Core Viewpoint - The precious metals market is experiencing a historic crash, with gold prices nearing $4,400 per ounce and silver prices dropping below $72 per ounce, erasing significant gains made throughout the year [1][3][15]. Market Performance - On the previous Friday, gold and silver prices plummeted, with silver falling 26% in less than 20 hours, marking the largest single-day drop in history, while gold dropped 9%, the worst performance since the 1980s [3][17]. - The domestic futures market also saw a "limit down" trend, with significant declines across various sectors, including energy and precious metals, where contracts for SC crude oil and fuel oil hit their limits with declines of 7.02% and 7.01% respectively [3][17]. Regulatory Changes - CME raised margin requirements for Comex gold and silver futures in response to the volatility, increasing gold margins from 6% to 8% and silver from 11% to 15%, effective February 2 [4][18]. - The Thailand Futures Exchange expanded its price limits for gold and silver futures due to significant price drops, allowing for greater fluctuations in trading [4][18]. Analyst Perspectives - Analysts suggest that the recent declines in precious metals are driven by a deleveraging process rather than a fundamental shift in market conditions, indicating a simultaneous sell-off of precious metals and risk assets [5][19]. - CBA commodity strategist Vivek Dhar noted that the market's reaction to Kevin Walsh's nomination as Fed Chair and the strengthening dollar has pressured precious metals, but he views the current drop as an adjustment rather than a fundamental change, maintaining a bullish outlook for gold prices in Q4 [7][21]. - CMC Markets' Christopher Forbes described the situation as a typical deleveraging phase, where previously accumulated leverage is being cleared, leading to a concentrated sell-off in liquid assets [8][22]. Market Dynamics - The rapid price changes in precious metals are seen as a result of position liquidation rather than a clean macro revaluation, with potential for further declines depending on whether forced selling continues [9][23]. - Analysts from Singapore's OCBC Bank highlighted that the ongoing decline reflects a combination of technical and emotional pressures, with sensitivity to dollar movements and Fed policy uncertainty exacerbating the situation [9][23]. Institutional Role - Increased trading activity from institutions has been noted, as they seek liquidity and manage positions amid heightened volatility, which has also impacted other markets like Bitcoin and equities [13][26]. - The volatility in gold and silver has triggered liquidity pressures and margin calls among institutional investors, contributing to broader market declines [13][26].

今年以来全球大类资产呈现显著分化态势，股票市场整体波动率维持低位，而贵金属、外汇及大宗商品 市场波动加剧，芝加哥期权交易所波动率指数（VIX）未能充分反映当前宏观层面的风险信号，市场恐 慌情绪从股市转向大宗商品与汇率赛道。 相关美联储主席提名落地后，金属价格出现下跌，但市场波动率仍维持高位。Susquehanna International Group衍生品市场情报联席主管Chris Murphy表示："这一提名决定并未指向会催生市场过热的政策转 向，而此前市场对黄金的过热炒作正是贵金属遭到抛售的核心原因。如果你问我，黄金每天飙升更可 怕，还是在大幅上涨后进入盘整阶段更可怕，就实际风险而言，我认为黄金每天飙升更可怕。" 当前市场资金在黄金与股票间的配置关系出现变化，部分基金通过期权工具押注两者相关性变动，此前 黄金与股票相关性长期维持在零附近，当前已出现小幅上升。汇率市场成为资金押注波动放大的重要赛 道，美元兑日元隐含波动率出现显著上行，短期汇率波动幅度超过4%。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 今年以来，金价受相关政策支撑持续走高，即便经 ...

gtaxinstitute@essence.com.cn 综合晨报 2026年02月02日 (原油) 【铝】 周五贵金属暴跌导致市场情绪逆转，有色整体走弱。短期宏观和基本面均对价格形成一定压制，关 注近期区间低点23800元位置支撑，跌破则可能继续向下寻找支撑。此外仍需关注美伊局势是否会 再度引发供应链担忧。 【铸造铝合金】 铸造铝合金跟随沪铝波动,市场活跃度不高。宏观驱动且价格处于高位,铸造铝合金跟涨乏力,与 沪铝价差季节性表现将持续弱于往年。 (氧化铝) 国内氧化铝运行产能维持高位，检修情况增加但长期减产未出现，氧化铝平衡持续处于显著过剩。 矿石跌势下氧化铝现金成本支撑低至2500元以下，现货企稳还需等待规模城产形成,基差处于低 位，盘面持续反弹驱动不强。 伊朗外交部长2月1日表示，伊朗对与美国就核问题达成协议"仍然有信心"。此前伊朗称2/1-2/2 将在霍尔木兹海峡举行实弹军演这一消息带来的地缘溢价已基本被完全回吐,Brent 与WTI原油分 别跌至67美元/桶、63美元/桶。伊朗因素更多扮演油价波动放大器的角色即伊朗地缘局势给油价带 来阶段性溢价,但难以单独推动价格中枢持续上行。真正能改写当下原油供需 ...

此外，2月1日印度、沙特股市均出现明显下跌。印度为预算案安排股市特别交易时段，印度Nifty 50指 数盘中一度大跌超700点，跌幅接近3%，其中金属股集体下挫，NIFTY金属指数跌幅一度超过5%，印 度斯坦铜业跌超13%，印度斯坦锌业跌近10%。同日，沙特股市创下近八个月来最大跌幅，沙特全指一 度跌近2.6%，全球金属抛售潮波及当地矿业股，原材料生产商领跌，矿业公司AMAK大跌9.93%，沙特 阿拉伯矿业公司跌9.51%。 2月2日早盘，全球多个品类资产同步出现大幅波动。贵金属市场延续此前跌势，现货白银日内跌幅一度 近8%，最低触及79美元/盎司；现货黄金同步下行，截至7:30报4718美元/盎司。上周五，贵金属市场已 出现史诗级暴跌行情。 国际原油市场同样低开，美油、布油双双跌超2%，分别报63美元/桶和67美元/桶。近期原油价格曾因市 场担忧美国可能对伊朗发动军事打击出现上涨，央视新闻报道，当地时间2月1日，"欧佩克+"成员国同 意维持暂停增产政策，3月不再提高原油产量。 加密货币主要币种持续下挫，Coinglass数据显示，截至北京时间2月2日7:10，比特币跌破77000美元关 口，报76459美元 ...

Group 1 - Oil prices experienced fluctuations, with WTI March contract closing at $65.21 per barrel, a monthly increase of 14.51%, and Brent March contract at $70.69 per barrel, up 14.64% [2][41] - The overall trend in January showed a decline followed by a rebound, driven by geopolitical factors [2][41] - Geopolitical tensions between the US and Iran remain a significant concern, with any diplomatic breakthroughs appearing unlikely [3][4] Group 2 - The International Energy Agency (IEA) predicts a surplus in the global oil market this year, with supply exceeding demand by 3.85 million barrels per day, approximately 4% of global demand [5] - The US Energy Information Administration (EIA) has adjusted its forecast for 2026 demand growth down by 90,000 barrels to 1.14 million barrels per day [5] - US crude oil production has decreased to 13.7 million barrels per day, with expectations of further declines in the coming weeks [5] Group 3 - Extreme weather events have significantly impacted US oil production, causing a temporary 15% drop in output and leading to price volatility [4] - The market is sensitive to supply disruptions, with risk premiums of $3 to $8 per barrel due to potential interruptions [4] - Current US crude oil inventories stand at 838.753 million barrels, with commercial stocks at 423.754 million barrels, reflecting a 2.08% increase year-on-year [5] Group 4 - The supply of high-sulfur fuel oil from Iran is expected to decrease, with January shipments estimated at 900,000 tons, down 300,000 tons month-on-month [7] - Demand for high-sulfur fuel oil in China is anticipated to increase significantly, with expected imports of 100,000 tons in January and 105,000 tons in February [7] - The geopolitical situation in Iran continues to influence oil supply dynamics, with recent disruptions affecting shipping volumes [8] Group 5 - The overall sentiment in the oil market is mixed, with geopolitical uncertainties providing some support for prices while high inventories limit upward movement [6][8] - The market is expected to remain volatile, with short-term fluctuations driven by geopolitical developments and supply-demand dynamics [6][8]

1. Report Industry Investment Ratings No information is provided regarding the industry investment ratings in the given reports. 2. Core Views of the Reports - **Urea**: On January 30, the urea futures oscillated and pulled back, and the spot price remained stable. The supply is sufficient as domestic urea enterprises are operating at a high level. Industrial demand is average, while agricultural demand is picking up. It is expected that the urea market will fluctuate slightly before the Spring Festival. The main contract is expected to trade in the range of 1760 - 1820 yuan/ton [1]. - **Pure Benzene - Styrene**: In February, the supply - demand situation of pure benzene is expected to improve slightly, but due to high import pressure and port inventories, its price may follow the trend of oil prices and downstream styrene. Styrene's supply - demand is expected to turn loose in February. With high oil prices and weakening demand, the price of both is expected to face pressure. The strategy is to short lightly on a single - side basis and shrink the EB - BZ spread when it is high [2]. - **Natural Rubber**: The supply is contracting as some regions are moving towards reduced production and suspension of tapping. The cost support is strengthening due to rising overseas raw material prices. Demand is weakening as some enterprises are on holiday. The inventory in Qingdao is decreasing. It is recommended to try long positions [3]. - **Polyolefins (LLDPE & PP)**: Before the Spring Festival, far from the delivery month, the price is driven by macro factors and market sentiment. Fundamentally, supply and demand are both decreasing, and inventory is being depleted. In the short term, the price will maintain a strong - side oscillation, but the upward space is limited [7]. - **Methanol**: The methanol market is in a situation of weak supply and demand. The inventory in the inland area is slightly decreasing, and the port inventory is also slightly decreasing. However, the weak MTO demand suppresses the price rebound. The key variables are the import volume from Iran and geopolitical factors [10]. - **Glass - Soda Ash**: Soda ash is in a situation of strong supply and weak demand, with a slight increase in inventory. It is expected to oscillate in a range before the Spring Festival. Glass has weak supply and demand, and the inventory is still at a high level compared to the same period last year. It is also expected to oscillate in a range before the Spring Festival [12]. - **Polyester Industry Chain**: In the first quarter, the supply - demand of PX and PTA is expected to weaken. In February, PTA may face significant inventory accumulation. Ethylene glycol has a near - term weak and long - term strong supply - demand pattern. Short - fiber and bottle - chip also face weak supply - demand in February. Strategies for each product mainly involve light - position operations, observing spreads, and option trading [13]. - **Crude Oil**: In January, international oil prices were generally strong, but the rebound space is limited due to the weak supply - demand pattern. In February, the supply is expected to increase, and demand remains weak. The price may face a callback if geopolitical risks do not expand further [14]. - **LPG**: The price of LPG futures is decreasing. The inventory in ports is decreasing, and the downstream PDH operating rate is decreasing. The market situation needs to be further observed [17]. - **PVC - Caustic Soda**: Caustic soda's supply - demand imbalance persists, and the futures' rebound height is expected to be limited. PVC's supply is slowly increasing, demand is decreasing due to the festival, and the inventory is increasing. The price is supported by cost and market sentiment [20]. 3. Summaries According to Relevant Catalogs Urea - **Futures Prices**: On January 30, the closing prices of 01, 05, 09 contracts and the main contract decreased compared to January 29, with the main contract down 1.36% [1]. - **Futures Contract Spreads**: The spreads between different contracts changed, with the 01 - 05 spread down 6.67% and the 09 - 01 spread up 600.00% [1]. - **Main Force Positions**: The long and short positions of the top 20 decreased, with the long positions down 3.11% and the short positions down 6.58% [1]. - **Upstream Raw Materials**: The prices of most upstream raw materials remained stable, with the price of synthetic ammonia in Shandong down 0.46% [1]. - **Spot Prices**: The spot prices in different regions had slight changes, with the price in Shandong (small - particle) up 0.56% [1]. - **Supply - Demand**: The daily and weekly production of domestic urea increased, and the inventory in factories and ports changed. The production enterprises' order days increased [1]. Pure Benzene - Styrene - **Upstream Prices and Spreads**: The prices of Brent and WTI crude oil decreased slightly, and the prices of pure benzene - related products also changed. The pure benzene - naphtha spread decreased by 3.8% [2]. - **Styrene - Related Prices and Spreads**: The prices of styrene in the spot and futures markets decreased, and the EB - BZ spread decreased [2]. - **Downstream Cash Flows**: The cash flows of downstream products such as phenol and aniline changed, with the EPS cash flow up 666.7% [2]. - **Inventory**: The inventories of pure benzene and styrene in Jiangsu ports increased [2]. - **Industry Operating Rates**: The operating rates of pure benzene and styrene industries and their downstream industries changed, with the domestic pure benzene operating rate up 0.9% [2]. Natural Rubber - **Spot Prices and Basis**: The spot price of Yunnan state - owned whole - latex decreased, and the basis increased [3]. - **Monthly Spreads**: The spreads between different contracts changed, with the 9 - 1 spread down 13.49% [3]. - **Fundamental Data**: The production in Thailand, Indonesia, India, and China in December changed, and the operating rates of tire factories and the production and export of tires also changed [3]. - **Inventory Changes**: The inventory in bonded areas and the futures inventory in factories decreased [3]. Polyolefins (LLDPE & PP) - **Futures Prices**: The closing prices of L2605, L2609, PP2605, and PP2609 decreased on January 30 compared to January 29 [7]. - **Spreads**: The spreads between different contracts and varieties changed, with the LP05 spread up 6.15% [7]. - **Spot Prices and Basis**: The spot prices of LLDPE and PP decreased, and the basis of LLDPE increased [7]. - **Non - Standard Prices**: The prices of non - standard PE and PP products changed slightly [7]. - **Operating Rates**: The operating rates of PE and PP devices and their downstream industries changed, with the PE device operating rate up 0.81% [7]. - **Inventory**: The inventories of PE and PP enterprises and the social inventory changed, with the PE enterprise inventory down 3.58% [7]. Methanol - **Prices and Spreads**: The closing prices of MA2605 and MA2609 decreased, and the MTO05盘面 increased by 19.38% [10]. - **External Prices**: The CFR China price of methanol decreased slightly [10]. - **Inventory**: The enterprise inventory decreased, and the port inventory increased slightly [10]. - **Operating Rates**: The operating rates of upstream and downstream enterprises changed, with the overseas enterprise operating rate down 14.19% [10]. Glass - Soda Ash - **Glass Prices and Spreads**: The spot prices in different regions and the futures prices of glass decreased, and the basis increased [12]. - **Soda Ash Prices and Spreads**: The spot prices in different regions remained stable, and the futures prices of soda ash decreased, with the basis increasing [12]. - **Supply**: The operating rate of soda ash decreased, and the daily melting volume of float glass and photovoltaic glass changed slightly [12]. - **Inventory**: The inventory of glass factories decreased, and the inventory of soda ash factories increased slightly [12]. - **Real Estate Data**: The year - on - year changes in new construction area, construction area, completion area, and sales area of real estate improved to some extent [12]. Polyester Industry Chain - **Upstream Prices**: The prices of Brent and WTI crude oil and other upstream products changed, with the price of PX decreasing [13]. - **Downstream Product Prices and Cash Flows**: The prices of polyester products such as POY, FDY, and DTY increased, and the cash flows changed [13]. - **PX - Related Prices and Spreads**: The prices and spreads of PX products changed, with the PX - naphtha spread down 1.7% [13]. - **PTA - Related Prices and Spreads**: The price of PTA increased, and the basis and processing fees changed [13]. - **MEG - Related Prices and Spreads**: The price of MEG decreased, and the basis and spreads changed [13]. - **Industry Operating Rates**: The operating rates of PX, PTA, MEG, and polyester industries changed, with the MEG comprehensive operating rate up 1.8% [13]. Crude Oil - **Prices and Spreads**: The prices of Brent, WTI, and SC crude oil changed, with the SC price up 3.40%. The spreads between different contracts and varieties also changed [14]. - **Refined Oil Prices and Spreads**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil increased, and the spreads between different contracts changed [14]. - **Refined Oil Crack Spreads**: The crack spreads of refined oil products such as gasoline and diesel changed, with the US diesel crack spread up 15.10% [14]. LPG - **Prices and Spreads**: The prices of PG2603, PG2604, and PG2605 decreased, and the spreads between different contracts changed [17]. - **External Prices**: The prices of FEI and CP swaps changed, with the FEI M1 contract down 0.98% [17]. - **Inventory**: The LPG refinery storage ratio increased slightly, and the port inventory decreased [17]. - **Operating Rates**: The operating rates of upstream and downstream enterprises changed, with the downstream PDH operating rate down 2.46% [17]. PVC - Caustic Soda - **PVC and Caustic Soda Spot & Futures**: The prices of PVC and caustic soda futures and spot changed, with the price of PVC increasing [20]. - **Caustic Soda Overseas Quotes & Export Profits**: The FOB price of caustic soda decreased, and the export profit increased [20]. - **PVC Overseas Quotes & Export Profits**: The CFR price of PVC remained stable, and the FOB price of PVC increased, with the export profit increasing significantly [20]. - **Supply**: The operating rates of the chlor - alkali industry and the profits of different production methods changed, with the PVC total operating rate down 1.1% [20]. - **Demand**: The operating rates of caustic soda and PVC downstream industries changed, with the alumina industry operating rate down 2.1% [20]. - **Inventory**: The inventories of caustic soda and PVC changed, with the PVC total social inventory down 5.8% [20].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For crude oil, the current price has risen and priced in a high geopolitical premium. In the short term, there is still a supply gap from Iran, but considering the expected over - performance of Venezuela's production increase and OPEC's subsequent production recovery, it is recommended to take profits on rallies and focus on mid - term layout [4]. - For methanol, it has priced in almost all geopolitical premiums. The current price strongly suppresses downstream demand, and the negative feedback may continue, putting pressure on the upside [5]. - For urea, the current situation of the internal - external price difference has opened the import window. Coupled with the expected improvement in production at the end of January, the fundamental outlook is bearish, so it is recommended to short on rallies [8]. - For rubber, the overall commodities have risen sharply with strong buying enthusiasm and large fluctuations. It is recommended to trade short - term according to the market, set stop - losses, and control risks strictly. The suggestion to buy NR main contract and short RU2609 should be postponed [14]. - For PVC, the overall fundamentals are poor with strong supply and weak demand in the domestic market. Short - term factors such as electricity price expectations, capacity clearance expectations, and rush - to - export sentiment support it. Attention should be paid to subsequent changes in capacity and operation [17]. - For pure benzene and styrene, the non - integrated profit of styrene is currently neutral to high, and the upward valuation repair space is shrinking. It is advisable to gradually take profits [20]. - For polyethylene, the OPEC+ plan to suspend production growth in Q1 2026 may lead to a bottoming of crude oil prices. The PE valuation still has room to decline. In the seasonal off - season, the demand side shows a downward trend in the overall operating rate [23]. - For polypropylene, in the context of weak supply and demand, the overall inventory pressure is high. In the long term, the contradiction has shifted from cost - driven decline to production - mismatch. It is recommended to go long on the PP5 - 9 spread at low prices [25]. - For PX, it is expected to maintain a stockpiling pattern before the maintenance season. The current valuation has risen. Mid - term, there are opportunities to go long on dips following crude oil [27]. - For PTA, it enters the Spring Festival stockpiling stage with short - term high maintenance on the supply side and declining demand from polyester and chemical fiber due to the off - season. There is a risk of processing fee correction in the short term, but there is still room for valuation increase after the Spring Festival [29]. - For ethylene glycol, in the medium term, there is an expectation of further profit compression and production cut under the pressure of stockpiling and high operation. The valuation needs to be compressed without further domestic production cuts [32]. Summaries According to Related Catalogs Crude Oil - **Market Information**: INE main crude oil futures closed up 3.80 yuan/barrel, a 0.81% increase, at 470.80 yuan/barrel. Singapore ESG weekly oil data showed gasoline inventory increased by 1.09 million barrels to 16.91 million barrels, diesel inventory decreased by 0.04 million barrels to 8.60 million barrels, fuel oil inventory decreased by 3.44 million barrels to 19.94 million barrels, and total refined oil inventory decreased by 2.39 million barrels to 45.44 million barrels [2][3]. - **Strategy**: Take profits on rallies and focus on mid - term layout [4]. Methanol - **Market Information**: Regional spot prices in Jiangsu decreased by 5 yuan/ton, while those in Lunan and Henan increased by 5 yuan/ton. The main futures contract changed by 15.00 yuan/ton to 2320 yuan/ton, and MTO profit changed by 103 yuan [5]. - **Strategy**: The current price suppresses downstream demand, and the negative feedback may continue, limiting the upside [5]. Urea - **Market Information**: Regional spot prices in Shandong, Hebei increased by 20 yuan/ton, and those in Henan, Hubei, Jiangsu, and Shanxi increased by 10 yuan/ton. The main futures contract decreased by 27 yuan/ton to 1790 yuan/ton, and the overall basis was reported at - 30 yuan/ton [7]. - **Strategy**: The import window has opened, and with the expected improvement in production at the end of January, short on rallies [8]. Rubber - **Market Information**: Multiple commodities such as copper and crude oil rose sharply but fell back after the night session. The short - term market is priced by funds with low correlation to fundamentals. Bulls and bears have different views on the market [11]. - **Strategy**: Trade short - term according to the market, set stop - losses, and control risks strictly. Postpone adding or opening positions for buying NR main contract and shorting RU2609 [14]. PVC - **Market Information**: The PVC05 contract rose 168 yuan to 5063 yuan. The cost of calcium carbide and other raw materials remained stable or changed slightly, the overall operating rate was 78.9%, and the downstream operating rate was 44.8%. Factory inventory decreased by 1.8 tons to 29 tons, and social inventory increased by 2.9 tons to 120.6 tons [16]. - **Strategy**: The fundamentals are poor with strong supply and weak demand. Short - term factors support it, and attention should be paid to subsequent changes in capacity and operation [17]. Pure Benzene & Styrene - **Market Information**: The spot and futures prices of pure benzene rose, and the basis widened. The spot price of styrene remained unchanged, the futures price fell, and the basis strengthened. The non - integrated profit of styrene was neutral to high, and the port inventory continued to increase [19]. - **Strategy**: The upward valuation repair space of styrene is shrinking. Gradually take profits [20]. Polyethylene - **Market Information**: The main futures contract closed at 7014 yuan/ton, down 35 yuan/ton. The upstream operating rate was 81.56%, up 1.23%. Production enterprise inventory decreased by 4.51 tons to 35.03 tons, and the downstream average operating rate was 41.1%, down 0.11% [22]. - **Strategy**: The crude oil price may have bottomed. The PE valuation still has room to decline, and the demand side shows a downward trend in the seasonal off - season [23]. Polypropylene - **Market Information**: The main futures contract closed at 6824 yuan/ton, down 46 yuan/ton. The upstream operating rate was 76.61%, down 0.01%. The inventory of production enterprises, traders, and ports all decreased, and the downstream average operating rate was 52.58%, down 0.02% [24]. - **Strategy**: In the context of weak supply and demand, the overall inventory pressure is high. In the long term, go long on the PP5 - 9 spread at low prices [25]. PX - **Market Information**: The PX03 contract decreased by 98 yuan to 7282 yuan. The PX load in China and Asia increased. The PTA load remained flat. The import of South Korean PX to China decreased in mid - early January, and the inventory increased in late November [26]. - **Strategy**: PX is expected to maintain a stockpiling pattern before the maintenance season. There are mid - term opportunities to go long on dips following crude oil [27]. PTA - **Market Information**: The PTA05 contract decreased by 62 yuan to 5270 yuan. The PTA load remained flat, and the downstream load decreased. The social inventory increased in late January, and the processing fee increased [28]. - **Strategy**: It enters the Spring Festival stockpiling stage. There is a risk of processing fee correction in the short term, but there is still room for valuation increase after the Spring Festival [29]. Ethylene Glycol - **Market Information**: The EG05 contract decreased by 44 yuan to 3913 yuan. The supply - side load increased, the downstream load decreased, the import to - port forecast was 14.7 tons, and the port inventory increased by 6.3 tons to 85.8 tons [31]. - **Strategy**: In the medium term, there is an expectation of further profit compression and production cut under the pressure of stockpiling and high operation. The valuation needs to be compressed without further domestic production cuts [32].

2026年02月02日 星期一 商品期货早班车 招商期货-期货研究报告 黄金市场 期货研究 招商评论 贵 金 属 市场表现：周五贵金属夜盘全线暴跌，黄金与白银价格均大幅下挫，其中白银跌幅尤为剧烈。 基本面：特朗普提名沃什出任美联储主席，引爆市场鹰派预期；美国联邦政府面临部分停摆，参议院拨款表 决陷入僵持；美国 12 月 PPI 同比 3%超预期，核心 PPI 环比上涨 0.7%，服务成本大幅攀升。国内黄金 ETF 大幅流入 5.9 吨，COMEX 黄金库存为 1115.8 吨，维持不变；上期所黄金库存为 103.0 吨，维持不变，SPDR 黄金 ETF 持仓为 1087.1 吨，+0.57；COMEX 白银库存为 12696.7 吨，-106.7 吨；上期所白银库存为 482 吨， -26.4 吨；iShares 白银 ETF 持仓为 15523 吨，-112.8 吨；金交所白银上周库存 504.5 吨，-1 吨；伦敦 12 月 末白银库存从 27183 吨增至 27814 吨；印度 11 月白银进口约 750 吨左右，10 月进口修正为 1898 吨。 交易策略：当前贵金属市场波动率高，黄金短期内建议多单减 ...

Price Performance - London Gold's latest price is 5405.00 with no change [1][2] - London Silver's latest price is 118.45 with no change [1][2] - London Platinum's latest price is 2671.00 with no change [1][2] - London Palladium's latest price is 2014.00 with no change [1][2] - WTI Crude Oil's latest price is 65.21 with a change of -0.21 [1][2] - LME Copper's latest price is 13276.00 with a change of -637.50 [1][2] - US Dollar Index's latest value is 96.16 with no change [2] - Euro to US Dollar's latest exchange rate is 1.20 with no change [2] - British Pound to US Dollar's latest exchange rate is 1.38 with no change [2] - US Dollar to Japanese Yen's latest exchange rate is 153.15 with no change [2] - US 10 - year TIPS's latest value is 1.90 with a change of 0.01 [2] Trading Data - COMEX Silver's latest inventory is 12698.10 with no change [3] - SHFE Silver's latest inventory is 455.07 with a change of -26.94 [3] - Gold ETF's latest holding is 1087.10 with a change of 0.57 [3] - Silver ETF's latest holding is 15523.36 with no change [3] - SGE Silver's latest inventory is 612.09 with no change [3] - SGE Gold and SGE Silver's latest deferred - fee payment directions are both 2 with no change [3]

Group 1 - The core point of the article is that the nomination of Waller by Trump to lead the Federal Reserve has triggered a significant sell-off in precious metals, with gold and silver experiencing substantial declines [1][4]. - Gold prices saw a sharp drop of 4% at one point, reflecting the largest decline in over a decade, before rebounding to around $4758, resulting in a daily decrease of 2.1% [1]. - Silver experienced an even more severe decline, with intraday losses approaching 12%, currently rebounding to $81.68, marking a daily drop of 3.26% [4]. Group 2 - Other precious metals, including platinum and palladium, also faced declines amid the sell-off [6]. - Brent crude oil futures fell by 2.8%, settling at $67.38 per barrel [6]. - U.S. stock futures also declined, with the Nasdaq 100 futures down by 0.6% and the S&P 500 futures down by 0.32% [7].