但如今，股价回落至198.85美元，距离高点跌去42.4%。只用了不到一个季度，高潮变低谷。 AI行情像是一条被不断拉扯的橡皮筋，每一家巨头的财报都是新的张力点。 昨晚，甲骨文又一次把市场的神经狠狠绷紧了。 财报公布后，甲骨文股价盘中一度暴跌16%，市值蒸发超千亿美元，收盘仍蒸发近690亿美元。 风暴眼来自甲骨文那份被市场称作"打破幻觉"的财报，市场对AI、泡沫的担忧情绪又卷土重来。 这家公司在三个月前，9月10日，因为与OpenAI签下高达3000亿美元的AI订单而股价暴涨40%，创下345.22美元历史高位。创始人埃里森更是短暂坐上世 界首富的位置。 全球宏观市场的割裂已经摆上了台面，一边是AI泡沫的纠结与极限拉扯，另一边大宗商品市场正在上演逼空行情。 今年的大宗商品市场，真正让人心里发毛的，不是黄金的新高，也不是铜价的冲天，而是白银这个从不抢戏的"金属二弟"，突然像被按下了加速键，年内 涨幅直接翻倍。 107%的涨幅，比黄金还猛。 | 序号 | 名称 | 年内涨跌幅(%) | | --- | --- | --- | | T | COMEX白银 | 107.15 | | 2 | 韩国KOSPI | 71. ...

12月初，总部位于瑞士的摩科瑞能源集团向伦敦金属交易所（LME）的亚洲仓库发出通知，计划提取超过4万吨铜。按当前价格计算，这批金属价值高达4.6 亿美元。 这只是摩科瑞金属布局的冰山一角。去年加入摩科瑞、负责该公司金属业务快速扩张的科斯塔斯·宾塔斯上周直言不讳地预测："如果世界继续这样发展下 去，美国以外的世界其他地方将失去阴极铜。" 2025 年 12 月，国际大宗商品市场被一则消息引爆：全球顶尖贸易商摩科瑞（Mercuria）启动史上最大规模的铜现货转移行动，计划从伦敦金属交易所 （LME）亚洲仓库提取超过 4 万吨精炼铜，跨洋运往美国本土。 摩科瑞的动作精准且迅猛。12 月 2 日，该公司集中取消 LME 亚洲仓库的铜仓单，单日触发的提货申请量激增至 5.69 万吨，创下自 2013 年以来的最大单日 增幅，其中摩科瑞主导的 4 万多吨占比超 70%，直接占据 LME 总库存的 35%。 这些铜材从新加坡、韩国等亚洲仓库启运，通过远洋货轮分批驶向美国东海岸，目的地直指纽约商品交易所（COMEX）指定交割仓库。 据行业知情人士透露，首批 1.2 万吨铜已在 12 月中旬抵达休斯顿港，后续批次将在月底前完成 ...

白银价格最初的支撑位在55.00美元附近，如果决定性地跌破该区域，可能会为进一步回调50.00美元打 开大门，50日简单移动均线可能会缓冲下行空间。 周五(12月5日)欧盘前，现货白银大涨超2%，步步逼近本周早些时候创下的接近59美元的历史高点。市 场对美联储将在下周会议上降息的预期升温，为银价近期的飙升提供了支撑，交易所交易基金(ETF)的 强劲资金流入正如火上浇油，给这波滚烫的涨势又添了一把柴。 上行方面，如果现货银持续突破58.98美元的历史高位，则将进一步深入未知区域，将瞄准60.00美元。 【要闻速递】 在截至周四的短短四天内，白银ETF的持仓增量就已经超过了自7月以来任何一个完整周的总和。这无 疑是一个强烈的信号，表明尽管市场有声音担心白银涨过头了，但投资者的胃口依然很大。 包括Max Layton在内的花旗分析师在报告中写道，得益于"美联储降息、强劲的投资需求以及实物短 缺"，白银在未来三个月内有望冲上每盎司62美元。 法巴黎银行：预测白银明年年底可能会达到100美元。 【最新白银行情预测】 Pepperstone Group Ltd的研究策略师Dilin Wu表示："这些资金流向能迅速放大价格 ...

受强劲的交易所交易基金（ETF）资金流入推动，白银周五触及新的历史高位。 银价周五一度上涨3.9%，至每盎司59.33美元的历史新高。截止周四的四个交易日内，白银ETF的总增 持量已经超过7月以来任何完整一周的水平，尽管有迹象显示涨势可能已经过度，但这仍是投资者需求 的强烈信号。 受强劲的交易所交易基金（ETF）资金流入推动，白银周五触及新的历史高位。 银价周五一度上涨3.9%，至每盎司59.33美元的历史新高。截止周四的四个交易日内，白银ETF的总增 持量已经超过7月以来任何完整一周的水平，尽管有迹象显示涨势可能已经过度，但这仍是投资者需求 的强烈信号。 Pepperstone Group Ltd．的研究策略师Dilin Wu表示："这些资金流动可以迅速放大价格波动，并触发短 期的逼空行情。"本周大部分时间里，白银的14天相对强弱指数在70这一水平上下来回波动，超过这一 门槛通常意味着交易员会认为超买。 Pepperstone Group Ltd．的研究策略师Dilin Wu表示："这些资金流动可以迅速放大价格波动，并触发短 期的逼空行情。"本周大部分时间里，白银的14天相对强弱指数在70这一水平上下来回波 ...

【环球网财经综合报道】伦敦金属交易所（LME）的铜库存正面临一场大规模流出。最新消息显示，大宗商品贸易巨头摩科瑞 （Mercuria）已计划从LME位于亚洲的仓库提取超过4万吨铜，此举直接导致现货市场供应紧张，并可能进一步推高已处于历史峰 值的铜价。 这导致了一个独特的现象：全球铜的过剩库存几乎全部集中在美国，而世界其他地区的供应则在快速收紧。摩科瑞高管科斯塔斯· 宾塔斯上周警告称，这种趋势可能会抽干美国以外地区的库存，进而推动全球铜价不断攀升。他直言，如果情况持续，"其他地 区将根本没有铜阴极可用"。 贸易流动之外，全球铜矿供应端本身的脆弱性也支撑着市场的紧张情绪。2025年以来，从智利到印尼的一系列矿山生产中断事件 不断加剧供应趋紧。与此同时，主要矿商如嘉能可等已下调产量预期。 在低库存与高现货溢价的环境下，市场神经趋于紧绷。交易员预计，随着12月17日LME合约结算日期临近，如果现货升水进一步 扩大，持有空头头寸的企业将不得不四处寻购实物铜以履行交割义务。这一过程可能再度引发"逼空"行情，从而在短期内剧烈推 高价格。（陈十一） 根据多位知情人士透露及LME数据，摩科瑞已于12月2日取消了相应仓单，计划提 ...

12月5日，最新消息显示，大宗商品贸易巨头摩科瑞（Mercuria）已发出通知，计划从伦敦金属交易所（LME）的亚洲仓库提取大 量铜。 自11月以来，现货升水一路走高，并在周三触及每吨88美元，为10月13日以来最高。相比之下，11月19日市场还处在约35美元"期 货升水"（contango） 的状态。 分析认为，离开LME体系的大部分铜被运往了美国。先前，特朗普政府给予了精炼铜关税豁免。但之后，美国通过《国防生产法 案》将铜列为关键矿产，试图保障自身铜资源供应。 上周，摩科瑞高管Kostas Bintas再度发表看多铜价的预测。他还提到，近期向美国运送金属的热潮可能会抽干世界其他地区的库 存，进而导致全球铜价不停攀升。 四位知情人士透露，摩科瑞已于12月2日取消了仓单，预定提取LME存放在亚洲仓库中的、超过4万吨铜金属。按当前价格计算，这 批铜的价值约为4.6亿美元。 LME当天的数据也显示，其追踪的仓库的铜提货申请量激增50575吨（按吨数计，这是2013年以来的最大增幅），达到56875吨，占 LME总库存的35%。 摩科瑞的行动使得现货铜合约相对于三个月期铜期货价格的溢价（即"现货升水"、现货对期货溢 ...

Investors are hoping to close out the year strong, with momentum on Wall Street's side after the S&P 500 Index (SPX) scored a seventh-straight monthly win. Ulta Beauty Inc (NASDAQ:ULTA) is among the names that may help traders end 2025 with a bang, after landing on Senior Quantitative Analyst Rocky White's list of 25 best stocks to own in December.ULTA is the best of three retailers on the list and takes the third top spot overall, going back 10 years. The equity finished the month higher eight times in the ...

Group 1 - LME copper prices reached a one-week high due to continuous inventory flow to the US, but weak demand outlook from major consuming countries limited the price increase [1] - As of the latest data, LME three-month copper rose by 0.58% to $10,836 per ton, with an intraday peak of $10,884.50, marking the highest level since November 14 [1] - LME registered copper inventory has decreased by 42% this year, with ongoing outflows to COMEX, which recently hit a historical high [1] Group 2 - The LME spot copper contract premium over the three-month forward contract widened to $25 per ton, the highest since mid-October, before narrowing to $10 [1] - Dan Smith, Managing Director of a commodity market analysis firm, indicated that concerns over potential US import tariffs and the outflow of inventory from LME to COMEX have created a sustained short squeeze, leading to artificial scarcity and independent price movement for LME copper [1] - The Yangshan copper premium index, reflecting China's copper import demand, fell by 6% to $32, reaching a four-month low [1] Group 3 - Technically, LME benchmark copper prices broke through the 21-day moving average resistance level, with the support level at $10,828 [2] - Other metals showed mixed performance, with LME three-month aluminum up by 0.12% to $2,815.5 per ton, while lead decreased by 0.10% to $1,982 per ton [2] - Three-month tin rose by 0.23% to $37,470 per ton, nickel fell by 0.04% to $14,690 per ton, and zinc increased by 0.10% to $3,003 per ton [2]

Core Viewpoint - The resolution of the U.S. government shutdown is expected to inject approximately $1 trillion from the Treasury General Account (TGA) back into the economy, providing significant liquidity and potentially leading to a strong market rebound driven by liquidity rather than short covering [1][2][4]. Market Dynamics - The S&P 500 index futures have seen an increase of about $21 billion in open interest, indicating that the current market rebound is primarily driven by new long positions rather than short covering [1][3]. - Institutional investors are currently holding low positions, which could lead to a significant "short squeeze" if the market continues to rise [3][6]. Liquidity and Economic Impact - The TGA balance has surpassed $1 trillion for the first time since April 2021, indicating that over $700 billion has been withdrawn from the market in the past three months [6]. - The end of the government shutdown is expected to release substantial liquidity into the market, potentially leading to a surge in risk assets similar to the "invisible quantitative easing" seen in early 2021 [6]. Sector Analysis - Technology stocks have recently experienced their largest weekly pullback since April, attributed to high valuations, disappointing earnings, and macroeconomic uncertainties [9]. - Consumer sentiment has shifted, with companies failing to meet expectations facing severe penalties, while those exceeding expectations receive minimal rewards [10]. - The industrial sector is also facing volatility, with a lack of strong performance in November and heightened scrutiny on corporate guidance for the future [10].

Group 1 - The resolution of the U.S. government shutdown has led to a significant shift in market sentiment towards optimism, with expectations of a strong market rebound [1] - Approximately $1 trillion is expected to flow back into the economy from the U.S. Treasury General Account (TGA), injecting substantial liquidity into the market [1] - The S&P 500 futures saw an increase of $21 billion in open contracts, indicating a rise in long positions rather than short covering [2] Group 2 - Institutional investors' overall positions remain low, similar to levels seen at the end of September, suggesting potential forced buying if market sentiment reverses [4] - The TGA balance has surpassed $1 trillion for the first time since April 2021, indicating a significant liquidity drain from the market over the past three months [4] - The release of liquidity from the TGA could lead to a large-scale buying spree of risk assets, reminiscent of the "invisible quantitative easing" seen in early 2021 [4] Group 3 - Technology stocks have experienced their largest weekly pullback since April, driven by high valuations and macroeconomic uncertainties [5] - Despite a rebound in major tech stocks, investors face ongoing concerns regarding interest rate policies and the performance of AI investments [5] - Consumer sentiment has shifted, with companies failing to meet expectations facing severe penalties, while those exceeding expectations receive minimal rewards [6] Group 4 - The industrial sector is experiencing increased volatility, with a heightened focus on companies' future guidance amid a lack of strong market performance [6] - Goldman Sachs anticipates the government shutdown will likely end around the second week of November, with key pressure points related to payroll for air traffic and airport security personnel [8]