2月26日（周四），除期锡上涨外，伦敦金属交易所（LME）其他基本金属普遍下跌，其中期铜从此前 所及的两周高点回落，因为库存增加以及美元持坚冲抵了需求回暖相关预期所带来的积极情绪。 伦敦时间2月26日17:00(北京时间2月27日01:00)，LME三个月期铜下跌18美元，或0.14%，收报每吨 13,304.50美元。春节后铜价持续上涨，前一交易日曾触及13,350美元高点。 SP Angel分析师John Meyer表示："通常中国交易商在春节后重返市场较慢，但今年他们从第一天就开始 交易了。" 衡量中国铜进口兴趣的指标——洋山铜溢价已从节前的每吨33美元攀升至50美元。 美元指数上升，美元走强使以美元计价的金属对使用其他货币的投资者而言更加昂贵。 高库存也对价格构成压力。LME周四公布的库存数据显示，在另有4,000吨金属流入美国和韩国仓库 后，LME铜库存达到253,600吨，当前库存总量已达到2025年3月以来的最高水平，此前推动大量铜流向 美国交易所的COMEX溢价已基本消散。 此外，芝商所数据显示，2月25日COMEX铜库存降至601,037短吨，但仍处在历史最高水平。 Meyer表示："我认为 ...

贵金属日报 2026-02-25 贵金属 【行情资讯】 沪金跌 0.30 %，报 1148.14 元/克，沪银涨 1.88 %，报 22179.00 元/千克；COMEX 金跌 0.19 %， 报 5166.60 美元/盎司，COMEX 银跌 0.34 %，报 87.21 元/盎司； 美国 10 年期国债收益率 报 4.04 %，美元指数报 97.88 ； 周二，贵金属延续震荡走势，市场交投情绪谨慎，受美元走强以及投资者在前期涨势后获利 了结的影响价格有所回落。联储官员表态或为震荡走势提供支撑，此前 FOMC 会议纪要显示 部分官员对降息态度较为谨慎叠加沃勒发言释放中性信号整体稍显鹰派，但随后古尔斯比发 言称需看到通胀向 2%目标回落的证据才会支持降息，且其仍对年内"多次"降息持乐观态 度或重新支持金价上行。此外美国关税政策不确定性、地缘政治风险及央行购金行为仍为金 价提供支撑。 COMEX 贵金属库存持续流出。2 月 23 日，COMEX 白银总库存降至 11321.77 吨，单日大幅减 少约 70.1 吨，多家仓库非注册仓单被提取（JP Morgan（-29.98 吨）、Delaware（-15.58 吨 ...

2月16日（周一），伦敦金属交易所（LME）期铜走弱，因美元走强，且焦点转向库存增加，以及假期 清淡交易期间疲软的需求前景。 伦敦时间2月16日17:00(北京时间2月17日01:00)，LME三个月期铜下跌30.5美元，或0.24%，收报每吨 12,850.5美元。 | | 2月16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 | 12,850.50 - | -30.50 -0.24% | | 三个月期铝 | 3.052.50 | -25.00 -0.81% | | 三个月期锌 | 3,290.00 ↓ | -47.50 -1.42% | | 三个月期铅 | 1,958.00 | -2.00 -0.10% | | 三个月期镇 | 17.115.00 ↑ +131.00 ↑ +0.77% | | | 三个月期锡 | 45,681.00 -1,021.00 ↓ -2.19% | | **周一适逢中美假期，市况清淡** 贸易商表示，本周正值中国春节假期，且周一为美国公众假期，这意味着市场交易量偏低；而伦敦金属 交 ...

2月19日（周四），伦敦期铜下跌，回吐前一交易日的部分涨幅。美元走强、库存上升以及全球最大金 属消费国中国因农历新年假期导致需求减少，这些因素都对价格构成压力。 Hansen表示，技术面支撑抵消了高库存和美元走强的看跌影响。 他说，"自去年8月以来，每次价格下跌，50日均线都提供支撑。" 他补充道，支撑位为12,670美元，而上行方面，13,000美元关口构成"心理阻力位"。 其他金属方面，LME三个月期锌下跌14美元，或0.42%，收报每吨3,339.5美元。铝价在周三打破四连跌 后，周四下跌21.5美元，或0.7%，收报每吨3,067.5美元。 | | 2月19日 LME基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 全屋 | 收盘价 | 张跌 张跌幅 | | 三个月期铜 | | 12,809.00 ↓ - 102.50 ↓ -0.79% | | 三个月期铝 | 3,067.50 4 | -21.50 -0.70% | | 三个月期锌 | 3,339.50 1 | -14.00 ↓ -0.42% | | 三个月期铅 | 1,954.50 ↓ | -10.00 -0.51% ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 据外媒报道，伦敦金属交易所（LME）期铜价格周四微跌，前一交易日上涨超2%。美元汇率攀升至逾 一周高位，库存增加以及需求低迷，共同给这一基础金属的价格带来压力。 LME基准三个月期铜下跌0.2%，至每吨12879.50美元，此前周三曾上涨2.3%。由于上海期货交易所因 农历新年假期休市至2月23日，市场交易清淡。 "在中国市场休市的情况下，（铜价）基本没什么变动，等待流动性回归，这并不令人意外，" Tastylive 全球宏观主管伊利亚·斯皮瓦克表示，他补充说美元走强也给价格带来了轻微压力。在美联储会议纪要 显示政策制定者似乎并不急于降息，且多位官员对如果通胀持续顽固则可能加息持开放态度后，美元守 住了涨幅。美元走强使得以美元计价的大宗商品对于其他货币持有者而言更加昂贵。 LME注册仓库的铜库存周二增加了3，025吨，达到224，650吨，为2025年3月以来的最高水平。 责任编辑：吴俊阳 据外媒报道，伦敦金属交易所（LME）期铜价格周四微跌，前一交易日上涨超2%。美元汇率攀升至逾 一周高位，库存增加以及需求低迷，共同给这一基础金属的价格带来压 ...

Group 1 - The core viewpoint of the article highlights the strengthening of the US dollar following the President's Day holiday, with inflationary pressures attributed to tariffs as noted by the Chicago Fed's Goolsbee [1] - Market expectations indicate that the Federal Reserve is likely to maintain interest rates steady in March and April, with a potential rate cut in June [1] - Upcoming releases of inflation, GDP, and labor indicators are anticipated to influence market sentiment, with cautious sentiment expected to dominate prior to these announcements [1] Group 2 - The Personal Consumption Expenditures (PCE) price index and GDP data are expected to recalibrate market expectations regarding US monetary policy in the short term [1] - The Wall Street Journal Dollar Index has risen by 0.2%, with the dollar appreciating by 0.3% against both the euro and the Swiss franc [1]

Futures Market - On February 6, ICE cotton futures closed lower as market participants awaited the upcoming USDA supply and demand report for demand signals [1] - The most actively traded March cotton futures contract fell by 0.7 cents or 1.1%, settling at 61.06 cents per pound [1] - The March cotton contract has declined by 3.3% this week, primarily pressured by overall weakness in the commodity market and a strong dollar [2] Currency Market - The dollar index, which tracks the performance of the dollar against six currencies, fell by 0.34% on Friday but still rose by 0.5% for the week, potentially marking the largest weekly gain since early January [3] - The strengthening of the dollar was catalyzed by President Trump's nomination of Waller as Fed Chair, who is viewed as a hawkish figure not favoring significant rate cuts [3] - A stronger dollar makes dollar-denominated commodities more expensive for buyers holding other currencies [4] Commodity Market Sentiment - The overall commodity market remains weak, with Jim Nunn, a manager at a Tennessee cotton brokerage, stating that there are currently no positive factors in the market [5] - The Chicago Board of Trade soybean futures have risen for four consecutive days due to optimistic demand prospects [5] - Nunn indicated that this situation may lead farmers to plant more soybeans and fewer cotton crops, suggesting a trend where more farmers may abandon cotton planting in favor of soybeans next year [5] USDA Report Expectations - Investors are awaiting the USDA supply and demand report, which is expected to provide future demand forecasts for cotton [5] - The USDA's export sales report showed a net increase of 249,800 bales in U.S. cotton export sales for the week ending January 29, a 23% increase from the previous week but a 5% decrease from the four-week average [5] - Net export sales to China increased by 36,600 bales, while next year's net export sales were 114,900 bales [5] Spot Market - On February 6, the Cotlook A Index was reported at 72.80 cents per pound, down 40 points [8]

Core Viewpoint - The GBP/USD exchange rate has been on a downward trend for three consecutive trading days, primarily driven by dovish signals from the Bank of England and a strengthening US dollar [1][3]. Group 1: Market Dynamics - The strengthening of the US dollar is a significant external factor contributing to the decline of the GBP/USD exchange rate, with the dollar index (DXY) reaching a new high since January 23, exerting downward pressure on the currency pair [3]. - Market volatility has increased, highlighting the dollar's appeal as a safe-haven asset, which has attracted substantial buying interest [3]. - The market anticipates that the Bank of England will implement a cumulative 50 basis points of rate cuts this year, reinforcing bearish sentiment towards GBP/USD [4]. Group 2: Central Bank Policies - The Bank of England maintained its current interest rate with a 5-4 vote, signaling a dovish outlook and indicating potential rate cuts in response to slowing inflation and economic growth pressures [3][4]. - Bank of England Governor Andrew Bailey expressed optimism that inflation levels would reach the central bank's target faster than market expectations, providing theoretical support for future rate cuts [3]. - The market's cautious expectations regarding the Federal Reserve's future rate cuts are also influencing the dollar's strength, as investors are wary of aggressive dollar positions due to potential weakening from anticipated rate cuts [4]. Group 3: Technical Analysis - The key focus for the GBP/USD exchange rate is the psychological support level at 1.3500, with the potential for a new downward trend if this level is breached [4]. - If the exchange rate stabilizes around the 1.3500 support level and shows signs of rebound, it may alleviate recent bearish sentiment and lead to a temporary adjustment [4].

Group 1 - Significant losses in silver-related options and structured products have led to substantial net value declines in public and private funds linked to precious metals, with some high-leverage products facing liquidation risks [1] - Cross-market arbitrage activities have intensified, as institutions exploit ETF discounts and the price differences between spot and futures, exacerbating short-term price volatility [1] - The strengthening of the US dollar, driven by hawkish expectations from the Federal Reserve, is identified as one of the triggers for the silver price crash, which in turn reinforces the logic of a strong dollar, putting further pressure on non-US currencies and emerging market exchange rates, while cross-border capital flows into dollar-denominated assets [1]

Core Viewpoint - The London Metal Exchange (LME) three-month copper price has declined for the second consecutive trading day, influenced by rising inventories and a strengthening US dollar [1]. Group 1: Copper Market Dynamics - On February 5, three-month copper closed at $12,903.00 per ton, down $141.50 or 1.08% [1][2]. - Copper prices dropped as much as 2% earlier in the day to $12,783 due to a general decline in industrial and precious metals [3]. - Copper inventories have been rising, with LME stocks reaching 180,575 tons, the highest level since May 2025 [5]. Group 2: Influencing Factors - The strengthening US dollar has made metals priced in dollars more expensive for investors holding other currencies [4]. - The European Central Bank maintained interest rates at 2%, reinforcing market expectations for stable policies [3]. - Analyst John Meyer noted that there is no physical shortage in the copper market, as US inventories are ample [6]. Group 3: Other Base Metals Performance - Other base metals also experienced declines, with three-month aluminum down 1.38% to $3,027 per ton, zinc down 0.21% to $3,302 per ton, lead down 0.56% to $1,955.50 per ton, and nickel down 1.77% to $17,071 per ton [8][9].