今日周三(12月17日)亚盘时段，国际白银目前交投于65.40一线上方，今日开盘于63.72美元/盎司，截至发稿，国际白银 暂报65.78美元/盎司，上涨3.20%，最高触及65.98美元/盎司，最低下探63.63美元/盎司，目前来看，国际白银盘内短线 偏向看涨走势。 【要闻速递】 财经网站分析师Eamonn Sheridan表示，国际现货白银价格飙升至历史新高，不断变化的市场动态正推动这种工业金属 的表现远远超出历史常态。在今天早盘交易中，现货白银涨至每盎司65美元以上的，突破此前纪录高位，创2025年大 宗商品中最强劲的反弹之一。 分析师Avi Gilburt表示，白银已达到其长期目标的最低门槛，只要支撑保持，涨势仍有空间继续上涨，"我理想的目标 大约是75到80美元。"白银是否能达到该区间，很大程度上取决于年底市场的表现。向43至47美元区间的可控回调，可 能为最终爆发反弹提供技术结构。"如果我们能达到75到80美元，那可能就是最后的吹风顶。" 【最新国际白银行情解析】 银价在亚洲交易时段上涨近3%，接近66.00美元。20期指数移动平均线(EMA)上升至63.28美元，价格保持在均线之上， 短期走势保 ...

Core Viewpoint - The price of spot silver has surpassed its previous historical high of $64.658 per ounce, reaching above $65, driven by a continuous supply shortage in the global silver market for the fifth consecutive year [1]. Supply and Demand - The World Silver Association's November report predicts that global silver demand will reach 1.12 billion ounces by 2025, while supply is expected to be around 1.002 billion to 1.018 billion ounces, resulting in a supply gap of approximately 100 million to 118 million ounces [1]. - Industrial applications of silver, particularly in photovoltaic, electric vehicles, and artificial intelligence infrastructure, are driving demand, which supports the price of silver [1]. - The silver usage in the global photovoltaic industry is projected to reach 7,560 tons by 2025 [1].

格隆汇12月12日｜受美联储本周降息及明年进一步宽松政策预期提振，铜价飙升至历史新高。今年以来 铜价累计上涨近35%。澳新银行分析师指出："利率下调与经济增长加速的双重效应将提振铜需求。"此 轮涨势还受到持续供应紧张担忧的推动——美国铜库存高企及今年多起矿山停产事件加剧了市场担忧。 盛宝银行分析师指出，"铜价持续上涨，这表明当前铜市走势主要受供应限制以及能源转型和人工智能 相关基础设施需求驱动。" ...

智通财经APP获悉，由于交易员押注美联储将进一步放宽货币政策且供应持续紧张，现货白银在周二突破60美元/盎司这一重要关口后于周三延续涨 势，再度刷新纪录高位。截至发稿，现货白银涨逾1%，报61.30美元/盎司。 多重因素推动白银强势上涨 白银价格今年迄今已上涨逾一倍。作为对比，尽管黄金今年也上涨了60%并突破4200美元大关，但在涨幅力度上仍逊色于白银。这导致金银比价降 至70倍以下，为2021年7月以来首次。 在白银今年上涨逾一倍的同时，也有一些人担忧，白银在如此大幅的上涨之后将走向令人失望的结局。这些看跌情绪基于历史经验，毕竟在1980年 和2011年两度创下纪录高位后，白银曾随后迅速暴跌。 资深策略师Mike McGlone上周表示，白银今年价格翻倍的惊人涨势"有些令人不安"。他指出，鉴于白银的高波动性，其价格可能飙升至每盎司75美 元，也可能回落至每盎司40美元。他指出，白银历来容易出现极端涨势——当前价格已比其五年平均水平高出83%——而从历史来看，这种涨势往 往结局不佳。他警告称，白银年市场波动率约为30%，这意味着明年价格若出现一个标准差的波动，就可能推动白银涨至每盎司75美元的高位，或 跌至每 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The game of supply shortage has cooled down, and the expectation of interest rate cuts supports the prices of gold and silver [1] - The silver price rally stopped after the sentiment cooled down, but the supply shortage hype will continue to occur repeatedly [59] - Before the Fed's December meeting, the prices of gold and silver will be continuously supported by the interest rate cut expectation and remain strong. After the meeting, the prices may face downward pressure in the short - term [59] - The overall upward trend of gold and silver prices remains unchanged in the long - term, but they may face short - term highs after the Fed meeting [59] 3. Summary According to the Table of Contents 3.1 Market Review - There are various charts showing the historical data of gold and silver, including the position and trading volume of Shanghai gold and silver indices, price spreads, US dollar index, US Treasury yields, and spot gold - silver ratios [13][15][23] 3.2 Logical Analysis - The expectation of a Fed interest rate cut in December continued to rise, reaching 89.2%. The latest "dot plot" showed a stronger dovish signal [33][38] - The supply shortage hype of COMEX silver 12 - contract led to a sharp rise in the silver price, but the possibility of a short squeeze in the New York market is limited [59] - The recovery of the technology sector and the optimistic expectation of the Politburo economic meeting support the silver price [59] 3.3 Fundamental Data - Macroeconomic data of the US, such as GDP growth rate, import and export volume, trade balance, and various PMI indices, are presented [32] - Inflation data including CPI, core CPI, PCE, and core PCE are provided [32] 3.4 Position Data - The long and short positions and net positions of the top 20 in Shanghai gold and silver increased on December 5, 2025, compared with the previous day [42][43] - CFTC data shows that the net long positions of gold and silver decreased significantly as of October 28 [44] - Gold and silver ETF holdings increased overall but decreased the day before [48] - Shanghai gold and silver inventories continued to increase, COMEX gold inventory decreased, and COMEX silver inventory stopped falling and rebounded slightly [53][54] 3.5 Summary - The prices of gold and silver are affected by factors such as interest rate cut expectations, supply shortage hype, and macro - economic conditions [59] - Although the long - term upward trend remains unchanged, they may face short - term downward pressure after the Fed meeting [59]

【环球网财经综合报道】据Financial Times等外媒报道，在供应短缺与投资者需求激增的双重推动下， 白银价格近日迎来历史性突破，首次站上每盎司60美元关口。当地时间周二，银价上涨4%，收于每盎 司60.4美元，刷新历史纪录。与此同时，黄金亦上涨0.7%，报每盎司4216美元，接近10月份创下的高 位。 自今年1月以来，白银价格已累计上涨逾一倍。多年持续的供应不足，叠加工业用户与投资者需求的强 劲拉动，导致10月份市场出现短缺，供应面持续紧张。 白银兼具珠宝、硬币与投资属性，而近年来其在工业领域的应用需求亦显著增长，尤其在电子产品与太 阳能电池板制造中扮演重要角色。与黄金不同，白银主要作为其他矿产的副产品被开采，矿商难以快速 响应需求上升，进一步加剧供应压力。 值得注意的是，近几个月因市场担忧美国可能对白银加征关税，美国方面积累了大量库存，令其他地区 供应更为紧张。尽管近期库存略有回落，但纽约商品交易所（Comex）的白银库存仍维持在约4.56亿盎 司，为历史平均水平的三倍以上。美国预计将在未来几周公布针对关键矿物质的第232节审查结果，可 能提出包括白银在内的新商品关税措施。今年，美国已将白银列入其关 ...

今年以来，白银涨幅已接近110%，远超黄金60%涨幅，导致金银比价降至70倍以下，为2021年7月以来首次。美联储降息预期、供应短缺，以及因被列 入美国"关键矿产"清单引发的囤积效应等因素，共同推升白银价格走高。 受美联储降息预期升温、全球供应紧张加剧以及被列入美国关键矿产清单等多重因素推动，白银价格周二强势突破每盎司60美元关口，创下历史新高。 今年以来，白银涨幅已接近110%，表现远超黄金和铂金。 纽约期货价格上涨4.4%，至每盎司60.97美元，盘中一度触及每盎司61.06美元的高点；现货价格上涨3.9%，至每盎司60.46美元，盘中一度触及每盎 司60.50美元。 作为对比，尽管黄金今年也上涨了60%并突破4200美元大关，但在涨幅力度上仍逊色于白银，导致 金银比价降至70倍以下，为2021年7月以来首次。 引发本轮行情的直接导火索是美联储的货币政策会议。市场普遍押注美联储将在本周三结束的会议上宣布降息25个基点。更为关键的结构性驱动力来自 于供应端的剧烈收缩。除了传统的产需缺口外，美国地质调查局上个月将白银列入"关键矿产"清单，这一举措加剧了市场对供应稳定的担忧，引发囤货 潮。 降息预期叠加供应紧张 ...

12月8日（周一），伦敦金属交易所（LME）铜价创下历史新高，原因是市场担心未来会出现供应短 缺，而且需求前景有利，但美国交易开始后美元走强导致铜价回落。 伦敦时间12月8日17:00(北京时间12月9日01:00)，LME三个月期铜上涨15美元，或0.13%，收报每吨 11,635.5美元，早些时候创下每吨11,771美元的历史高点，今年以来铜价的涨幅为30%。 | | 12月8日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 | 张跃 张默帽 | | 三个月期铜 | 11.635.50 1 | +15.00 ↑ +0.13% | | 三个月期铝 | 2,888.00 | -9.50 ↓ -0.33% | | 三个月期锌 | 3,121.00 1 | +23.00 ↑ +0.74% | | 三个月期铅 | 1,998.50 ↓ | -4.00 J -0.20% | | 三个月期镇 | 14.840.00 - 100.00 -0.67% | | | 三个月期锡 | 39,884.00 -184.00 -0.46% | | "考虑到其中一些是现有库存的 ...

Group 1: Silver Market Dynamics - Silver and copper have replaced gold as the hot metals for trading heading into 2026, with both institutional and retail traders building positions for record price increases [1] - Silver prices have nearly doubled this year, with most gains occurring in the past two months due to soaring demand for silver ETFs and historic supply tightness in the London market [1][2] - The largest silver ETF, iShares Silver Trust, saw nearly $1 billion in inflows last week, surpassing the largest gold fund, further supporting spot silver prices [1] Group 2: Volatility and Investor Behavior - Western investors, previously under-allocated in precious metals, are flocking to silver ETFs, indicating significant room for further inflows as allocations normalize [2] - The implied volatility of options for silver has reached its highest level since early 2021, reflecting increased retail trader interest [1][2] - Higher volatility in the silver market may require substantial price movements to sustain momentum, especially as the market enters uncharted territory [2] Group 3: Copper Market Outlook - Demand for copper is expected to rise due to its financial attributes being less pronounced, but increasing needs from AI data centers and clean energy projects may lead to supply shortages in the coming years [4] - Recent price movements have seen copper futures rise above $11,600 per ton, with a structural bullish outlook due to supply constraints from major mine disruptions [4] - Global supply-demand balance for copper has tightened significantly, influenced by actual or potential tariffs affecting copper inflows to the U.S. [4] Group 4: Market Sentiment and Future Projections - The current supply tightness in both precious metals and copper is partly attributed to arbitrage trading, with potential for a 10% to 15% pullback in the short term, but this is not expected to affect long-term trends [5]

Core Insights - Silver and copper are currently viewed as the most valuable metals for investment, potentially surpassing gold due to supply concerns and increasing demand in electrification and clean energy sectors [1] - As 2026 approaches, the focus of investment is shifting from gold to these industrial metals, indicating a promising trading opportunity [1] - Silver prices have nearly doubled this year, with significant increases occurring in the last two months due to historic supply tightness in the London market and surging demand from India [1][5] - The largest silver ETF, iShares Silver Trust, has seen a significant influx of nearly $1 billion in funds, surpassing the inflow of the largest gold fund, further supporting spot prices [5] Silver Market Dynamics - Silver prices have risen over 11% since October 20, while gold prices have remained stable [5] - The volatility in silver prices has increased, with a notable rise in implied volatility for silver options, reaching the highest level since early 2021 [5][6] - Retail traders are actively participating in the silver futures market, with a surge in trading volume for micro futures contracts [6] - The current silver price is 82% above its five-year average, indicating significant price volatility [6] Copper Market Dynamics - Copper prices have reached historical highs, exceeding $11,600 per ton, with increased volatility in futures contracts [8] - The imposition of tariffs on copper by the U.S. has led to significant changes in copper pricing and trade flows, resulting in record increases in U.S. imports [8][9] - Structural bullish fundamentals for copper suggest limited downside potential for prices, especially amid supply constraints from major mines [8] - The recent decision by the U.S. to reconsider tariffs on primary copper has led to increased transportation of copper materials by traders [8] Global Trade and Supply Concerns - Global trade balance has tightened significantly due to the transfer of raw materials to the U.S., influenced by actual or potential tariffs [9] - The price disparity between U.S. raw materials and global benchmarks has created incentives for materials to remain in the U.S. market [9] - Supply tightness in both precious metals and copper markets is partly attributed to arbitrage trading [9][10]