美联储保尔森：若通胀降温，美联储或可进一步降息。不会立即出台任何额外降息举措。 乌克兰军事情报局局长布达诺夫表示，他接受乌克兰总统泽连斯基的邀请，领导总统办公室。 数据显示，1月5日上海白银现货价格报价18280元/千克，相较于期货主力价格(18247元/千克)升水33元/ 千克。 委内瑞拉局势——①美对委发起"三小时闪电战"，代号"绝对决心"。②委副总统代行总统职权。③特朗 普威胁委代理总统，还称"绝对需要格陵兰岛"。④美国解除加勒比海空域限制。⑤欧盟发布有关声明， 未谴责美国。⑥马杜罗预计于当地时间5日在纽约"首次出庭"。 丹麦首相敦促特朗普停止威胁接管格陵兰岛。此前美高官妻子暗示很快拿下格陵兰岛。 【白银期货最新行情】 1月5日 收盘价(元/千克) 当日涨跌幅 成交量(手) 持仓量(手) 沪银主力 18247 1.16% 671811 238881 【机构观点】 芝加哥交易所一周内第二次上调保证金，银价大幅回落，假期内地缘冲突频发，美国空袭委内瑞拉，假 日后早间银价再度明显反弹。沪银溢价扩大至800元/克，沪银将补涨早间涨幅。银价大幅反弹，情绪依 旧强劲，地缘担忧下有支撑，但支撑或较为短暂，震荡为主。沪 ...

Core Viewpoint - The article highlights the emergence of "Zhoushan Price" as a significant pricing mechanism in China's shipping fuel market, which enhances market transparency and reduces reliance on international pricing [2][3][5]. Group 1: Introduction of Zhoushan Price - Zhoushan, located at the eastern edge of Hangzhou Bay, is a crucial shipping hub and the largest ship refueling port in China, with an annual refueling volume exceeding 7 million tons [2]. - The "Zhoushan Price" was established on June 21, 2021, based on the low-sulfur fuel oil futures price from the Shanghai Futures Exchange (SHFE), marking the first domestic pricing mechanism for ship fuel [2][3]. Group 2: Impact on Market Dynamics - The introduction of "Zhoushan Price" has improved market transparency and stability, enhancing operational efficiency for companies and expanding the application of fuel oil futures prices in the spot market [3][5]. - The participation of over 90% of companies in the Zhoushan ship fuel market in the low-sulfur seller pricing indicates the growing influence of "Zhoushan Price" [5]. Group 3: Integration of Futures and Spot Markets - Zhejiang Dazong, established in 2015, plays a pivotal role in promoting the integration of futures and spot markets in the Yangtze River Delta, facilitating the construction of a multi-layered trading market for bulk commodities [6][11]. - The collaboration between SHFE, Zhejiang Dazong, and industry players has led to the development of a comprehensive pricing index system and various trading models, enhancing the service to the real economy [11][12]. Group 4: Future Prospects - The ongoing development of "Zhoushan Price" aims to break international pricing barriers and elevate China's shipping fuel industry within the global value chain, indicating a commitment to continuous innovation and market collaboration [12].

Group 1 - The Shanghai Futures Exchange will officially launch platinum futures trading on November 27, 2025 [1][3] - The first batch of contracts includes PT2606, PT2608, and PT2610 [1][3] - Trading hours will be Monday to Friday from 9:00 to 10:15, 10:30 to 11:30, and 13:30 to 15:00 [1][3] Group 2 - Platinum options contracts will be listed on November 28, 2025 [1][3]

Core Viewpoint - The COMEX silver market is experiencing significant volatility, with speculative capital and retail investors driving prices higher amid a shortage of physical silver in London and New York. The price of silver futures has increased by 83% since November 2025, reaching a peak of $74.21 per ounce [1]. Group 1: Market Dynamics - COMEX silver futures closed at $72.09 per ounce, up 1.57%, with a trading range between $70.52 and $74.21 per ounce [1]. - The Chicago Mercantile Exchange (CME) has raised the initial margin requirements for COMEX silver futures contracts three times in the past two weeks, with the new margin for a non-high-risk 5,000-ounce silver futures contract set at $32,500 and for a high-risk contract at $35,750 [3]. - Historical patterns indicate that significant margin increases by the CME, combined with tightening monetary policy from the Federal Reserve, have previously curtailed silver price surges, but the current context of potential Fed rate cuts raises questions about the effectiveness of these margin hikes [3]. Group 2: Geopolitical Influences - Recent military actions by the U.S. against Venezuela have heightened security risks in the region, contributing to upward pressure on silver prices due to geopolitical instability [3]. - The Venezuelan government claims that the U.S. military actions aim to seize the country's oil and mineral resources, further complicating the geopolitical landscape [3]. Group 3: Technical Analysis - The silver market is showing signs of a bearish "buy exhaustion pattern," with prices significantly retreating and closing near daily lows [4]. - A notable bearish "key reversal pattern" has appeared on the daily chart, indicating potential challenges for bullish momentum [4]. - Key price levels to watch include resistance at $74.21 and $75.00, with support levels at $72.00 and $70.515 [4].

Group 1 - The core viewpoint of the articles highlights significant fluctuations in precious metal prices, particularly gold and silver, with gold futures for February 2026 dropping by $57.5 to $4328.8 per ounce, marking a decline of 1.31% [1] - The volatility in gold and silver prices has been severe, with both metals experiencing sharp daily price movements, which could be detrimental for short-term futures traders [1] - The CME Group announced a second increase in margin requirements for precious metal futures within a week, indicating heightened market volatility and risk [1] Group 2 - The U.S. dollar is facing its largest annual decline in eight years, with a year-to-date drop of 8.1% in the Bloomberg Dollar Spot Index, influenced by expectations of larger interest rate cuts by the next Federal Reserve chair [2] - Recent labor market data showed a decrease in initial jobless claims, which may exert further pressure on gold prices, indicating a weakening trend in the gold market despite holding above the $4300 support level [2] - Technical analysis suggests that the next resistance level for February gold futures is $4584, while the next support level is $4200 [2]

从2022年最低点算起，上海交易所白银价格从最低4018已经涨到了2025年的19204，涨幅超过了3.5倍。 和黄金相比白银的涨幅更加大，趋势更猛。以至于在美国的华尔街看来，中国正在试图建立以白银为锚定物的，"银本位"金融体系。 为什么中国推动的白银价格上涨让美西方金融体系这么紧张？从长期来看，中国是否已经掌握了贵金属的定价权？ 纸白银的"信任危机"：当数字合约再也变不出真金白银 曾经，在上海交易所刚成立时，好些东方大国的一些砖家不屑一顾，不看好它。如今，终于发展到能适度影响伦敦市场和纽交所的程度。 数据显示，国内白银期货的价格，在近期涨得比国际版本更"猛"。一个直观的数据是，12月单月，国内白银期货涨幅超过38%，而同期国际银价的涨幅约为 25%-26%。这并不是简单的炒作，背后是一股强大的"东方引力"。 目前， 中国是全球最大的白银进口国和消费国。我们的光伏面板产量占全球绝大部分，我们的电子制造业集群需要吞吐海量的白银。 这意味着，在上海期货交易所每跳动一次的价格，其背后连接的是真实的生产订单和物流吞吐，是"用银子造东西"的刚性需求。这与主要体现金融投资情绪 的伦敦、纽约市场，存在着根本性的逻辑差异。 ...

大商所期权家族添新 12月31日，证监会发布通知，同意大商所焦煤期权注册。同日，大商所发布焦煤期权合约和焦煤期权上 市交易有关事项的通知（下称"通知"），对焦煤期权的上市交易时间、交易合约、挂牌基准价等事项进 行了明确。 早在2013年，大商所上市了焦煤期货。2025年前11个月，焦煤期货日均成交量104万手，日均持仓量67 万手，期现价格相关性达到97%。 根据通知，焦煤期权即将于1月16日上市，首批9个合约将以期货合约为标的。交易手续费和持仓限额方 面，焦煤期权交易手续费为0.5元/手，套期保值交易手续费减半收取，行权履约手续费与交易手续费相 同；持仓限额为8000手。 但是近年来，焦煤受供需、政策等多重因素影响，价格波动较为剧烈，产业企业对运用衍生品工具开展 精细化风险管理的需求日益强烈。 大商所相关负责人对记者称，焦煤期权上市后，将与相对应的焦煤期货、焦炭期货，以及铁矿石期货、 期权一起，为相关产业提供覆盖钢铁原燃料的更全面的风险管理工具体系。 此外，大商所还在通知中明确了焦煤期权的挂牌基准价、交易指令、行权与履约、组合保证金、相关费 用、做市商制度及合约询价等内容。 格林大华期货黑色研究员纪晓云分析 ...

地缘政治风险持续升温推高避险资产需求、美联储接连降息，叠加发达经济体通胀担忧与债务负担高企 引发的货币贬值交易，共同助推贵金属本轮火爆涨势，黄金、白银双双迎来 1979 年以来表现最佳的一 年。 作为体量更大的贵金属品种，多重利好推动散户投资者与机构基金经理大举涌入黄金 ETF，各国央行 也延续了长达数年的黄金增持潮。 过去 12 个月，黄金涨幅约 64%。9 月，金价突破45 年来经通胀调整后的历史峰值—— 上一轮峰值出现 在美元承压、通胀飙升、经济衰退初现的时期，彼时金价触及 850 美元 / 盎司；而本轮牛市中，金价于 10 月初一举站上 4000 美元整数关口。 专题：2025年国际财经新闻大盘点 2025 年最后一个交易日，黄金、白银价格走低，但贵金属全年行情收官亮眼，二者均将创下四十年来 最大年度涨幅。 现货黄金小幅回落至每盎司 4320 美元下方，白银则跌至 70 美元关口附近。节后交投清淡的市场中，两 大贵金属价格波动剧烈：周一暴跌，周二反弹，周三再度走低。此番大幅震荡，促使交易所运营商芝商 所（CME Group）两度上调保证金要求。 世界黄金协会首席策略师、资深市场人士约翰・里德表示：'从 ...

Group 1 - The Chicago Mercantile Exchange (CME) has announced a second increase in margin requirements for precious metal futures, including gold, silver, platinum, and palladium, citing market volatility and the need for adequate collateral coverage [1][3]. - Precious metals have experienced significant volatility, with silver futures reaching a historic high of over $83 per ounce before a substantial pullback [3]. - Historically, increases in margin requirements by CME have often led to declines in precious metal prices, as traders are required to provide more collateral, reducing available funds and dampening market enthusiasm [3][5]. Group 2 - The tightening of the futures market does not necessarily indicate a decline in the physical market, and there may still be potential for gold to experience a rally in the coming year, with price targets speculated between $4,900 and $5,000 [6]. - Technical analysis indicates that after testing resistance at $4,400, gold prices have begun to retreat, suggesting weak bullish momentum, and there is a risk of new lows if the downward trend continues [6]. - In the silver market, prices are currently holding around the $70 per ounce mark, with expectations of a short-term rebound, but the overall adjustment trend remains negative [7].

根据通知，交易时间方面，焦煤期权自2026年1月16日(周五)上午8：55-9：00集合竞价，9：00上市交 易。1月16日(周五)当晚，焦煤期权与标的期货同步开展夜盘交易。手续费和持仓限额方面，焦煤期权 交易手续费为0.5元/手，套期保值交易手续费减半收取，行权履约手续费与交易手续费相同；持仓限额 为8000手。此外，大商所还在通知中明确了焦煤期权的挂牌基准价、交易指令、行权与履约、组合保证 金、相关费用、做市商制度及合约询价等内容。 大商所方面表示，下一步，大商所将与市场各方共同做好焦煤期权上市前的各项准备工作，确保焦煤期 权平稳上市运行，同时强化市场培育、为企业用好期权工具提供助力，更好服务煤焦钢产业和实体经济 高质量发展。(完) 2013年，大商所上市了焦煤期货。上市以来，焦煤期货市场运行平稳，规模不断扩大，功能有效发挥， 价格影响力稳步提升，越来越多的产业企业利用焦煤期货进行套期保值。2025年前11个月，焦煤期货日 均成交量104万手，日均持仓量67万手，期现价格相关性达到97%，服务实体经济能力显著增强，为焦 煤期权的推出奠定了坚实基础。 近年来，焦煤受供需、政策等多重因素影响，价格波动较为剧烈 ...