥 有投票权的委员。她的这番话将她置于利率辩论的"鹰派"阵营，凸显了委员会内部的分歧。正是这种分 歧，导致美联储主席鲍威尔在10月份表示，尽管市场普遍预期降息概率很高，但12月会议降息并非板上 钉钉。 柯林斯在10月份的会议上支持了降息25个基点的决定，但她也暗示，进一步的宽松政策可能会阻碍美联 储降低通胀的努力。 虽然柯林斯称劳动力市场的"疲软值得关注"，但她补充说，通胀率持续高于美联储2%目标的风险，需 要让他们保持谨慎。 波士顿联储主席柯林斯周三表示，在通胀依旧高企、且决策者因政府停摆而苦于数据缺失的情况下，她 不愿很快支持进一步降息。 她表示："在这样的背景下，为经济活动提供额外的货币支持，存在着减缓、甚至可能阻碍通胀回归目 标进程的风险。而且在需求颇具韧性的情况下，就业面临的下行风险虽然存在，但自夏季以来似乎并未 进一步加剧。" 这位美联储官员在她的家乡地区发表讲话时称："从我的基本判断来看，为了在当前高度不确定的环境 中平衡通胀和就业风险，将政策利率维持在现有水平一段时间或许是合适的。我认为，有几个理由让我 们 ...

Core Viewpoint - The economic team at Canada's Scotiabank predicts that inflationary risks from U.S. tariffs will compel the Bank of Canada to initiate interest rate hikes in the second half of 2026 [1] Group 1: Interest Rate Predictions - Scotiabank expects the Bank of Canada to raise the benchmark interest rate by 0.5 percentage points starting in the third quarter of next year [1] - The Bank of Canada recently lowered the benchmark interest rate and indicated that the easing cycle may be over, as it seeks to balance economic growth and inflation control [1] Group 2: Economic Context - The recent rate cut by Scotiabank was described as a precautionary measure against potentially weaker economic outcomes amid uncertainty [1] - The likelihood of initiating a rate hike cycle will depend on the impact of new government spending proposals on the economy [1]

鲍威尔要求美联储监察长办公室启动独立审查。在去年公布的报告中，监管机构指出博斯蒂克违反美联储政策的方式"造成了利用机密信息操作的观 感"，尽管调查未发现其确实实施该行为的证据。 SHMET 网讯：亚特兰大联储主席拉斐尔·博斯蒂克（Raphael Bostic）周三宣布，他将在当前五年任期于明年2月底届满时退休，此举避免了围绕其连任 可能引发的内部争议。 三年前，博斯蒂克因披露个人财务交易未严格遵守高级官员监管规定而受到审查。当时他仍获得了理事会的支持。另有两名联储主席于2021年因财务报 表问题接受审查后辞职。 现年59岁的博斯蒂克于2017年上任，成为地区联储银行历史上首位黑人主席。作为研究住房自有率和房地产金融的经济学家，他曾在奥巴马政府担任住 房政策官员，原本有资格继续担任六年地区联储主席直至65岁强制退休年龄。 博斯蒂克选择此时退休的时机颇为微妙——美联储位于华盛顿的七人理事会必须同意全系统12家地区联储主席从明年3月1日起开启新的五年任期。 在2022年长达七页的纠错信中，博斯蒂克解释其报告疏漏源于对需披露交易范围的困惑。这些违规行为被发现不久后，美联储主席鲍威尔刚刚实施了个 人交易规则的全面改革。 ...

Group 1: Hot News - "Fed Whisperer" Nick Timiraos said the internal division in the Fed has cast a shadow over the rate - cut path, with such a degree of division having few precedents in Fed Chair Powell's nearly eight - year tenure [2] - China Securities Regulatory Commission Vice - Chairman Li Ming stated that on the investment side, efforts will be made to continuously improve the market ecosystem for long - term investment, promote the implementation of the plan to boost the entry of medium - and long - term funds into the market, strengthen strategic force reserves and market - stabilizing mechanism construction, enhance the internal stability of the capital market, and prevent sharp market fluctuations [2] - The China Photovoltaic Industry Association issued a statement on the 12th, clarifying that "all the rumors on the Internet are false information" and vowing to fight against malicious short - selling of the photovoltaic industry [2] - Malaysian trade and industry officials said Malaysia's crude palm oil production in 2025 will increase by 3.4% year - on - year to a record 20 million tons [2] - Citi expects copper prices to continue to rise to an average of $12,000 per ton by the second quarter of 2026 ($14,000 per ton in a bullish scenario), and to trade at around $11,000 per ton for the rest of this year [2] Group 2: Key Focus - Key commodities to focus on are low - sulfur fuel oil, soda ash, coking coal, Shanghai copper, and Shanghai gold [3] Group 3: Night - session Performance - Non - metallic building materials had a night - session increase of 3.32%, precious metals 29.95%, oilseeds 9.49%, non - ferrous metals and soft commodities 2.66% and 23.18% respectively, coal, coke, and steel ore 12.44%, energy 2.91%, chemicals 10.95%, grains 1.20%, and agricultural and sideline products 3.90% [3] Group 4: Asset Performance Equity - The Shanghai Composite Index had a daily decline of 0.07%, a monthly increase of 1.15%, and a yearly increase of 19.34%; the SSE 50 had a daily increase of 0.32%, a monthly increase of 1.09%, and a yearly increase of 13.39%; the CSI 300 had a daily decline of 0.13%, a monthly increase of 0.11%, and a yearly increase of 18.07%; the CSI 500 had a daily decline of 0.66%, a monthly decline of 1.20%, and a yearly increase of 26.50%; the S&P 500 had a daily increase of 0.06%, a monthly increase of 0.16%, and a yearly increase of 16.48%; the Hang Seng Index had a daily increase of 0.85%, a monthly increase of 3.92%, and a yearly increase of 34.21%; the German DAX had a daily increase of 1.22%, a monthly increase of 1.77%, and a yearly increase of 22.46%; the Nikkei 225 had a daily increase of 0.43%, a monthly decline of 2.57%, and a yearly increase of 28.00%; the UK FTSE 100 had a daily increase of 0.12%, a monthly increase of 2.00%, and a yearly increase of 21.27% [5] Fixed - income - The 10 - year Treasury bond futures had a daily increase of 0.02%, a monthly decline of 0.15%, and a yearly decline of 0.37%; the 5 - year Treasury bond futures had a daily increase of 0.03%, a monthly decline of 0.09%, and a yearly decline of 0.54%; the 2 - year Treasury bond futures had a daily increase of 0.01%, a monthly decline of 0.07%, and a yearly decline of 0.49% [5] Commodity - The CRB Commodity Index had a daily decline of 1.43%, a monthly increase of 0.04%, and a yearly increase of 2.00%; WTI crude oil had a daily decline of 4.10%, a monthly decline of 3.83%, and a yearly decline of 18.60%; London spot gold had a daily increase of 1.68%, a monthly increase of 4.79%, and a yearly increase of 59.85%; LME copper had a daily increase of 0.65%, a monthly increase of 0.05%, and a yearly increase of 24.09%; the Wind Commodity Index had a daily increase of 0.37%, a monthly increase of 1.50%, and a yearly increase of 32.59% [5] Other - The US Dollar Index had a daily change of 0.00%, a monthly decline of 0.25%, and a yearly decline of 8.30%; the CBOE Volatility Index had a daily change of 0.00%, a monthly decline of 0.92%, and a yearly decline of 0.40% [5]

Group 1: U.S. Government and Federal Reserve - The U.S. House of Representatives has cleared a procedural hurdle for a funding bill to end the government shutdown, with a vote of 213 in favor and 209 against [1] - Federal Reserve internal divisions are increasing, with Bostic advocating for no rate adjustments due to inflation risks, while Collins suggests maintaining current rates for a period [2][2] - Bostic's retirement announcement adds to the turbulence within the Federal Reserve, as he was the first African American and openly gay regional Fed president [1][2] Group 2: Oil Market - OPEC's monthly report indicates a potential slight oversupply in the oil market by 2026 due to increased global supply [4] - OPEC+ production in October was reported at 43.02 million barrels per day, with a projected global demand of 106.5 million barrels per day by 2026 [4] Group 3: Artificial Intelligence and Technology - Anthropic plans to invest $50 billion in AI infrastructure in the U.S., with initial projects in Texas and New York, creating approximately 800 permanent jobs and 2,400 construction jobs [5] - Cisco has raised its revenue outlook for the fiscal year 2026 to $61 billion, benefiting from the AI hardware investment boom, and has also increased its earnings forecast [9] Group 4: Automotive Industry - Toyota has officially launched a $14 billion battery factory in North America and plans to invest up to $10 billion over the next five years to expand hybrid vehicle production [6] Group 5: Autonomous Vehicles - Waymo has launched a paid highway Robotaxi service in key markets including San Francisco, Los Angeles, and Phoenix, marking a significant step in the autonomous driving industry [7][8] Group 6: Coffee Industry - Luckin Coffee is actively pursuing a return to the U.S. main board listing, as stated by its CEO during a recent event [10]

Market Insights - Russia plans to issue its first sovereign bonds denominated in RMB, with the issuance scale and coupon rate to be determined based on subscription results on December 2, and technical allocation scheduled for December 8 [1] - The U.S. Treasury Secretary revealed that the Trump administration will announce "substantive" new tariff measures in the coming days, including tariff reductions on coffee and bananas, and discussions on providing a $2,000 "tariff rebate" to households earning less than $100,000 [1] - The issuance of U.S. investment-grade bonds in 2025 has surpassed last year's $1.496 trillion, although it remains below the historical peak of $1.75 trillion in 2020. The global bond issuance in 2025 has exceeded $6 trillion, setting a new record [1] - The U.S. Treasury Secretary stated that the auction scale of U.S. Treasury bonds will remain unchanged in the coming quarters, while closely monitoring potential long-term changes in demand for specific U.S. government bonds [1] Economic Policy and Federal Reserve - The White House National Economic Council Director expressed willingness to accept a nomination to replace Powell as Fed Chair, advocating for a significant rate cut of 50 basis points in December [2] - Due to the government shutdown, the October employment report and CPI data may not be released, potentially marking the first time in history that these key economic indicators are missing [2] - The Atlanta Fed President unexpectedly announced retirement at the end of his term in February 2026, which is seen as a move to avoid potential reappointment controversies [2] - The Boston Fed President indicated that the threshold for further rate cuts in the short term is relatively high due to persistent inflation, emphasizing caution in the current uncertain policy environment [2] Energy Market - The International Energy Agency's World Energy Outlook report suggests that global oil and gas demand may continue to grow until 2050, with LNG supply expected to increase by 50% by 2030 [3] - OPEC's latest monthly report predicts a balanced oil market by 2026, maintaining its global oil demand growth forecast at 1.38 million barrels per day for 2026 [3]