周五(12月5日)亚市午后盘，国际白银持续走高涨超2.00%，银价站上58美元关口上方，截至发稿，国际 白银价格暂报58.24美元/盎司，上涨2.01%，目前来看，国际银价盘内短线偏上涨，美联储最青睐的通 胀指标即将公布，这份PCE报告不仅是一份经济体检单，更是美联储下周议息会议前的最后一块拼图。 作为美联储最青睐的通胀指标，这份报告不仅是自9月下旬以来官方发布的首份通胀读数，更被视为美 股市场能否打破近期震荡格局、确立未来走向的"定海神针"。 由于此前政府停摆导致数据发布延迟，市场积压了大量的不确定性。投资者、分析师乃至美联储官员本 身，都迫切需要这份迟到的报告来厘清经济迷雾。 【最新国际白银行情解析】 周四数据显示，美国上周初请失业金人数远低于经济学家预期，降至逾三年来最低水平，国际白银遭资 金获利了结，最终收跌2.32%，报57.09美元/盎司。昨日现货白银早盘低开在57.942的位置后行情回补缺 口给出58.767的位置后行情强势震荡回落，日线最低给到了56.408的位置后整理，日线最终收线在了 57.133的位置后，日线以一根上下影线等长的中阴线收线。 日图来看，白银价格目前处于趋势线阻力下方震荡调 ...

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core View of the Report The U.S. employment data affects the interest - rate cut expectations, leading to a slight increase in copper prices. Copper production shows an increasing trend, and as the demand side is transitioning from the peak season to the off - season, the fundamentals limit the rebound space. With the release of U.S. economic data and the approaching of the interest - rate meeting, the trend of copper prices will become clearer [1]. 3) Summary by Relevant Catalogs Market Analysis - The U.S. initial jobless claims for the week ending October 18 were 232,000, and the continued jobless claims were 1.957 million, an increase from the previous week. In November, 5 smelters are expected to undergo maintenance, involving a crude smelting capacity of 1.5 million tons and an expected maintenance impact of 48,000 tons. However, some enterprises that underwent maintenance in October are resuming production, and with the increase in copper prices, production enthusiasm is rising, so output is expected to increase. The supply of scrap copper has increased, making up for the shortage of copper ore resources. The rise in copper prices has restricted downstream consumption, and except for the power and power battery new - energy sectors, downstream demand is weak. In October 2025, China's exports of unwrought copper and copper products were 134,304 tons, a year - on - year increase of 67.8%, and imports were 440,000 tons, a year - on - year decrease of 13.5% [1]. Futures and Spot Market - Futures: Shanghai copper opened lower and moved higher, showing strength during the day. - Spot: The spot premium in East China was 70 yuan/ton, and in South China was 35 yuan/ton. On November 18, 2025, the LME official price was $10,690/ton, and the spot premium was - $41/ton [4]. Supply Side - As of November 17, the spot crude smelting fee (TC) was - $41.82/dry ton, and the spot refining fee (RC) was - 4.37 cents/pound [6]. Fundamental Tracking - Inventory: SHFE copper inventory was 58,400 tons, a decrease of 2,522 tons from the previous period. As of November 17, the copper inventory in the Shanghai Free Trade Zone was 111,200 tons, an increase of 4,300 tons from the previous period. LME copper inventory was 140,500 tons, an increase of 325 tons from the previous period. COMEX copper inventory was 389,300 short tons, an increase of 3,221 short tons from the previous period [9].

1. Report Industry Investment Rating - The outlook for the Canadian dollar is maintained as neutral to bearish [3] 2. Core View of the Report - The global market is in a super interest - rate decision week. The Bank of Canada and the Federal Reserve are expected to cut interest rates by 0.25%, while the Bank of England and the Bank of Japan are expected to keep rates unchanged. The weakening of the Canadian dollar is due to factors such as the poor economic fundamentals of Canada and external risks [1][3] 3. Summary by Related Content Economic Data and Interest - Rate Expectations - US inflation growth in August met economists' expectations, with the CPI rising 2.9% year - on - year and core inflation rising 3.1% year - on - year [1] - The Bank of Canada kept its interest rate at 2.75% in July, the fourth consecutive time. Officials discussed rate cuts but decided to maintain. Traders expect a 0.25 - point rate cut this month due to the shrinking economy and poor employment [2] - Canada's Q2 GDP shrank 1.6% year - on - year, the first contraction in nearly two years and the largest since the COVID - 19 pandemic, worse than the expected 0.6% decline. The unemployment rate in August rose to 7.1% from 6.9% in July, the highest in 9 years [2] Currency Outlook - The Canadian dollar is short - term bearish. The US dollar to Canadian dollar exchange rate is around 1.376 and is expected to fluctuate between 1.372 and 1.392 in the short term [3]

Group 1 - The current gold price is experiencing fluctuations, with a recent drop to around 3320 before rebounding, indicating a potential resistance at 3345-47 and 3362 levels [1][3] - COMEX gold has seen a decline for three consecutive days, closing at 3338.5 USD/oz, reflecting a drop of 1.04% [3] - The recent EU-US trade negotiations resulted in an agreement favoring the US, highlighting the EU's weakened position in global economic negotiations [3] Group 2 - The gold market is currently under bearish pressure, with prices trading below key moving averages, but there is potential for a rebound if support levels are tested [4] - Last week's gold market was influenced by fundamental factors, with a high of 3439.2 and a low of 3324.6, closing at 3336.5, forming a long upper shadow candlestick pattern [4] - Current support levels for gold are identified at 3324 or 3304 USD, while resistance levels are at 3340 or 3357 USD [5]

Core Viewpoint - The Brazilian Central Bank emphasizes the need for caution in the upcoming monetary policy meeting, indicating a careful approach to interest rate decisions amid economic uncertainties [1] Group 1 - The Central Bank's statement reflects concerns over inflationary pressures and economic growth, suggesting that the current economic environment requires a more measured response [1] - The upcoming meeting will focus on evaluating the impact of previous rate adjustments and the overall economic outlook, highlighting the importance of data-driven decision-making [1] - The Central Bank aims to balance the need for economic stimulus with the risks of rising inflation, indicating a complex monetary policy landscape [1]