Core Viewpoint - The global precious metals market experienced a historic surge, with silver prices rising significantly and setting new records, indicating a strong speculative interest and underlying industrial demand [2][4][13]. Group 1: Price Movements - Silver surged by 10%, reaching a peak of $79.405 per ounce, with an annual increase exceeding 170% [4]. - Spot gold hit a record high of $4549 per ounce, while NYMEX platinum rose by 11.84%, also achieving a historical peak [4]. Group 2: Market Behavior - A notable increase in trading activity was reported, with a jeweler in Hangzhou stating that customer transactions for silver have surged, reflecting a "frenzy" in buying behavior [12]. - A customer reportedly bought 5 kilograms of silver at 15 yuan per gram and sold it for 19 yuan per gram within a week, making a profit of 20,000 yuan [12]. Group 3: Underlying Factors - The current surge in silver prices is attributed to a combination of a loose monetary environment, geopolitical risks, and increased industrial demand, particularly from the solar energy and electric vehicle sectors [13]. - The World Silver Association reported a continuous supply shortage in the market, with a projected cumulative shortfall of approximately 25,500 tons from 2021 to 2025 [13]. Group 4: Market Risks - Despite the long-term support from green energy demand, silver prices are at historical highs, which may suppress future demand. The current price levels may have already factored in optimistic expectations, leading to potential risks of a price correction [13].

Market Overview - The global precious metals market experienced a historic surge, with silver rising by 10% to a peak of $79.405 per ounce, marking an annual increase of over 170% [1] - Spot gold reached $4549 per ounce, setting a new historical high, while NYMEX platinum rose by 11.84%, also achieving a record [1] Price Movements - Current prices and changes for key metals include: - Spot platinum: $2459.50, up 10.39% with a year-to-date increase of 172.07% [1] - Spot lithium: $1925.00, up 11.69% with a year-to-date increase of 111.89% [1] - London silver: $79.329, up 10.47% with a year-to-date increase of 174.62% [1] - London gold: $4532.505, up 1.19% with a year-to-date increase of 72.72% [1] - NYMEX aluminum: $2060.50, up 14.04% with a year-to-date increase of 126.55% [1] Market Dynamics - The recent surge in silver prices is attributed to a combination of factors, including a loose monetary environment, geopolitical risks, and increased industrial demand, particularly from the solar energy sector [1][15] - The World Silver Association reports a continuous supply shortage in the market, with a projected cumulative shortfall of approximately 25,500 tons from 2021 to 2025 [15] Investor Behavior - There has been a notable increase in retail trading activity, with reports of customers profiting significantly from recent price movements in silver [11][13] - Some investors express concerns about the sustainability of the current price levels, indicating a potential for market corrections [13][15]

Core Viewpoint - The recent volatility in platinum and palladium futures prices is attributed to regulatory actions, external market declines, and profit-taking by investors, leading to a significant divergence in their price movements [2][5]. Group 1: Market Performance - Platinum futures experienced a substantial increase, rising over 15% from the day's low and closing up more than 4%, while palladium futures saw a significant decline, ending with a 7.65% drop, marking the worst performance in the domestic commodity futures market [2]. - On the NYMEX, platinum and palladium futures ended their previous upward trend with declines of 0.63% and 6.90%, respectively [3]. Group 2: Market Analysis - Analysts suggest that the recent price adjustments for platinum and palladium are a normal correction, as previous price increases were driven by macroeconomic factors, supply-demand imbalances, and investor sentiment, which led to prices detaching from fundamental support [5]. - The decrease in market liquidity due to the upcoming Christmas holiday has intensified profit-taking pressures, contributing to the price drop [5]. Group 3: Future Outlook - Most institutions predict that platinum and palladium will enter a phase of high volatility and wide fluctuations, with differing long-term fundamental expectations for each metal [10]. - Platinum is expected to have upward potential due to its diverse demand structure and the likelihood of supply shortages continuing into 2026, while palladium's demand is more concentrated and may face challenges from the rise of electric vehicles [11].

文 |小戎 哈喽，大家好，小戎这篇国际评论，主要来分析近期黄金、白银等贵金属价格狂飙创历史新高，涨势传 导全球，背后多因素共振推动的市场态势。 家人们谁懂啊！今年的贵金属市场直接开了"狂飙"模式，黄金、白银、铂金跟比赛冲终点似的，一个个 全都突破历史新高，这涨势看得人目瞪口呆！ 在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容 全球都在抢贵金属？ 先看黄金大哥，直接干到4500美元/盎司的新高度，今年以来涨了超三分之二，眼看就要创下1979年以 来的最佳年度战绩。 这波操作纯属"天时地利人和"：地缘政治一闹，大家赶紧囤黄金避险；各国央行疯狂买入当"压舱石"， 连黄金ETF都成了香饽饽，除了5月全月都在吸金。 说白了就是大家怕全球债务太多，钱不值钱，纷纷把黄金当成"硬通货保险箱"，不过要注意，最近买黄 金ETF的多是散户，这些钱来得快去得也快，金价可能还会"上蹿下跳"，但高盛都预测2026年能涨到 4900美元，这是把"多头剧本"都写好了啊。 再看铂金小弟，更是黑马中的黑马！ 涨到2300美元/盎司就算了，还连涨10个交易日，今年累计涨幅超150%，准备冲击198 ...

新能源及有色金属日报 | 2025-12-25 铜价走高 持货商集中抛售 市场要闻与重要数据 期货行情： 2025-12-24，沪铜主力合约开于 94850元/吨，收于 96100元/吨，较前一交易日收盘2.31%，昨日夜盘沪铜主力合约 开于 95,910元/吨，收于 95,020 元/吨，较昨日午后收盘下降0.25%。 现货情况： 据 SMM 讯，昨日SMM电解铜现货对当月2601合约贴水380至240元/吨，均价贴水310元/吨，较昨日下跌95元。1# 电解铜价格为94420-94690元/吨。早盘沪铜主力合约于94800-95230元/吨区间窄幅整理，尾盘回落至93800元附近。 铜价再创历史新高，一度突破95000元大关。受年末资金压力影响，持货商早市集中抛售，市场买盘乏力，主流平 水铜贴水已降至300元/吨以下，为今年5月下旬以来首次。高铜价已导致部分下游企业停产，预计今日贴水或将继 续扩大。 重要资讯汇总： 宏观与地缘方面，地缘方面，乌克兰总统泽连斯基公布俄乌"和平计划"草案20点细节，包括乌克兰加入欧盟、向 乌克兰提供类似北约第五条集体防御条款的保障、乌克兰将尽快举行选举等。但关键的领土问题仍未 ...

来源：市场资讯 （2025 年伦敦金属交易所各类金属相对表现） 关税扰动进一步加剧了不同金属品种面临的供应风险差异，也解释了今年各类金属价格走势分化显著的 原因。 ——铜博士的 "双重面孔" 本月，伦敦金属交易所三个月期铜价格持续刷新历史高点，向每吨 12,000 美元关口发起冲击。 （来源：要钢网） 供应中断与贸易关税引发的市场重构，成为定义今年伦敦金属交易所（LME）基本金属市场格局的核 心主题。 尽管市场需求面难言乐观，但供应链承压仍推动涵盖六种基本金属期货合约的伦敦金属交易所指数攀升 至 2022 年历史峰值以来的最高水平。2022 年正是俄乌冲突爆发的年份。 今年市场的动荡则源于另一重因素 —— 全球市场正艰难应对美国前总统唐纳德・特朗普政府反复无常 的关税政策。 金融市场虽已从 4 月 "关税新政发布日" 引发的暴跌中企稳，但美国针对铝产品的定向关税，以及拟对 铜产品加征关税的潜在威胁，正引发全球金属贸易格局的结构性剧变。 芝加哥商品交易所（CME）的美国铜期货合约价格走势更为强劲，其定价已计入精炼铜进口可能加征 关税的预期。特朗普政府虽已将相关决议推迟至明年年中，但事实证明，关税威胁本身对市场造 ...

【ccmn.cn摘要】降息预期重燃叠加油价大涨推动，隔夜伦锌收涨1.2%；沪锌供应收缩预期增强，社库 持续去化，现货升水及下游逢低补库增多，今现锌或上涨。 基本面方面，沪锌供应收缩预期增强。国内11月锌精矿产量31.14万吨，较10月减少1.94万吨，北方部分 矿山进入冬季减产阶段。同时，内外比价不佳使锌矿进口亏损较大，进口量缩减。11月后，冶炼厂有原 料备货需求，对国产矿抢购情绪高涨，推动锌矿加工费快速下调。世界金属统计局（WBMS）最新报 告显示，2025年10月，全球锌板产量119.28万吨，消费量121.96万吨，供应短缺2.67万吨。库存上，国 内锌锭库存持续下降，上期所数据显示，12月12日当周，沪锌库存继续减少，周度降幅达12.34%，降 至三个半月以来最低位。不过，12月17日起国内天津启动环保预警，车辆运输受限，镀锌企业生产将受 影响，拖累沪锌走势，但整体沪锌下方支撑较强。现货市场方面，尽管终端处于淡季、现货消费一般， 但持货商挺价，社库持续去化，现货升水且下游逢低补库增多。此外，现货加工费持续下跌，炼厂亏损 扩大，供应持续收缩预期将减缓锌价调整节奏与空间。 综合来看，短期预计今日现货锌价呈 ...

放眼全年，现货白银、铂金、钯金今年累计涨幅分别达到128%、112%、80%，走出了一轮波澜壮阔的 牛市行情。 业内人士指出，在宏观宽松预期升温、现货供应持续偏紧、资金情绪共振等多重因素推动下，贵金属市 场的上涨逻辑正在不断强化。其中，白银被认为正经历一轮典型的"逼空式"行情，而铂、钯则在供应缺 口与工业需求支撑下迎来价值重估。 美东时间17日，道指和标普500指数四连阴。地缘政治紧张局势升级，引发避险需求升温，推动黄金、 白银、铜、铂金、钯金等贵金属全线走高。铂金连续第五个交易日上涨，触及2011年以来的最高水平。 钯金也继续上涨。受此影响，全球最大白银ETF--iShares Silver Trust跃升3%，创下历史新高。 01 宏观共振：美元示弱与"鸽派"预期 铂金、钯金行情的爆发并非孤立事件，而是贵金属板块在宏观环境转暖下的整体市场风险收益体现。 宏观方面，市场正在积极交易美联储的政策转向，11月非农就业数据低于市场预期，市场降息预期走 强，铂钯作为贵金属一族，总体存在较强的宏观属性，在总体风险偏好走强、以金银为代表的贵金属价 格大涨的背景下，宏观强力推动铂钯呈现阶段性走强。 另一方面，针对下任美联 ...

Core Viewpoint - Kingston believes that the prices of solid-state drives (SSDs) will continue to rise, urging consumers to purchase immediately to avoid higher costs in the future [1][2][3]. Group 1: Price Trends - NAND flash prices have increased by 246% since Q1 2025, with 70% of this increase occurring in the last 60 days [1]. - The current price increase rate is unprecedented in Kingston's 29-year history [4]. - Kingston's pricing strategy has been adjusted due to NAND flash memory accounting for 90% of the material costs in SSDs [1]. Group 2: Market Demand - There is a significant supply-demand imbalance for memory modules and mechanical hard drives, leading to price increases of up to several times [1]. - While SK Hynix predicts limited growth in consumer SSD demand, Kingston anticipates that enterprise SSD demand will rise, potentially affecting consumer SSDs but to a lesser extent [1]. - Kingston plans to fill the market gap left by Micron's exit from the consumer memory and SSD market, focusing on distribution channels [5]. Group 3: Future Outlook - Kingston's business manager does not foresee a drastic price drop in the near term, despite hopes that supply shortages will not last long [5].

伦敦时间12月17日17:00(北京时间12月18日01:00)，LME三个月期铜上涨145美元，或1.25%，收报每吨 11,737美元。 | | 12月17日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 | 张跃 张默幅 | | 三个月期铜 | 11,737.00 1 | +145.00 +1.25% | | 三个月期铝 | 2,905.50 ↑ | +29.00 ↑ +1.01% | | 三个月期锌 | 3,073.50 ↑ | +32.00 ↑ +1.05% | | 三个月期铅 | 1.960.00 ↑ | +18.00 ↑ +0.93% | | 三个月期镍 | 14,392.00 1 | +129.00 ↑ +0.90% | | 三个月期锡 | | 42,275.00 ↑ +1,250.00 ↑ +3.05% | LME期铜今年迄今已上涨约34%，并在近几周连续创下纪录高位，主要因市场担心矿山生产中断将导致 明年供应出现缺口。 ING大宗商品策略师Ewa Manthey表示："铜市场的基本面仍然吃紧。""股市更广泛的风险偏好情绪正向 金属 ...