Core Points - The US dollar index decreased by 0.56% on October 10, closing at 98.977 [1] - The euro strengthened against the dollar, with the exchange rate rising to 1.1609 from 1.1547 [1] - The British pound also appreciated, increasing to 1.3346 from 1.3281 [1] Currency Exchange Rates - The US dollar exchanged for 151.72 Japanese yen, down from 153.18 yen [1] - The dollar was valued at 0.8013 Swiss francs, a decrease from 0.8074 francs [1] - The exchange rate for the Canadian dollar was 1.4000, down from 1.4031 [1] - The dollar traded at 9.5216 Swedish kronor, lower than the previous rate of 9.5587 [1]

（文章来源：每日经济新闻） 每经AI快讯，10月10日纽约尾盘，美元指数跌0.57%报98.84，非美货币多数上涨，欧元兑美元涨0.51% 报1.1623，英镑兑美元涨0.44%报1.3361，澳元兑美元跌1.20%报0.6476，美元兑日元跌1.27%报 151.1590，美元兑加元跌0.15%报1.4002，美元兑瑞郎跌0.90%报0.7991。 ...

Core Points - The ICE Dollar Index decreased by 0.57%, closing at 98.966 points on Friday in New York [1] Group 1 - The decline in the ICE Dollar Index indicates a weakening of the dollar against other currencies [1]

新华社纽约10月10日电 美元指数10日下跌。 【纠错】 【责任编辑:马俊卿】 截至纽约汇市尾市，1欧元兑换1.1609美元，高于前一交易日的1.1547美元；1英镑兑换1.3346美元，高 于前一交易日的1.3281美元。 1美元兑换151.72日元，低于前一交易日的153.18日元；1美元兑换0.8013瑞士法郎，低于前一交易日的 0.8074瑞士法郎；1美元兑换1.4000加元，低于前一交易日的1.4031加元；1美元兑换9.5216瑞典克朗，低 于前一交易日的9.5587瑞典克朗。 衡量美元对六种主要货币的美元指数当天下跌0.56%，在汇市尾市收于98.977。 ...

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The strengthening of the US dollar index may slow down the upward pace of Shanghai copper prices, despite expectations of Fed rate cuts, fiscal easing in multiple countries, and disruptions in overseas copper mine production. Pre - existing long positions should be held cautiously, or new long positions can be established after price corrections. Attention should be paid to support and resistance levels for Shanghai copper, London copper, and US copper [2] Group 3: Summary Based on Related Catalogs 1. Market Data Summary - **Shanghai Copper Futures**: On October 9, 2025, the closing price of the active contract was 86,750, up 3,640 from the previous period. The trading volume was 137,816 lots, a decrease of 18,253 lots. The open interest was 221,715 lots, an increase of 7,856 lots. The inventory was 29,703 tons, an increase of 2,880 tons. The Shanghai copper basis was - 1,010, a decrease of 1,140 [2] - **SMM Copper - related Prices**: The average price of SMM 1 electrolytic copper was 85,740, up 2,500. The average price of SMM flat - copper premium/discount was - 5, an increase of 25. The average price of SMM premium - copper premium/discount was 80, an increase of 10 [2] - **London Copper**: The closing price of LME 3 - month copper futures (electronic trading) on October 9, 2025, was 10,776.5, up 75.5. The LME copper futures 0 - 3 - month contract spread was - 24.9, an increase of 4.62. The LME copper futures 3 - 15 - month contract spread was 94.17, an increase of 24.45 [2] - **COMEX Copper**: The closing price of the active copper futures contract on October 9, 2025, was 5.14, up 0.051. The total inventory was 661,883, an increase of 4,585 [2] 2. Important Information - It is expected that by 2025, the top 20 global copper mines will contribute about 36% of global production, but most mines face geological, operational, and social challenges. BMI has significantly raised the forecast of the copper supply gap in 2026 from 72,000 tons to 400,000 tons. Citibank warns that if copper prices cannot effectively stimulate new production capacity, a supply shortage may occur in 2027 [2] 3. Long - Short Logic - **Supply Side**: There are disruptions in the production of multiple copper mines at home and abroad, leading to a negative China copper concentrate import index, tightening the supply - demand expectations of domestic copper concentrates. The expected increase in scrap copper supply has led to a slight increase in the processing fees of domestic crude copper or anode plates, and the maintenance capacity of copper smelters in October has increased month - on - month [2] - **Demand Side**: The sharp rise in copper prices has made downstream buyers purchase mainly based on rigid demand [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 inventory of COMEX copper has increased [2] 4. Trading Strategy - Hold pre - existing long positions cautiously or establish new long positions after price corrections. Pay attention to the support level of 77,000 - 80,000 and the resistance level of 86,000 - 89,000 for Shanghai copper, the support level of 9,500 - 10,200 and the resistance level of 11,000 - 12,000 for London copper, and the support level of 4.0 - 4.5 and the resistance level of 5.5 - 6.0 for US copper [2]

Group 1 - The geopolitical tensions that previously supported gold and silver prices have temporarily eased due to the ceasefire agreement between Israel and Hamas, which is seen as a significant step towards ending the ongoing conflict [3] - The agreement, facilitated by the United States, Egypt, Qatar, and Turkey, includes the release of hostages and increased humanitarian aid to Gaza, leading to a reduction in market risk aversion and downward pressure on precious metal prices [3] - The strong rise of the US dollar index to a nine-week high, alongside a decline in oil prices and stable US 10-year Treasury yields, has further compounded the pressure on gold and silver prices [3] Group 2 - Despite a short-term technical correction in precious metals, the overall bullish trend remains intact, indicating that gold and silver are still in an accelerating "mature bull market" [4] - The recent upward momentum in gold prices reflects investor demand for hedging against inflation and geopolitical risks, as well as a reassessment of the US dollar and Federal Reserve policy [4] - The alternating dominance of risk appetite and risk aversion suggests that gold and silver prices may maintain a high volatility pattern, with profit-taking becoming a regular occurrence [4]

Core Viewpoint - The recent surge in silver prices, reaching a historical high of $48.86 per ounce, is driven by rising gold prices and a strong rebound in the US dollar index, which has negatively impacted gold's attractiveness to overseas buyers [1][3]. Group 1: Market Dynamics - The US dollar index rose by 0.5% on Thursday, marking its fourth consecutive day of gains, reaching a near two-month high of 99.55 before closing at 99.37 [1]. - The Federal Reserve's hawkish comments have supported the dollar, while the market's expectations for rate cuts have cooled, with traders anticipating a 95% probability of a 25 basis point cut in October and 80% in December [3]. - The US Treasury market's volatility has added pressure to the gold market, with the 10-year Treasury yield rising by 1.7 basis points to 4.148% and the 30-year yield increasing by 0.8 basis points to 4.732% [3]. Group 2: Long-term Outlook - Despite short-term corrections, the long-term bullish outlook for gold remains intact, driven by reserve diversification and increasing global sovereign debt [4]. - Factors such as strong central bank buying, increased ETF inflows, and economic uncertainties related to tariffs continue to support gold prices, which have risen by 52% this year [4]. - Silver's supply tightness and potential industrial demand growth in a recovering global economy may further amplify its price increases [4]. Group 3: Trading Strategies - Current silver market conditions indicate a price consolidation phase, with support around $48.05 and potential trading strategies involving light positions near support and resistance levels [8]. - Suggested trading strategy includes entering long positions around $48.39 with a stop loss at $47.90 and a take profit target between $49.00 and $49.60 [8].

Core Viewpoint - The article highlights a significant decline in technology and AI-related stocks, with the market experiencing a shift towards dividend and brokerage stocks, indicating a potential change in market dynamics and investor sentiment [1][3][4]. Market Performance - On October 10, early trading saw a collective drop in AI and new energy stocks, with the ChiNext Index falling over 3% and the STAR Market Index dropping more than 4%. The average stock price in A-shares declined by over 1%, while the A50 index fell by more than 1.5% [1][3]. - Conversely, the dividend sector saw a rise, with the dividend index increasing by over 1% and brokerage stocks rising by 1.4%, indicating a rotation of funds from high-growth sectors to more stable investments [3][4]. Reasons for Market Shift - Analysts attribute the market adjustment to three main factors: 1. Increased uncertainty in the market regarding the AI bubble and ongoing trade tensions [4]. 2. High valuations triggering financing rules, leading to a shift in funds from overvalued stocks to undervalued ones. For instance, the STAR Market Index's P/E ratio exceeded 196 times, while the dividend index stood at 7.53 times [4]. 3. A strong US dollar index, which recently surpassed 99, negatively impacting equity assets [4][5]. Future Market Outlook - Analysts suggest that for a sustained bull market, corporate earnings must keep pace with stock prices. The recent market surge was seen as a reaction to favorable events during the holiday period, but a correction is anticipated following such a spike [7]. - Key macroeconomic themes to watch in October include potential US government shutdowns, policy adjustments from Japan's new prime minister, significant meetings in China, and shifts in trade dynamics and AI industry development [7]. Market Style Changes - Historical patterns indicate that once a bull market is established, dominant styles can prevail for 2-3 years, with past bull markets showing style rotations. However, the current rapid pace of asset revaluation due to advanced networking may lead to quicker and more volatile style changes [8].

Group 1 - Precious metals prices continued to rise, with COMEX gold futures down 1.95% at $3991.10 per ounce and COMEX silver futures down 2.73% at $47.66 per ounce; Shanghai gold rose 4.5% to ¥913.76 per gram, and Shanghai silver rose 2.3% to ¥11169 per kilogram [1] Group 2 - The U.S. government faces difficulties in resolving the shutdown, with the Senate rejecting funding bills seven times; Trump threatens to cut Democratic projects, while Republican leaders deny plans for drastic measures [2] - The U.S. Labor Department has recalled some employees to prepare for the critical September CPI inflation report [2] Group 3 - Federal Reserve Governor Barr emphasized inflation risks and stated that interest rate cuts should be approached with caution [3] Group 4 - Federal Reserve's third-in-command Williams expressed support for further interest rate cuts this year, stating that the economy is not on the brink of recession; the dollar index rose 0.6% to near a two-month high, making dollar-denominated gold relatively expensive for overseas buyers [4] - Data from the Depository Trust & Clearing Corporation (DTCC) indicated that this week, daily bullish dollar structured trades exceeded bearish positions, showing a rapid shift in market confidence towards supporting the dollar [4] Group 5 - A ceasefire agreement was signed between Israel and Hamas, marking the first phase of U.S. President Trump's initiative to end the Gaza conflict; Hamas announced the agreement to end the war, ensure Israeli withdrawal, and facilitate the exchange of hostages and prisoners [4]

美元指数重返99，且以色列和哈马斯达成停火协议后的获利了结，现货黄金一度较历史高位跌超100美元，最终收跌1.62%，收报3976.19美元/盎司。 ...