Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/12/18 China Futures Daily Note 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Macro News: From Jan to Nov, China's general public budget revenue increased by 0.8%Yo ...

| 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 周三国债期货主力合约全线高开，早盘震荡上行，午后横向波动，截至收盘 30 年 期国债期货主力合约 TL2603 上涨 0.63%，10 年期 T2603 上涨 0.10%，5 年期 TF2603 | | | | | 上涨 0.06%，2 年期 TS2603 上涨 0.01%。 | | | | | 【重要资讯】 | | | | | 1、公开市场：周三央行开展了 468 亿元 7 天期逆回购操作，当天有 1898 亿元逆回 | | | | | 购到期，当日合计净回笼 1430 亿元。 | | | | | 2、资金市场：周三银行间资金市场隔夜利率维持低位，DR001 全天加权平均为 | | | | | 1.27%，上一交易日加权平均 1.27%；DR007 全天加权平均为 1.44%，上一交易日加 | | | | | 权平均 1.45%。 | | | | | 3、现券市场：周三银行间国债现券收盘收益率较上一交易日下行，2 年期国债到期 | | | | TL、T、 | 收益率下行 0. ...

有色商品日报 有色商品日报（2025 年 12 月 17 日） 一、研究观点 | 品 种 | 点评 | | | --- | --- | --- | | | 隔夜内外铜价窄幅震荡，国内精炼铜现货进口维系亏损。宏观方面，11 月美国非农新增 | | | | 就业 6.4 万人，高于市场预期，但 10 月就业数据被大幅下修，失业率升至 4.6%，为 2021 | | | | 年以来最高水平，就业市场正在降温得到美官方数据确认，但能否足以改变美联储对 1 | | | | 月降息的看法仍具有不确定性，但明年 1 月降息概率再回升。另外，美国 12 月 Markit | | | | 综合 PMI 初值 53，低于预期 53.9 和前值 54.2，其中制造业和服务业均低于预期，订单 | | | 铜 | 增长放缓，价格指数攀升。国内来看，中央财办有关负责人表示，扩大内需是明年排在 | | | | 首位的重点任务，明年继续实施适度宽松的货币政策。库存方面，LME 铜库存维持 165875 | | | | 吨；COMEX 铜仓单增加 1652 吨至 412444 吨；SHFE 铜仓单增加 3558 吨至 45784 | 吨； | ...

商 品 研 究 2025 年 12 月 17 日 铂：向上势头偏强 钯：连续破位冲击前高 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | | 485. 75 | | 0. 69% | | | | 金交所铂金 | | 471. 32 | | 0. 96% | | | | 纽约铂主连 | | 1874. 30 | | 3.22% | | | | 伦敦现货铂金 | | 1834. 60 | | 2.76% | | | | 锂金期货2606 | | 423. 85 | | 3. 99% | | | | 人民币现货包金 | | 386. 00 | | 4. 89% | | | 价格 | 纽约锂主连 | | 1,662.50 | | | | | | | | | | 2. 50% | | | | 伦敦现货纪金 | | 1.606.00 | | 2. 13% | | | | | ...

♨博时基金市场异动陪伴 市场表现： MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 ♨博时基金市场异动陪伴 市场表现： 12月16日，沪深三大指数跌超1%，创业板指跌超2%。 12月16日，沪深三大指数跌超1%，创业板指跌超2%。 解析： ‼今日A股市场调整，创业板指数跌幅较深，或是海内外多重压力共同作用的结果。外部看，隔夜美股 因AI概念股持续抛售而收跌，全球科技板块情绪受挫传导至A股相关板块。同时，美联储官员暗示货币 政策已达"良好位置"，叠加日本央行加息预期扰动，全球流动性宽松预期受限，或边际压制成长板块估 值。国内层面，市场正处于重要会议后的政策细则等待期，增量政策的落地节奏尚不明朗。加之临近年 底，部分资金倾向于获利了结或转向防御，市场整体情绪趋于谨慎。 ‼最新公布的11月份宏观经济数据呈现出"外需有韧性，内需待巩固"的复杂图景。一方面，出口同比增 长5.7%，展现出超预期韧性；规模以上工业增加值在装备制造和高技术制造业支撑下保持稳定；CPI同 比涨幅扩大及PPI环比转正，也显示价格压力有所缓解。另一方面，社会消费品零售总额同比增速放 缓，固定资产投资同比降幅扩大，其中房地产开发投资下滑显 ...

By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin (BTC) rebounded to almost $90,000, reversing Sunday's drop to trade largely unchanged over 24 hours. The same can be said for the broader market, with both the CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indexes little changed. The only notable winner is the RAIN token, which has added over 6%. BTC's recovery is consistent with the 0.5% gains in futures tied to the S&P 500 and the Nasdaq, and with the continued weak tone in the dollar. "P ...

Group 1 - The macroeconomic data is under pressure, leading to expected market performance fluctuations [3] - The domestic market showed instability today, with a noticeable pullback, which was anticipated due to the onset of December being a "troublesome autumn" with increased volatility [3] - The National Bureau of Statistics released a series of macroeconomic data that intensified the "pain" in December, particularly regarding housing prices [3] Group 2 - In November, housing prices continued to decline, with first-tier cities experiencing a month-on-month decrease of 1.1%, leading to an annualized decline exceeding 10%, approaching 15% [3] - The decline in housing prices has accelerated, with the drop in November being 0.2 percentage points larger than in October, indicating a worsening trend [3] - The instability in housing prices and unsold properties may trigger a chain reaction, negatively impacting other economic data [3]

Report Title - Copper Weekly Report 20251214 [1] Core Views - The LME copper squeeze and Fed rate cuts boost the market, and attention should be paid to the central bank's decision next Sunday [1] Price Data - The Shanghai copper market is strong, with negative consumption feedback, and the copper spot premium has declined [9] - This week, the LME copper 0 - 3M premium first fell and then rose, with a slight week - on - week decrease [13] Fundamental Data - This week, the average price of the copper concentrate TC index decreased by $0.22/ton week - on - week to - $43.08/ton, still at a low level [15] - According to SMM, the inventory of copper concentrates at ten ports increased by 13,700 tons week - on - week to 763,900 tons [18] - The refined - scrap copper price difference strengthened week - on - week [21] - China's electrolytic copper production in December is expected to increase by 5.96% month - on - month and 6.69% year - on - year [23] - From January to November, the cumulative import volume of unwrought copper and copper products was 4.883 million tons, a cumulative year - on - year decrease of 4.7% [24] - This week, both the spot inventory of electrolytic copper and the bonded area inventory increased week - on - week [27] - LME copper inventory continues to accumulate but the cancellation ratio remains high, and COMEX inventory continues to accumulate [29] - The operating rate of refined copper rods continued to decline week - on - week. The strong market significantly suppressed consumption [31] - From December 1st to 7th, the retail sales of new energy passenger vehicles in the national market decreased by 17% year - on - year and 10% compared with the same period last month [32] - The production of photovoltaic modules in December is expected to continue to decline [35] - The planned production volume of household air conditioners in December decreased by 22.3% compared with the actual production volume in the same period last year [37] Macroeconomic Data - In November in China, the new social financing was 2.49 trillion yuan, the new RMB loans were 390 billion yuan, and the M2 - M1 gap widened [41] - The eurozone's CPI rebounded to 2.2% in November [43] - The Fed cut interest rates by 25 basis points as expected, but three voting members opposed it, and it still expects one rate cut next year [45]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental analysis and technical analysis, the report predicts the trend of today's futures main contracts. Index futures, gold, silver, copper, aluminum, alumina, lithium carbonate, coking coal, soda ash, and methanol futures are likely to have a relatively strong oscillation; pulp futures are likely to oscillate with a relatively strong trend; 30 - year treasury bond and polysilicon futures are likely to have a wide - range oscillation; tin and fuel oil futures are likely to oscillate weakly; rebar, hot - rolled coil, iron ore, and soybean meal futures are likely to have a relatively weak oscillation; and glass futures are likely to oscillate and consolidate [2][3][4][7]. Summary by Related Catalogs Futures Market Outlook - **Stock Index Futures**: On December 10, the main contracts of stock index futures showed different trends. On December 11, they are expected to have a relatively strong oscillation. For the whole of December 2025, they are expected to have a relatively strong wide - range oscillation. For example, IF2512 had a resistance of 4590 and 4614 points and a support of 4555 and 4525 points on December 11 [13][14][15][17][18]. - **Treasury Bond Futures** - **Ten - year Treasury Bond Futures**: On December 10, the main contract T2603 rose slightly. On December 11, it is expected to have a relatively strong oscillation with a resistance of 108.12 and 108.20 yuan and a support of 107.92 and 107.74 yuan [34]. - **Thirty - year Treasury Bond Futures**: On December 10, the main contract TL2603 rebounded. On December 11, it is expected to have a wide - range oscillation with a support of 112.3 and 112.0 yuan and a resistance of 113.1 and 113.6 yuan [37][38]. - **Precious Metal Futures** - **Gold Futures**: On December 10, the main contract AU2602 rebounded slightly. In December 2025, it is expected to have a relatively strong wide - range oscillation. On December 11, it is expected to have a relatively strong oscillation with a resistance of 961.0 and 963.3 yuan/gram and a support of 951.5 and 945.5 yuan/gram [41]. - **Silver Futures**: On December 10, the main contract AG2602 rose significantly. In December 2025, it is expected to oscillate with a relatively strong trend and set a new high. On December 11, it is expected to have a relatively strong oscillation and set a new high, with a resistance of 14419 and 14600 yuan/kg and a support of 14000 and 13892 yuan/kg [47]. - **Base Metal Futures** - **Copper Futures**: On December 10, the main contract CU2601 stopped falling and rebounded. In December 2025, it is expected to oscillate with a relatively strong trend and set a new high. On December 11, it is expected to have a relatively strong oscillation with a resistance of 92500 and 93300 yuan/ton and a support of 91400 and 90700 yuan/ton [52]. - **Aluminum Futures**: On December 10, the main contract AL2602 stopped falling and rebounded. In December 2025, it is expected to oscillate with a relatively strong trend. On December 11, it is expected to have a relatively strong oscillation with a resistance of 22090 and 22230 yuan/ton and a support of 21790 and 21750 yuan/ton [58][59]. - **Alumina Futures**: On December 10, the main contract AO2601 fell weakly. In December 2025, it is expected to oscillate weakly and set a new low. On December 11, it is expected to have a relatively strong oscillation with a resistance of 2525 and 2553 yuan/ton and a support of 2474 and 2460 yuan/ton [64]. - **Tin Futures**: On December 10, the main contract SN2601 rose strongly. In December 2025, it is expected to oscillate with a relatively strong trend. On December 11, it is expected to oscillate weakly with a resistance of 322600 and 324200 yuan/ton and a support of 312300 and 310300 yuan/ton [68]. - **Energy and Chemical Futures** - **Fuel Oil Futures**: On December 10, the main contract FU2601 stopped falling and rebounded slightly. On December 11, it is expected to oscillate weakly with a resistance of 2427 and 2437 yuan/ton and a support of 2350 and 2330 yuan/ton [102]. - **Methanol Futures**: On December 10, the main contract MA601 fell. On December 11, it is expected to have a relatively strong oscillation with a resistance of 2089 and 2104 yuan/ton and a support of 2053 and 2038 yuan/ton [105]. - **Coking Coal Futures**: On December 10, the main contract JM2605 fell. In December 2025, it is expected to have a relatively weak wide - range oscillation. On December 11, it is expected to have a relatively strong oscillation with a resistance of 1083 and 1110 yuan/ton and a support of 1050 and 1039 yuan/ton [90]. - **Polysilicon Futures**: On December 10, the main contract PS2605 fell slightly. On December 11, it is expected to have a wide - range oscillation with a resistance of 56670 and 57350 yuan/ton and a support of 54020 and 52750 yuan/ton [71]. - **Lithium Carbonate Futures**: On December 10, the main contract LC2605 rose strongly. In December 2025, it is expected to have a wide - range oscillation. On December 11, it is expected to have a relatively strong oscillation with a resistance of 97300 and 98800 yuan/ton and a support of 95900 and 93500 yuan/ton [74]. - **Glass Futures**: On December 10, the main contract FG601 fell weakly. In December 2025, it is expected to have a relatively weak wide - range oscillation. On December 11, it is expected to oscillate and consolidate with a resistance of 978 and 984 yuan/ton and a support of 950 and 930 yuan/ton [94]. - **Soda Ash Futures**: On December 10, the main contract SA601 fell weakly. In December 2025, it is expected to have a relatively weak wide - range oscillation and set a new low. On December 11, it is expected to have a relatively strong oscillation and set a new low, with a resistance of 1115 and 1121 yuan/ton and a support of 1080 and 1060 yuan/ton [99]. - **Agricultural Futures** - **Soybean Meal Futures**: On December 10, the main contract M2605 fell slightly. On December 11, it is expected to oscillate weakly with a resistance of 2763 and 2770 yuan/ton and a support of 2738 and 2728 yuan/ton [107]. - **Pulp Futures**: On December 10, the main contract SP2605 fell slightly. On December 11, it is expected to oscillate with a relatively strong trend with a resistance of 5678 and a daily limit of 5696 yuan/ton and a support of 5444 and 5430 yuan/ton [109]. - **Building Materials Futures** - **Rebar Futures**: On December 10, the main contract RB2605 stopped falling and rebounded. In December 2025, it is expected to have a wide - range oscillation. On December 11, it is expected to oscillate weakly with a resistance of 3123 and 3140 yuan/ton and a support of 3075 and 3066 yuan/ton [80]. - **Hot - Rolled Coil Futures**: On December 10, the main contract HC2605 stopped falling and rebounded. On December 11, it is expected to oscillate weakly with a resistance of 3282 and 3298 yuan/ton and a support of 3248 and 3238 yuan/ton [83]. - **Iron Ore Futures**: On December 10, the main contract I2605 stopped falling and rebounded. In December 2025, it is expected to have a wide - range oscillation. On December 11, it is expected to oscillate weakly with a resistance of 770 and 778 yuan/ton and a support of 761 and 758 yuan/ton [86]. Macro News and Trading Tips - There are reports that China is considering restricting the purchase of NVIDIA's advanced H200 chips [8]. - China's November CPI increased by 0.7% year - on - year, hitting the highest since March 2024; the core CPI increased by 1.2% year - on - year. The CPI decreased by 0.1% month - on - month, and the PPI increased by 0.1% month - on - month [8]. - The IMF believes that the Chinese economy shows significant resilience and is expected to grow by 5.0% and 4.5% in 2025 and 2026 respectively [8]. - The Fed cut interest rates by 25 basis points for the third time this year, lowered the federal funds rate target range to 3.50% - 3.75%, and launched a short - term treasury bond purchase plan of about $40 billion per month [9]. - The US government's November budget deficit decreased to $173 billion [11]. - The US third - quarter employment cost index increased by 3.5% year - on - year, hitting a four - year low [11]. - The ECB may raise its economic growth forecast, and the Bank of Canada maintained its benchmark interest rate at 2.25% [10][11]. Commodity Futures Related Information - The SHFE adjusted the daily limit range, margin ratio for hedging positions, and general positions of the silver futures AG2602 contract [11]. - On December 10, international precious metal futures generally rose, crude oil futures rose, and most London base metals rose [12]. - The on - shore RMB against the US dollar rose on December 10, and the US dollar index fell [13][16].

Report Industry Investment Rating No relevant information provided. Core Views of the Report - Gold: Interest rates were cut as expected [2][4]. - Silver: Reached a new high, breaking through 60 [2][4]. - Copper: The decline of the US dollar supported the price [2][8]. - Zinc: Pulled back from a high level [2][11]. - Lead: The reduction in inventory limited the price decline [2][14]. - Tin: Supply was disrupted again [2][17]. - Aluminum: Continued to fluctuate; Alumina rebounded slightly; Cast aluminum alloy followed electrolytic aluminum [2][20]. - Platinum: Faced significant resistance above [2][25]. - Palladium: Trended slightly upward in a volatile manner [2][25]. - Nickel: The structural surplus situation changed, but the conflicting factors in the game remained unchanged; Stainless steel: Both supply and demand continued to be weak, and the cost - support logic was strengthened [2][29]. Summary by Related Catalogs Gold - **Price**: The closing prices of Shanghai Gold 2512, Gold T + D, Comex Gold 2512, and London Gold Spot all rose by 0.51% yesterday, while the night - session prices of Shanghai Gold 2512 and Gold T + D declined slightly [4]. - **Trading Volume and Position**: The trading volume of Shanghai Gold 2512 decreased by 6,955, and the position decreased by 1,834; the trading volume of Comex Gold 2512 increased by 6,122, and the position increased by 1,832 [4]. - **Inventory**: The inventory of Shanghai Gold remained unchanged, while the inventory of Comex Gold decreased by 113,819 (in troy ounces) [4]. - **Spread**: The spread between Gold T + D and AU2512 remained unchanged, and the cost of the spread - arbitrage strategy of buying December and selling June decreased by 0.87 [4]. - **Macro and Industry News**: The Fed removed the total - amount limit for standing repo operations and announced monthly purchases of $40 billion in Treasury bills starting from December 12; Trump criticized the Fed for the small rate - cut amplitude; China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened [4][7]. - **Trend Intensity**: 1 [6]. Silver - **Price**: The closing prices of Shanghai Silver 2512 and Silver T + D rose by 5.59% and 5.72% respectively yesterday, and the night - session price of Shanghai Silver 2512 rose by 0.78% [4]. - **Trading Volume and Position**: The trading volume of Shanghai Silver 2512 increased by 505,812, and the position increased by 33,231; the trading volume of Comex Silver 2512 increased by 2,658, and the position remained unchanged [4]. - **Inventory**: The inventory of Shanghai Silver increased by 24,057 kilograms, while the inventory of Comex Silver decreased by 321,251 (in troy ounces) [4]. - **Spread**: The spread between Silver T + D and AG2510 decreased by 46, and the cost of the spread - arbitrage strategy of buying December and selling June decreased by 11.3 [4]. - **Trend Intensity**: 1 [6]. Copper - **Price**: The closing prices of the Shanghai Copper main contract and LME Copper 3M electronic disk rose by 0.83% and 0.78% respectively yesterday, and the night - session price of the Shanghai Copper main contract declined slightly [8]. - **Trading Volume and Position**: The trading volume of the Shanghai Copper index decreased by 83,947, and the position decreased by 1,936; the trading volume of LME Copper 3M electronic disk decreased by 2,268, and the position increased by 3,241 [8]. - **Inventory**: The inventory of Shanghai Copper decreased by 600 tons, and the inventory of LME Copper decreased by 700 tons [8]. - **Spread**: The LME Copper cash - to - 3M spread decreased by 8.19, and the spot - to - near - month spread decreased by 65 [8]. - **Macro and Industry News**: The Fed cut interest rates by 25 basis points as expected and announced purchases of short - term US Treasuries; China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened; Ivanhoe Mines' Kamoa - Kakula copper mine in the DRC will have lower production in 2026 than in 2024; China's November imports of copper ore and concentrates were 2.526 million tons, with a cumulative import of 27.614 million tons from January to November, a year - on - year increase of 8.0%; the US is negotiating with central African countries to provide over $1 billion for two key mineral and railway projects; Chile's November copper export value increased by 4.57% year - on - year [8][10]. - **Trend Intensity**: 0 [10]. Zinc - **Price**: The closing price of the Shanghai Zinc main contract rose slightly by 0.02%, while the closing price of LME Zinc 3M electronic disk declined by 1.33% [11]. - **Trading Volume and Position**: The trading volume and position of the Shanghai Zinc main contract decreased, and the trading volume and position of LME Zinc also decreased [11]. - **Inventory**: The inventory of Shanghai Zinc decreased by 1,297 tons, while the inventory of LME Zinc increased by 1,650 tons [11]. - **News**: China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened [11]. - **Trend Intensity**: - 1 [11]. Lead - **Price**: The closing prices of the Shanghai Lead main contract and LME Lead 3M electronic disk declined by 0.32% and 1.10% respectively [14]. - **Trading Volume and Position**: The trading volume of the Shanghai Lead main contract increased, and the position decreased; the trading volume of LME Lead increased, and the position decreased [14]. - **Inventory**: The inventory of Shanghai Lead decreased by 202 tons, and the inventory of LME Lead decreased by 1,375 tons [14]. - **News**: The Fed cut interest rates by 25 basis points as expected and announced purchases of short - term US Treasuries; China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened [14][15]. - **Trend Intensity**: 0 [15]. Tin - **Price**: The closing price of the Shanghai Tin main contract rose by 3.30%, and the night - session price declined by 0.51%; the closing price of LME Tin 3M electronic disk rose by 0.40% [17]. - **Trading Volume and Position**: The trading volume and position of the Shanghai Tin main contract increased, and the trading volume of LME Tin 3M electronic disk decreased slightly, while the position increased [17]. - **Inventory**: The inventory of Shanghai Tin decreased by 86 tons, and the inventory of LME Tin increased by 605 tons [17]. - **Spread**: The spread between the spot and the main - contract futures of tin increased by 8,380 [17]. - **Macro and Industry News**: The Fed removed the total - amount limit for standing repo operations and announced monthly purchases of $40 billion in Treasury bills starting from December 12; Trump criticized the Fed for the small rate - cut amplitude; China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened; the AH - share real - estate sector rose sharply on Wednesday afternoon; the Goldman Sachs model showed that the RMB was undervalued by 25% [17][18]. - **Trend Intensity**: 0 [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price**: The closing prices of the Shanghai Aluminum main contract, LME Aluminum 3M, and Shanghai Alumina main contract showed different trends; the closing price of the cast - aluminum - alloy main contract rose [20]. - **Trading Volume and Position**: The trading volumes and positions of the Shanghai Aluminum main contract, LME Aluminum 3M, and Shanghai Alumina main contract changed to varying degrees [20]. - **Inventory**: The inventory of Shanghai Aluminum increased slightly, and the inventory of LME Aluminum decreased; the domestic alumina average price declined [20]. - **Comprehensive News**: The Fed cut interest rates by 25 basis points as expected, with three voting members opposing, and still expected one rate cut next year, and would buy $40 billion in short - term bonds; the US employment - cost increase reached a new low in over four years, and inflation pressure eased [22]. - **Trend Intensity**: 0 for all of aluminum, alumina, and aluminum alloy [22]. Platinum and Palladium - **Price**: The prices of platinum and palladium futures and spot markets showed different trends, with some rising and some falling [24]. - **Trading Volume and Position**: The trading volumes and positions of platinum and palladium futures changed to varying degrees [24]. - **Inventory**: The inventory of NYMEX Platinum decreased by 152 ounces, and the inventory of NYMEX Palladium increased by 7,049 ounces [24]. - **Spread**: The spreads between different platinum and palladium contracts and the spreads between spot and futures changed [24]. - **Macro and Industry News**: The Fed announced purchases of $40 billion in short - term bonds in the next 30 days, cut interest rates by 25 basis points with three dissenting votes, and the dot plot maintained the expectation of one rate cut in each of the next two years; Trump continued to criticize Powell after the rate cut; Indonesia imposed a floating tariff on gold exports, with a maximum rate of 15%; the US seized a Venezuelan oil tanker near Venezuela; Maduro stated that Venezuela was ready to "knock out the teeth of the US" if necessary; the US third - quarter labor - cost growth rate dropped to the lowest in four years [26][28]. - **Trend Intensity**: 0 for platinum and 1 for palladium [27]. Nickel and Stainless Steel - **Price**: The closing price of the Shanghai Nickel main contract declined slightly, and the closing price of the stainless - steel main contract rose [29]. - **Trading Volume and Position**: The trading volumes and positions of the Shanghai Nickel main contract and the stainless - steel main contract changed to varying degrees [29]. - **Industry - Chain Data**: The prices of various products in the nickel and stainless - steel industry chains, such as 1 imported nickel, high - nickel pig iron, and stainless - steel products, showed different trends [29]. - **Macro and Industry News**: The Indonesian forestry working group took over more than 148 hectares of the PT Weda Bay Nickel mining area; China suspended an unofficial subsidy for copper and nickel imports from Russia; the Indonesian Ministry of Energy and Mineral Resources imposed sanctions on 190 mining companies; Indonesia issued a ministerial order regarding the RKAB approval process; Trump threatened to impose a 100% tariff on China and export controls on "all key software"; Indonesia suspended the issuance of new smelting licenses through the OSS platform; safety inspections in Indonesian industrial parks affected the production of some nickel - wet - process projects; New York Fed President John Williams and Fed Governor Stephen Miran made dovish remarks, increasing the probability of a 25 - basis - point rate cut in December [29][32]. - **Trend Intensity**: 0 for both nickel and stainless steel [33].