19日国际金价上涨 贵金属方面，全球风险资产抛售潮推动部分资金流向黄金避险，国际金价周三盘中一度重回每盎司4100 美元关口上方，但受到美元指数显著上涨的打压，金价涨幅有所收窄。截至收盘，纽约商品交易所12月 黄金期价收于每盎司4082.8美元，涨幅为0.40%。 11月20日，国际金价继续上涨态势，目前报价4103.07美元/盎司。 19日国际油价跌超2% 原油期货方面，美国能源信息局周三公布的数据显示，上周美国汽油库存环比增加232.7万桶，而市场 预期这一库存数据会出现下降。汽油库存增加或暗示美国石油消费端需求疲软，国际油价周三跌超 2%。截至收盘，纽约商品交易所12月交货的轻质原油期货价格收于每桶59.44美元，跌幅为2.14%；明 年1月交货的伦敦布伦特原油期货价格收于每桶63.51美元，跌幅为2.13%。 复审：邢 璐 终审：戈驰川 来源:央视财经、江苏新闻 初审：田 芳 ...

商 品 研 究 2025 年 11 月 19 日 铜：内外库存增加，价格承压 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 85,660 | -0.91% | 85900 | 0.28% | | | 伦铜3M电子盘 | 10,698 | -0.64% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜指数 | 208,908 | -43,900 | 521,539 | -20,218 | | | 伦铜3M电子盘 | 24,521 | 8,122 | 320,000 | 4,891 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 60,874 | 3,909 | - | - | | | 伦铜 | 140,500 | 4,450 | 6.35% | -0.61% ...

Group 1 - The cryptocurrency market experienced significant volatility on July 2, with Bitcoin dropping over 1.5%, Ethereum falling more than 3%, and Cardano decreasing by over 5% [1] - The total number of liquidated positions in the cryptocurrency market exceeded 100,000 in the past 24 hours, with 70% of these being long positions [1] - The stock market also faced selling pressure, with the Nikkei 225 index dropping over 1% and the Korean Composite Index falling nearly 2% during intraday trading, although both indices saw a reduction in their losses by the close [1] Group 2 - U.S. stock index futures, including the Nasdaq 100, initially rose but later turned to decline [1] - The market reaction was influenced by the U.S. Senate's passage of Trump's "Big and Beautiful" tax and spending bill on July 1, raising concerns about the U.S. fiscal deficit and prompting investors to sell risk assets [1]

Core Viewpoint - The extension of tariffs on EU goods by the Trump administration may lead to increased risk of broader sell-offs in risk assets [1] Group 1: Tariff Situation - Trump announced the postponement of a 50% tariff on EU goods until July 9, which improved market risk sentiment and reduced demand for safe-haven assets [1] - The EU is the largest trading partner of the US, and escalating tensions could easily trigger a wider sell-off in risk assets [1]