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].

伦敦金属交易所首席执行官 Matt Chamberlain 在声明中表示："虽然我们认为针对定制化跨办公室交易 提高费用是合理的，但我们仍致力于维持实物市场交易关键环节的低费率，例如所有交易场所的场内交 易和短期套利交易。" （文华综合） 交易所称，会员电子交易费将按3.4%至3.7%的"通胀增幅"调整，但补充说明客户在LMEselect平台进行 即期交易的"综合交易成本"将下降4.5%。 这家拥有148年历史的交易所表示，新费率将于2026年1月1日起生效，客户交易费除外，该项调整将于 2026年3月1日实施，以便会员有时间落实相关流程变更。 11月28日（周五），伦敦金属交易所（LME）表示，为增强其LMEselect电子平台的流动性并支持实物 市场交易，明年将降低客户交易费用。 全球主要金属交易市场LME在声明中宣布修订2026年收费方案，客户交易及结算费将下调7.4%-8.5%。 ...

Market Performance - The three major U.S. stock indices all rose, with the Dow Jones increasing by 289.30 points (0.61%) to 47,716.42, the Nasdaq up by 151.00 points (0.65%) to 23,365.69, and the S&P 500 gaining 36.48 points (0.54%) to 6,849.09 [2] - For the week, all three indices saw significant gains, with the Dow Jones up 3.18%, the S&P 500 rising 3.73%, and the Nasdaq increasing by 4.91% [2] Technology Sector - Intel's stock surged over 10%, marking its best single-day performance since September 18 [1][4] - Other major tech stocks also saw gains, including Facebook (up over 2%), Amazon (up over 1%), Microsoft (up over 1%), and Tesla (up 0.84%) [4] - The Philadelphia Semiconductor Index rose by 1.82%, with notable increases in stocks like Micron Technology (up over 2%) and ARM (up over 2%) [5][6] Commodities - WTI crude oil prices fell for the fourth consecutive month, closing at $58.55 per barrel, marking the longest monthly decline since March 2023 [8] - Silver and copper prices reached record highs, with silver rising 5.7% to $56.46 per ounce and copper climbing 2.5% to $11,210.50 per ton before settling up 2.2% [9]

Core Insights - The spot silver price increased by 5.81% to $56.5003 per ounce, with a cumulative rise of 16.04% in November [1] - COMEX silver futures for March rose by 6.49% to $57.085 per ounce, also reflecting a cumulative increase of 16.01% for November [1] - COMEX copper futures increased by 1.62% to $5.2780 per pound, with a cumulative rise of 2.13% in November [1] - Spot platinum rose by 3.50% to $1670.77 per ounce, with a cumulative increase of 6.13% in November [1] - Spot palladium increased by 1.27% to $1454.50 per ounce, with a cumulative rise of 1.10% in November [1]

The Chicago Mercantile Exchange faced one of its most disruptive trading incidents in years after a cooling failure at a major Illinois data center forced a halt that stretched for roughly 10 hours, freezing markets across multiple regions and igniting accusations of manipulation from frustrated traders. CME confirmed that trading stopped because of a cooling system malfunction at the CyrusOne-operated facility in Aurora, a site that has served as the backbone of CME’s Globex electronic markets for nearly ...

芝加哥商品交易所（CME）周四深夜因数据中心冷却系统故障引发全球交易中断，导致股票、外汇、美债、能源及农产品等多个关键市场陷入停 滞，全球市场流动性急剧萎缩。 故障源于运营商CyrusOne在芝加哥数据中心的冷却系统异常，迫使CME旗下Globex电子交易平台全面暂停，并波及CBOT、NYMEX、COMEX等 关联交易所，甚至对海湾商品交易所产生连锁影响。 交易员描述市场一度陷入"盲飞"状态，流动性瞬间蒸发，价格发现机制停摆。TP ICAP Europe巴黎股票销售主管Thomas Helaine指出："美国期货 本是现金股票开盘前的重要风向标，如今失去这一指引，市场如同在黑暗中飞行。" 此次故障发生在感恩节后的缩短交易时段，恰逢月度合约展期关键窗口，进一步放大了市场操作难度与风险敞口。分析人士称，这一事件再次凸 显全球金融基础设施在单一节点故障面前的系统性脆弱性。 中断时长已超2019年类似故障 CME在当地时间周四深夜通过社交媒体首次确认，因CyrusOne数据中心"冷却问题"暂停所有市场交易，并于美东时间凌晨5时发布更新称， BrokerTec EU市场恢复交易，但其他所有CME集团市场仍处于停摆状态。 ...

Core Insights - CME Group experienced a trading halt across its platforms due to a cooling failure at a third-party data center, impacting key commodity prices like gold, silver, and copper [2][3] - Prior to the outage, COMEX silver futures reached a historic high of $54.6 per ounce, while COMEX gold futures surged to $4227 per ounce [2] - The outage lasted over 8 hours, leading to a significant loss of liquidity in the futures market [3] Group 1: Impact of the Outage - The cooling issue at CyrusOne data center prevented global traders from operating through the Globex system, exposing institutions relying on this platform for hedging and speculation to unmanageable risk [3] - The immediate consequence of the outage was a drastic reduction in market liquidity, with OTC spreads widening significantly [3] - The outage affected not only commodities but also forex, U.S. Treasury, and stock index futures, with CME's EBS forex platform also pausing trading [3] Group 2: Market Reactions and Expectations - Analysts noted that a significant portion of the recent rise in gold prices was driven by investor positioning for an anticipated low interest rate environment, with an 85% probability of a Fed rate cut in December according to CME's FedWatch tool [3] - The macroeconomic environment continues to support precious metal prices, as the dollar is experiencing its worst week since late July, enhancing the appeal of dollar-denominated assets like gold [3] - Market participants are currently limited to off-exchange operations, which may increase price volatility risks until trading resumes [4]

今晚的美股开盘，备受全球瞩目——毫不夸张地说，这将是今年最漫长的一夜。在周四美股休市后，市 场失去了主心骨，全球资产普遍进入观望状态。更微妙的是，交易员已清晰意识到：美联储降息预期已 被推至极致，继续加码已变得危险，因此不敢贸然押注——等待美股给出新的定价信号。然而，在周五 美股开盘前，华尔街最大的交易所之一芝商所（CME）数据中心的冷却系统出了问题，导致全球期货 交易系统停摆，进一步加剧了市场的不确定性。 市场失去主心骨 全球资产进入观望状态 今晚的美股开盘将是一个充满不确定性的关键时刻。CME数据中心的故障引发了全球期货市场的停 摆，使得市场失去了重要的定价信号。在全球投资者的密切关注下，今晚的美股收盘将对未来的市场走 势产生重要影响。 来源：热点快报 在周五美股开盘前，发生了一件让交易员们震惊的事情——芝商所（CME）数据中心的冷却系统出现 了故障，导致全球期货交易系统停摆。CME是全球最大的期货交易所之一，其数据中心的故障直接影 响了全球期货市场的正常运作。CME不仅是市场情绪的风向标，还是全球期货的重要定价中心，涵盖 了股指、外汇、国债、原油、黄金、玉米、豆粕等多个品种的流动性枢纽。 CME的停摆不 ...

Market Overview - US stock index futures are all up, with Dow futures rising by 0.11%, S&P futures by 0.1%, and Nasdaq futures by 0.18% as of the report [1] - Major European stock indices are also up, with the Euro Stoxx 50 rising by 0.1%, FTSE 100 by 0.18%, CAC 40 by 0.23%, and DAX 30 by 0.19% [1] - WTI crude oil increased by 0.73% to $59.08 per barrel, while Brent crude oil decreased by 0.1% to $62.81 per barrel [1] Market Events - CME suspended futures and options trading due to cooling issues at its data center, affecting multiple commodities, with analysts expecting significant price volatility upon resumption [1] - Spot gold prices experienced high volatility, with the bid-ask spread exceeding $20 at one point, dropping to $4154 per ounce before recovering to $4163.58 per ounce [1] - Trump proposed using tariff revenues to significantly reduce income taxes for low- and middle-income earners, indicating potential disruptive changes to US federal tax policy [1] - The China Smelters Purchase Team (CSPT) reached a consensus to reduce copper concentrate production capacity by over 10% for the 2026 fiscal year to combat unreasonable pricing and malicious competition [1] - Russia has received details of a peace plan agreed upon by the US and Ukraine, which will be discussed next week [1] Company News - The European Commission received notification from Apple that its advertising and mapping services meet the thresholds of the Digital Markets Act (DMA), with a decision expected within 45 working days [1] - Nanwei Semiconductor (NVTS.US) signed a strategic distribution agreement with WT Microelectronics to integrate their distribution networks in Asia, accelerating the transition to high-power markets such as AI and energy [1] Economic Data - Germany's seasonally adjusted unemployment rate for November remained at 6.3%, with a slight increase in seasonally adjusted unemployment by 0.1 thousand, lower than the expected 0.5 thousand [1] - France's GDP for Q3 grew by 0.9% year-on-year, in line with expectations, and increased by 0.5% quarter-on-quarter [1]

Core Viewpoint - CME Group experienced a platform-wide trading halt due to a cooling failure at a third-party data center, impacting key commodity prices like gold, silver, and copper, which entered a "stagnation" phase for over 8 hours [3][4]. Group 1: Incident Details - The trading halt was triggered by a cooling issue at CyrusOne data center, preventing global traders from operating through the Globex system, leading to significant risks for institutions relying on this platform for hedging and speculation [4]. - The immediate consequence of the outage was a sudden disappearance of liquidity in the futures market, with OTC spreads widening significantly [4]. Group 2: Market Reactions - Tim Waterer, Chief Market Analyst at KCM Trade, noted that a significant portion of the gold price increase was due to investors positioning for an anticipated low interest rate environment, with an 85% probability of a Fed rate cut in December according to CME's FedWatch tool [5]. - The system failure not only affected commodities but also impacted forex, U.S. Treasury, and stock index futures, with the EBS forex platform also pausing trading [6]. Group 3: Economic Context - The macroeconomic environment is supporting precious metal prices, as the dollar is experiencing its worst week since late July, enhancing the appeal of dollar-denominated assets like gold [6]. - Market participants are limited to off-market operations until trading resumes, creating a disjointed state that may increase price volatility risks [6].