格隆汇12月2日｜芝商所(CME)集团今日发布数据称，2025年11月日均交易量达到3310万份合约，同比 增长10%，创该集团有记录以来第二高水平。其月度日均交易量最高纪录于2025年4月创下，为3590万 份合约。同比来看，11月金属产品整体增长52%，其中微型黄金期货日均交易量暴涨235%至47.6万份合 约，白银期货日均交易量增长22%至10.8万份合约，微型白银期货日均交易量激增238%至7.5万份合 约。 ...

Group 1 - COMEX silver inventory recorded at 14,183.03 tons on December 1, a decrease of 24.18 tons from the previous day [1][2] - COMEX silver price closed at $58.42 per ounce on December 1, up 2.34%, with an intraday high of $59.44 and a low of $56.85 [1] Group 2 - Last week, a data center overheating issue at CME Group led to a suspension of futures trading, disrupting global markets and triggering short-term safe-haven buying in gold and silver [3] - The operational issue was attributed to a cooling system failure at a data center in the Chicago area, with the engineering team having restarted multiple chillers and deployed temporary cooling equipment [3] - CME Group indicated that the regular Term SOFR overnight financing rate is now available on Datamine, the website, and Globex, although delays are still affecting CME Streamline and CME Rest API [3]

Core Viewpoint - Silver prices have surged, reaching a historical high of over $57 per ounce, coinciding with a significant trading disruption at the Chicago Mercantile Exchange (CME) due to a cooling system failure at a data center, leading to speculation about market manipulation to protect market makers from potential losses [6][25][33] Group 1: CME Incident - On November 28, CME announced a trading halt due to a cooling issue at the CyrusOne data center, which lasted for 9 hours and affected various markets including gold, silver, and U.S. Treasury futures, with nominal contract values reaching several hundred million dollars [7][25][29] - The incident disrupted the price discovery process in global derivatives markets, causing significant volatility and widening spreads in gold and silver [7][26] - Analysts noted that the timing of the CME outage, coinciding with a spike in silver prices, led to discussions about potential market manipulation to protect exposed market makers [8][26] Group 2: Market Maker Risks - Market makers, who provide liquidity, faced extreme risks during the silver price surge due to their reliance on real-time hedging, which became ineffective in a rapidly moving market [9][27] - The concentration of short positions among market makers during a one-sided market led to significant losses as they accumulated large amounts of losing positions [10][28] - The volatility index for silver options surged by 12.74% on November 28, indicating heightened market uncertainty and increased demand for hedging [10][29] Group 3: Historical Context - The speculation surrounding CME's actions is reminiscent of past incidents where exchanges intervened during extreme market conditions, such as the nickel trading halt by the London Metal Exchange (LME) in March 2022 [12][31] - Historical events involving silver, such as the Hunt brothers' market manipulation in the 1970s, highlight the potential for liquidity crises in commodity markets [12][32] Group 4: Future Outlook - The recent surge in silver prices, with a year-to-date increase exceeding 100%, raises questions about whether this trend will continue or if it marks a turning point [15][33] - Analysts suggest that the tightness in silver supply and ongoing geopolitical uncertainties may support prices, but caution against potential volatility due to speculative profit-taking [16][34]

Group 1 - Silver prices have surged, reaching a new historical high of over $57 per ounce on December 1, following a significant increase in recent months [2][25] - The Chicago Mercantile Exchange (CME) experienced a nine-hour outage due to cooling issues at the CyrusOne data center, which disrupted trading across various markets including silver and gold [8][32] - Speculation arose that the outage was a deliberate action to protect market makers from potential large losses due to extreme market conditions, particularly as silver prices were rising sharply [10][11] Group 2 - The CME outage interrupted the price discovery process for global derivatives, leading to increased volatility and a temporary widening of spreads in the gold market [32][9] - Market participants noted that the outage coincided with a significant increase in silver prices, raising concerns about the potential for market manipulation or protective measures by the CME [10][12] - The incident highlighted the vulnerability of market makers, who faced substantial risks due to the sudden price movements and liquidity issues [33][34] Group 3 - The silver market has seen a dramatic increase in speculative trading, with the number of arbitrage contracts rising from 8,670 in early September to 19,612 by mid-October [35] - The market's dynamics have shifted, with a notable increase in short positions, indicating a growing reliance on trading strategies that exploit price discrepancies [35][36] - Historical parallels were drawn to past market disruptions, suggesting that liquidity crises can lead to extreme price movements and market instability [41][42] Group 4 - Analysts predict that the combination of tight physical silver supply and upcoming futures contract expirations could lead to further price volatility [42][43] - The current macroeconomic environment, including expectations of interest rate cuts by the Federal Reserve, is expected to support silver prices in the medium to long term [43] - However, there are concerns about potential liquidity risks due to low inventory levels, which could exacerbate price fluctuations in the silver market [43]

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 12月2日｜沪银涨超3%，甲醇、焦煤、焦炭、纯碱涨超1%；多晶硅、钯跌超2%，铂、鸡蛋、沥青跌超 1%。 ...

Group 1 - The core viewpoint of the article highlights the mixed performance of agricultural futures on the Intercontinental Exchange (ICE) as of December 1 [1] Group 2 - Cotton futures decreased by 0.11%, closing at 64.64 cents per pound [1] - Cocoa futures increased by 0.42%, closing at $5,527.00 per ton [1] - Coffee futures saw a slight increase of 0.04%, closing at 381.35 cents per pound [1]

CME宕机引发全球市场冲击 Wmax监测显示，芝加哥商品交易所集团（CME）近期突发数据中心故障，导致标普500期货、EBS外汇平台、国债、原油及贵金属等关键品种交易暂停， 涉及数万亿美元合约，影响深度与时长超2019年同类故障。芝商所日均衍生品交易量超2600万份，迷你标普500与纳斯达克100期货日均名义交易额约1万亿 美元，庞大体量使冲击快速蔓延。 此次停摆恰逢感恩节后清淡期、月末及基金年终结算叠加节点，导致流动性对冲工具缺失，国债交易受限、外汇价差扩大，期货交割压力陡增。对贵金属市 场而言，Comex黄金期货与期权冻结导致伦敦现货对冲失效，金价先飙后震荡，买卖价差从1美元飙升至20美元以上，叠加美国政府停摆致经济数据缺失， 进一步放大短期波动。 黄金短期策略 政策端聚焦12月美联储议息会议，市场预期降息25个基点；技术面伦敦金现最新4252.51美元/盎司（日涨0.71%），支撑位4220-4230美元（资金承接区，与 10年期美债收益率3.85%负相关），阻力位4280-4300美元。操作建议：4230-4240美元轻仓介入，突破4300美元且站稳2日加仓；初始仓位15%-20%，加仓后 不超30% ...

Core Insights - The Chicago Mercantile Exchange (CME) temporarily halted all futures and options trading due to a technical failure at a third-party data center, raising concerns about price volatility upon resumption of trading [1][3] Group 1: Impact on Trading - The immediate cause of the trading suspension was a cooling system failure at the CyrusOne data center, affecting core trading products across various sectors including energy, agricultural products, fixed income, and stock indices [3] - Key contracts such as WTI crude oil futures and gasoline futures were impacted, with WTI last trading at 10:47 AM Beijing time before orders could no longer be matched [3] - The halt also affected U.S. Treasury futures and S&P 500 index futures, with trading channels closing rapidly after the incident [3] Group 2: Broader Market Effects - The failure significantly disrupted liquidity in the foreign exchange market, particularly affecting EBS, a major forex trading platform, leading to gaps in pricing and forcing traders to pause large forex hedging operations [3] - Charu Chanana, Chief Investment Strategist at Saxo Capital Markets, noted that the current environment of relative liquidity scarcity, combined with a wait-and-see attitude ahead of macroeconomic data releases, could lead to a breakdown in price discovery mechanisms due to the trading halt [3] Group 3: Regional Impact - The Malaysian Exchange also announced a suspension of all derivative products due to the same technical failure, collaborating closely with CME's technical team for service restoration [4] - The palm oil futures contract, which is the largest by trading volume globally, was reported at 4,112 ringgit per ton before the suspension, reflecting a 0.54% increase from the previous trading day [4]

今日周一（12月1日）亚盘时段，受技术图表形态推动，黄金本周短期技术面均呈现更强看涨态势。2月 交割黄金期货上涨38.8美元，报4241.1美元/盎司。 芝加哥商品交易所集团（CME Group）因数据中心过热突发故障，致期货交易暂停并波及全球市场，同 时触发黄金、白银短期避险买盘。昨日夜间至今日早盘，CME旗下期货与期权交易因数据中心冷却系 统异常中断，覆盖股票、外汇、债券及大宗商品等多类市场，交易停滞数小时。 设施运营商CyrusOne称，故障源于芝加哥地区某数据中心冷却系统失灵，工程团队已重启多台制冷机 并部署临时冷却设备。此次中断时长超过2019年技术故障的数小时停运，再度凸显CME及其Globex电 子交易平台对全球市场的核心影响力。 市场参与者担忧错失完整交易时段，不满情绪蔓延。法国巴黎TPICAP欧洲股票销售主管托马斯·海莱恩 比喻："这像在黑暗中飞行——美股期货本可在开盘前为现金股票交易指引方向，我只能想象衍生品部 门此刻的混乱。"此次事件不仅暴露关键金融基础设施的脆弱性，更因交易骤停引发的避险需求，短期 推升黄金、白银等资产吸引力。 技术面来看，2月黄金期货多头的下一个上行目标是收盘价突破关 ...

（央视财经《经济信息联播》）当地时间27日晚至28日清晨，美国芝加哥商品交易所集团使用的一处关 键数据中心，因冷却系统出现故障发生过热现象暂停服务超过10小时，这导致美国股指期货和期权交易 一度中断，目前交易已经恢复。 转载请注明央视财经 编辑：令文芳 路透社报道称，此次交易中断影响范围涵盖外汇、债券、大宗商品及股指期货交易，芝加哥商品交易所 的债券与货币交易平台同样受到影响。由于恰逢美国传统假期，市场交投较为清淡，此次事故并未导致 资本市场出现剧烈波动。 据报道，这一关键数据中心位于芝加哥西部郊区奥罗拉，数据中心出现冷气设备故障后温度升至近49摄 氏度，超过美国行业规定的最高温度约48%，因而导致服务中断。数据中心由总部位于美国得克萨斯州 达拉斯的"赛勒斯万"公司运营。公司随后派遣工程师连夜抢修并启动临时冷却设备。芝商所公布的数据 显示，其日均处理与1.5万亿美元标的股指相关的期货和期权交易，以及名义金额9.6万亿美元的利率相 关投机交易。10月的日均衍生品交易合同达2630万份。有媒体报道称，此次事故凸显数字经济时代市场 交易平台过度集中存在风险。 ...