中新网约翰内斯堡12月18日电南非统计局表示，11月生产者价格通胀率(PPI)同比为2.9%，与上月持 平。 数据显示，11月电力和水务领域的PPI同比涨幅为15.3%，低于10月的16.1%；不过，采矿业PPI则从10 月的18.4%上升至11月的19.9%。 PPI衡量的是商品在到达消费者之前的成本涨跌情况，因此被视为消费者通胀的重要先行指标，同时也 为判断各行业整体经济状况、制定货币政策和企业决策提供重要参考。 南非统计局在声明中说："2025年11月，最终制造业的年度生产者价格通胀率为2.9%，与2025年10月持 平。生产者价格指数环比保持不变。" 此前，内德银行(Nedbank)发布的经济形势报告预计，受燃料成本下降影响，11月PPI将从2.9%小幅回落 至2.8%。 报告指出："尽管预计11月PPI有所回落，但受去年底至今年初形成的低基数效应影响，未来几个月消费 者价格指数(CPI)和生产者价格指数(PPI)仍可能呈上行趋势。" 报告还表示，从生产端来看，食品价格可能总体保持稳定，高企的肉类价格被其他类别价格趋缓所抵 消，而这些类别受益于有利的天气条件、物流改善以及稳定的电力供应。(完) （文章 ...

Core Insights - The stock market is experiencing fluctuations as investors await delayed economic data regarding retail sales and wholesale price inflation for September [1][2]. Retail Sales - September retail sales increased by 0.2% on a monthly basis, falling short of the expected 0.4% growth according to FactSet [1]. Producer Price Index - The producer price index for September rose at an annual rate of 2.7%, slightly above the anticipated 2.6% [2]. - On a monthly basis, the producer price index increased by 0.3%, aligning with expectations [2].

Core Viewpoint - The Federal Reserve is expected to initiate a series of interest-rate cuts starting next week, continuing through the end of the year, following lower-than-expected producer price inflation data [1][2]. Group 1: Interest Rate Cuts - Traders are betting on a quarter-point reduction in interest rates at the upcoming Federal Reserve meeting, with expectations of similar cuts continuing until year-end [2]. - The pricing of futures contracts indicates a consensus among traders regarding the Fed's policy rate adjustments [2]. Group 2: Producer Price Index - The producer price index (PPI) rose by 2.6% in August year-over-year, a decrease from a 3.1% increase in July, suggesting easing inflationary pressures [2].

Group 1 - LME copper prices declined due to a stronger US dollar and investor caution regarding tariffs, the Russia-Ukraine situation, and US interest rates [1][4] - On August 14, LME three-month copper fell by $37, or 0.38%, closing at $9,766.00 per ton [1][2] - The strong dollar, influenced by high US producer price inflation, makes dollar-denominated commodities more expensive for buyers using other currencies [4] Group 2 - Other base metals showed mixed performance, with three-month aluminum up by $3.50 (0.13%), zinc up by $19.50 (0.69%), and lead up by $1.50 (0.08%), while tin and nickel saw declines [2] - Market analysts are closely watching upcoming events, including the Jackson Hole meeting and the FOMC's release of July meeting minutes, for potential market-moving information [4] - There is potential for market upside, but a triggering factor is needed to break the current trading range of $9,500 to $9,900 [4]