1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short - term, precious metal prices are expected to maintain a range - bound oscillation and are likely to further stabilize. It is recommended to focus on long - term allocation opportunities of buying on dips after stabilization [5] - In the long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties persist, and the unsustainable US debt and intensifying great - power competition will increase the credit risk of the US dollar in the long run. With central banks' gold purchases continuing, the long - term center of gold prices is likely to move up. Long - term investors are advised to allocate on dips [5] 3. Summary by Relevant Catalogs 3.1 Price and Spread Data - **15 - point price tracking of internal and external gold and silver on November 3, 2025**: London gold spot was at $4017.06 per ounce, London silver spot at $48.86 per ounce, COMEX gold at $4028.00 per ounce, COMEX silver at $48.58 per ounce, AU2512 at 922.58 yuan per gram, AG2512 at 11455 yuan per kilogram, AU (T + D) at 919.58 yuan per gram, and AG (T + D) at 11424 yuan per kilogram. Compared with October 31, 2025, the price changes were 0.2%, - 0.5%, 0.1%, - 0.1%, 0.1%, 0.1%, 0.1%, and 0.3% respectively [4] - **15 - point price tracking of spreads and ratios on November 3, 2025**: Gold TD - SHFE active spread was - 3 yuan per gram, silver TD - SHFE active spread was - 31 yuan per kilogram, gold internal - external (TD - London) spread was 4.32 yuan per gram, silver internal - external (TD - London) spread was - 1022 yuan per kilogram, SHFE gold - silver ratio was 80.54, COMEX gold - silver ratio was 82.91, AU2602 - 2512 was 2.82 yuan per gram, and AG2602 - 2512 was 24 yuan per kilogram. Compared with October 31, 2025, the changes were - 5.4%, - 38.0%, - 10.8%, - 7.8%, - 0.1%, 0.2%, - 7.8%, and - 4.0% respectively [4] 3.2 Position Data - **As of October 31, 2025**: Gold ETF - SPDR was 1039.2 tons, silver ETF - SLV was 15189.81735 tons. COMEX gold non - commercial long positions were 332808 contracts, non - commercial short positions were 66059 contracts, and non - commercial net long positions were 266749 contracts. COMEX silver non - commercial long positions were 72318 contracts, non - commercial short positions were 20042 contracts, and non - commercial net long positions were 52276 contracts. Compared with October 30, 2025, the changes were - 0.11%, 0.00%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% respectively [4] 3.3 Inventory Data - **As of November 3, 2025**: SHFE gold inventory was 87816.00 kilograms, SHFE silver inventory was 658851.00 kilograms. As of October 31, 2025, COMEX gold inventory was 38168047 troy ounces, and COMEX silver inventory was 482438705 troy ounces. Compared with the previous period, the changes were 0.00%, - 1.01%, - 0.20%, and - 0.14% respectively [4] 3.4 Interest Rate, Exchange Rate, and Stock Market Data - **As of November 3, 2025**: The US dollar/Chinese yuan central parity rate was 7.09. As of October 31, 2025, the US dollar index was 99.73, the 2 - year US Treasury yield was 3.60%, the 10 - year US Treasury yield was 4.11%, VIX was 17.44, the S&P 500 was 6840.20, and NYMEX crude oil was $60.88 per barrel. Compared with the previous period, the changes were - 0.02%, 0.19%, - 0.28%, 0.00%, 3.13%, 0.26%, and 0.98% respectively [4] 3.5 Market Analysis - **Market review**: On November 3, the main contract of Shanghai gold futures closed up 0.47% to 922.58 yuan per gram, and the main contract of Shanghai silver futures closed up 0.39% to 11455 yuan per kilogram [4] - **Analysis and short - term outlook**: The new gold tax policy mainly aims to standardize the gold market, strengthen tax supervision, and has limited impact on prices. With factors such as decreased market risk appetite and the ongoing US government shutdown, precious metal prices are in a range - bound oscillation. However, the divergence within the Fed on a December rate cut and the strong US dollar index will suppress the short - term upside of precious metal prices. Short - term precious metal prices are expected to maintain a range - bound oscillation and may further stabilize [5] - **Medium - and long - term outlook**: In the long run, the Fed is in an interest - rate cut cycle, and factors such as global geopolitical uncertainties, US debt issues, and central bank gold purchases will push up the long - term center of gold prices [5]

风险并未消退。美国政府停摆已进入第六周，即将成为历史上最长的停摆纪录，共和党与民主党在预算 谈判中依旧僵持不下。投资者担心，这一政治僵局可能削弱美国经济活动，从而削弱美元支撑。这可能 为澳元提供支撑——尤其若澳洲联储在维持利率不变的同时释放鹰派信号。 美元指数技术分析 从技术上来看，美指周一上涨在100.00之下遇阻，下跌在99.70之上受到支持，意味着美元短线上涨后有 可能保持下跌的走势。如果美指今天上涨在100.00之下遇阻，后市下跌的目标将会指向99.70--99.55之 间。今天美指短线阻力在99.95--100.00，短线重要阻力在100.10--100.15。今天美指短线支持在99.70- -99.75，短线重要支持在99.55--99.60。 周二（11月4日）亚市盘中，美元指数上涨，目前交投于99.972附近，涨幅0.10%，美元指数开盘价 99.872，上一交易日美元指数收盘与99.876。美元指数周二（11月4日）连续第五个交易日走强，涨幅约 0.15%，一度达到100.03的近三个月高点，若此处动能转弱，可能标志ABC平势调整的C浪开启。 继上周美联储意外展现鹰派降息立场后，即将公布的数 ...

Report Title - The report is titled "Shanghai Copper Daily Review 20251104: Stronger US Dollar Index Suppresses Copper Prices" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core View - The report indicates that although China and the US have reached a one - year economic and trade agreement and there are production disruptions in multiple overseas copper mines, the hawkish shift in the Fed's interest - rate cut expectations, a stronger US dollar index, and tighter liquidity may lead to an adjustment in Shanghai copper prices [2] Summary by Relevant Catalog 1. Shanghai Copper Futures Data - On November 3, 2025, the closing price of the active Shanghai copper futures contract was 87,300, with a volume of 150,597 lots, an open interest of 248,762 lots, and an inventory of 40,066 tons. The Shanghai copper basis was - 460, and the SMW 1 electrolytic copper - semi average price was 86,840 [2] 2. London Copper Data - On October 31, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,891.5, and the total inventory of registered and cancelled warrants was 133,600. The LME copper futures 0 - 3 - month contract spread was - 14.44, and the 3 - 15 - month contract spread was 97.5 [2] 3. COMEX Copper Data - On November 3, 2025, the closing price of the active COMEX copper futures contract was 5.051, and the total inventory was 358,486 [2] 4. Supply - Demand Logic - Supply side: There are production disruptions in multiple domestic and foreign copper mines, making China's copper concentrate import index continuously negative, leading to a tight domestic copper concentrate supply - demand expectation. The supply of scrap copper has increased, the processing fees for domestic crude copper or anode plates have risen, and the maintenance capacity of copper smelters in November has decreased month - on - month [2] - Demand side: The capacity utilization rates of refined copper rods, copper wires and cables, copper enameled wires, and copper bars have decreased compared to last week, while the capacity utilization rates of recycled copper rods, copper strips, and copper tubes have increased. The decline in copper prices has stimulated the downstream purchasing sentiment [2] - Inventory side: The social inventory of Chinese electrolytic copper has increased compared to last week, the inventory of LME electrolytic copper has decreased, and the COMEX copper inventory has increased [2] 5. Trading Strategy - Short - term investors can lightly short the main contract on rallies. Pay attention to the support level around 83,000 - 86,000 and the resistance level around 92,000 - 96,000 for Shanghai copper, the support level around 10,200 - 10,500 and the resistance level around 11,500 - 12,000 for London copper, and the support level around 4.5 - 4.8 and the resistance level around 5.5 - 6.0 for US copper [2]

Core Viewpoint - The US dollar index has surpassed the 100 mark for the first time since August 1, driven by factors such as the tapering of interest rate cut expectations from the Federal Reserve [1][1]. Group 1: Dollar Index Movement - As of November 4, the dollar index reached 100.0351, reflecting a daily increase of 0.16% [1][1]. - The recent rise in the dollar index is attributed to the market's changing expectations regarding the Federal Reserve's interest rate cuts [1][1]. Group 2: Market Analysis - According to a report from China International Capital Corporation (CICC), the risk of changes in the pace of interest rate cuts is real, contributing to the dollar's rebound towards its high points from the second half of the year [1][1]. - CICC does not anticipate a significant rebound in the dollar due to the lack of supporting economic data, which limits the Federal Reserve's ability to confirm the end of the rate cut cycle [1][1]. Group 3: Economic Implications - The market's shift away from fully pricing in a December rate cut indicates that the dollar's continued rebound may face challenges [1][1]. - Prolonged government shutdowns could have lasting impacts on the US economy and employment, potentially leading to a reevaluation of the Federal Reserve's interest rate cut timeline [1][1]. - Overall, the dollar's range-bound movement in the second half of the year remains unchanged [1][1].

Group 1: Report Industry Investment Rating - No information provided on report industry investment rating Group 2: Core Viewpoints of the Report - For gold, the short - term and mid - term outlooks are both "oscillation", the intraday view is "oscillation with a slight upward bias", and the reference view is "wait and see" due to Sino - US trade easing and the Fed's hawkish stance [1] - For copper, the short - term and mid - term outlooks are both "rising", the intraday view is "oscillation with a slight upward bias", and the reference view is "bullish in the long - term" because of macro - economic easing, mine production cuts, and a rapid increase in capital attention [1] Group 3: Summary by Variety Gold (AU) - The intraday view is "oscillation with a slight upward bias", the mid - term view is "oscillation", and the reference view is "wait and see" [3] - After the Fed's interest - rate meeting, the gold price stabilized in oscillation. The Fed cut interest rates by 25 basis points as expected, but internal policy differences and Powell's cautious attitude towards future rate cuts were interpreted as hawkish, reducing the market's expectation of a December rate cut. The gold price rebounded despite the Fed's hawkishness and the rising US dollar index, possibly due to short - term market reaction to the exhaustion of negative news. Technically, short - term attention should be paid to the tug - of - war at the $4000 mark [3] Copper (CU) - The intraday view is "oscillation with a slight upward bias", the mid - term view is "rising", and the reference view is "bullish in the long - term" [4] - The copper price weakened in the overnight session, with the main contract price falling below 87,000 and the open interest slightly decreasing. After the October Fed's interest - rate meeting, LME copper dropped significantly. The Fed's hawkish stance cooled the rate - cut expectation, the US dollar index rebounded, which was negative for the copper price. Attention should be paid to the resistance at the 100 mark of the US dollar index. Also, the copper price has risen significantly since late September, facing historical high - level pressure in the short term, and long - position holders have a strong willingness to close positions. Technically, continuous attention should be paid to the support of the 10 - day moving average [4]

#行情 美元指数自8月以来首次重返100关口。10月美联储利率决议，鲍威尔偏派表态浇灭了年末启动宽松周期的预期，同时日本央行植田和男未为12月加息提供指引，保持鸽派观望。 https://t.co/rqmOZalKTJ ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美元指数突破100大关，为8月1日来首次。 风险提示及免责条款 ...

每日经济新闻 每经AI快讯，11月3日纽约尾盘，美元指数涨0.15%报99.87，非美货币多数下跌。欧元兑美元跌0.14%报 1.1520，英镑兑美元跌0.06%报1.3140，澳元兑美元跌0.09%报0.6539。美元兑日元涨0.13%报154.2100， 美元兑加元涨0.33%报1.4057，美元兑瑞郎涨0.44%报0.8081。 ...

Group 1 - The ICE Dollar Index increased by 0.07% to 99.872 points at the end of trading in New York on November 3 [1] - The trading range for the day was between 99.708 and 99.988 points [1]

每经AI快讯，11月3日，美元指数回吐涨幅，最新上涨0.07%，报99.873。 ...