美国感恩节假期，市场本就交投清淡，交易中断进一步放大了价格波动，并一度导致贵金属买卖价差飙升。市场普遍认为，当前贵金属市场正处 于一个由供应短缺、宏观前景改善和潜在贸易政策共同构成的"完美风暴"之中。 在强劲的基本面与美联储降息预期的推动下，白银和铜价在周五的动荡交易中双双飙升至历史新高，而芝商所罕见的技术故障加剧了市场的剧 烈波动。 与黄金不同，白银有很大一部分需求来自工业领域，例如光伏电池和电子产品。这种强劲的实物需求为价格提供了坚实基础。 上个月伦敦市场严重的供应紧张曾一度将价格推至历史高位，尽管此后近5400万盎司的白银流入缓解了挤压，但市场依然显著吃紧，白银的一 个月借贷成本仍盘旋在正常水平之上。 分析认为，这些流入伦敦的金属，反过来给包括中国在内的其他交易中心带来了压力。 上海期货交易所的数据显示，其仓库的白银库存近期已 降至2015年以来的最低水平。 周五，芝商所因数据中心冷却系统故障，导致其全球衍生品市场交易中断数小时。 美国感恩节假期，市场本就交投清淡，交易中断进一步放大 了价格波动，并一度导致贵金属买卖价差飙升。 随着芝商所多数交易业务在美东时间清晨恢复，伦敦金属交易所的期货延续涨势。 白 ...

Core Viewpoint - Silver and copper prices surged to historical highs driven by strong fundamentals and expectations of interest rate cuts by the Federal Reserve, exacerbated by a rare technical failure at the CME Group that intensified market volatility [1][10]. Group 1: Silver Market Dynamics - Silver prices rose by 5.9% to $56.53 per ounce, setting a new record, while supply concerns intensified due to a significant shortage in the market [2][4]. - Industrial demand for silver, particularly from sectors like photovoltaics and electronics, has provided a solid foundation for price increases, despite a recent influx of 54 million ounces easing some supply pressure [5][6]. - Concerns over potential tariffs on silver, following its inclusion in the US Geological Survey's critical minerals list, have led to hesitance among traders regarding exporting the metal [6]. Group 2: Copper Market Sentiment - Copper prices reached new highs, with LME copper futures hitting $11,210.50 per ton, following discussions among miners, smelters, and traders at a Shanghai conference that highlighted tightening market conditions [2][7]. - The energy trading firm Mercuria's metal chief expressed bullish predictions, warning that increased shipments to the US could deplete global copper inventories [8]. - The price surge was also a response to optimistic sentiments from the CESCO Shanghai conference, contributing to a broader bullish narrative for the year-end [9]. Group 3: Macro Economic Influences - The anticipated monetary easing by the Federal Reserve has been a significant driver for metal prices, with an 86.4% probability of a 25 basis point rate cut expected at the December 10 meeting [10]. - The broader surge in metal prices this year reflects a trend known as "inflation trade," with silver prices increasing over 90% as investors shift from government bonds and currencies to alternative assets [12].