Group 1 - The A-share market experienced a significant drop, with the Shanghai Composite Index falling by 39 points, nearly 1% [1] - The decline was primarily influenced by the drop in large-cap tech stocks in the US, which negatively impacted A-share tech stocks that were already weak [1] - The market's expectations for a Federal Reserve rate cut in December have diminished, with the probability of a 25 basis point cut dropping from 70% to 50%, affecting investor sentiment [1] Group 2 - The negative impact of the Federal Reserve's rate cut expectations is likely to continue in the short term, leading to a challenging environment for non-USD economies to achieve significant upward movement [2] - The market is expected to exhibit a volatile trend rather than a clear upward breakout before the end of the year [2] - Investors are advised to either refrain from trading if they do not understand the market or cautiously increase positions if they are confident in their profitability [2] Group 3 - International gold prices experienced a sharp decline, with a maximum intraday drop of 3.8% and a closing drop of 2%, indicating a significant reversal of the previous three days' gains [4] - The decrease in gold prices is attributed to the reduced expectations for a Federal Reserve rate cut in December, which negatively impacts gold as a hedge against inflation [4] - The speculative nature of the recent rise in gold prices, driven by expectations of rate cuts, has weakened, suggesting further downward potential for gold prices [5]

Core Viewpoint - The London Metal Exchange (LME) copper futures declined due to hawkish comments from Federal Reserve officials, leading to widespread market sell-offs [1][5]. Group 1: Market Performance - On November 14, LME three-month copper fell by $104, or 0.95%, closing at $10,852.00 per ton [2]. - Other industrial metals also experienced declines, with three-month aluminum down by $38.00 (1.31%), zinc down by $34.50 (1.13%), lead down by $14.00 (0.67%), and tin down by $445.00 (1.20%) [2]. - Despite the recent drop, LME copper recorded an approximate 1.3% increase for the week, having briefly surpassed the $11,000 mark on Thursday [4]. Group 2: Economic Indicators - The sell-off was driven by reduced expectations for a Federal Reserve rate cut in December, as concerns about "overheating" inflation were expressed by Kansas City Fed President Esther George [5]. - The St. Louis Fed President James Bullard indicated that the current policy stance is closer to "neutral" rather than "mildly restrictive," suggesting limited room for further easing [5]. - The International Monetary Fund (IMF) noted signs of economic weakness in the U.S., with fourth-quarter GDP growth expected to fall below the previously predicted 1.9% due to government shutdown impacts [5]. Group 3: Production Data - In October 2025, China's primary aluminum production was reported at 3.8 million tons, a year-on-year increase of 0.4%, with cumulative production from January to October reaching 37.75 million tons, up 2.0% [5]. - Additionally, China's production of ten non-ferrous metals in October 2025 was 6.95 million tons, reflecting a year-on-year growth of 2.9%, with cumulative production for the first ten months at 68.14 million tons, an increase of 3.1% [5].

全球市场风险偏好上升、美联储降息预期减弱，知名机构已将黄金价格目标下调至……并表示二季度的 需求将显著下降！ 相关链接 期货热点追踪 ...