每经AI快讯，当地时间10月17日，伦敦基本金属多数下跌，LME期锡跌2.07%报35030.00美元/吨，本周 累计下跌3.16%；LME期镍跌1.03%报15110.00美元/吨，本周累计下跌1.11%；LME期锌跌1.03%报 2942.50美元/吨，本周累计下跌1.97%；LME期铜跌0.38%报10607.00美元/吨，本周累计上涨0.85%； LME期铝跌0.36%报2778.50美元/吨，本周累计上涨1.11%；LME期铅涨0.31%报1971.50美元/吨，本周累 计下跌2.43%。 ...

Report Overview - The report is the "Guotai Junan Futures Commodity Research Morning Report - Precious Metals and Base Metals" dated October 17, 2025, covering various metals including gold, silver, copper, zinc, lead, tin, aluminum, alumina, cast aluminum alloy, nickel, and stainless steel [1]. Industry Investment Rating - No industry investment rating is provided in the report. Core Views - Gold is expected to continue reaching new highs, while silver's spot contradictions are easing, leading to a price increase followed by a decline. Copper's spot premium supports its price, zinc shows internal and external differentiation, and lead's overseas inventory reduction limits price drops. Tin's price is influenced by macro factors, and aluminum has upward potential. Alumina shows a slight rebound, and cast aluminum alloy follows the trend of electrolytic aluminum. Nickel prices are oscillating at a low level due to bearish macro sentiment, and stainless steel prices are pressured by both macro and real - world factors, with cost providing a downside limit [2]. Summary by Metal Gold - **Price and Trading Volume**: Yesterday, the closing prices of Shanghai Gold 2512, Gold T+D, Comex Gold 2512, and London Gold Spot all increased, with night - time prices also rising. Trading volumes of Shanghai Gold 2512 and Comex Gold 2512 increased, while Shanghai Gold 2512's open interest decreased, and Comex Gold 2512's increased. - **ETF and Inventory**: SPDR Gold ETF's open interest increased, and inventories of Shanghai Gold and Comex Gold changed, with Shanghai Gold's inventory rising and Comex Gold's falling. - **Trend Strength**: Gold's trend strength is 1, indicating a moderately bullish outlook [4]. Silver - **Price and Trading Volume**: The closing prices of Shanghai Silver 2512, Silver T+D, Comex Silver 2512, and London Silver Spot rose, with night - time prices also increasing. The trading volume of Comex Silver 2512 increased, and its open interest remained unchanged. - **ETF and Inventory**: SLV Silver ETF's open interest remained unchanged, and inventories of Shanghai Silver and Comex Silver decreased. - **Trend Strength**: Silver's trend strength is 1, suggesting a moderately bullish view [4]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract decreased slightly, while the LME Copper 3M electronic disk price increased. The trading volume of the Shanghai Copper main contract decreased, and its open interest increased. - **Inventory and Premium**: Shanghai Copper's inventory decreased, and LME Copper's inventory also declined. The LME Copper premium decreased significantly. - **Trend Strength**: Copper's trend strength is 0, indicating a neutral outlook [8]. Zinc - **Price and Trading Volume**: The closing prices of the Shanghai Zinc main contract and LME Zinc 3M electronic disk decreased slightly. The trading volumes of both decreased, and the open interest of Shanghai Zinc decreased while that of LME Zinc increased. - **Premium and Inventory**: Shanghai 0 zinc's premium changed, and LME CASH - 3M premium increased. Shanghai Zinc's inventory increased, and LME Zinc's inventory decreased. - **Trend Strength**: Zinc's trend strength is 0, suggesting a neutral view [11]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract decreased slightly, while the LME Lead 3M electronic disk price increased. The trading volumes of both decreased, and the open interest of Shanghai Lead decreased while that of LME Lead increased. - **Premium and Inventory**: Shanghai 1 lead's premium decreased, and LME CASH - 3M premium decreased. LME Lead's inventory decreased. - **Trend Strength**: Lead's trend strength is 0, indicating a neutral outlook [15]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract decreased slightly, while the LME Tin 3M electronic disk price increased. The trading volume of the Shanghai Tin main contract increased, and its open interest decreased. - **Inventory and Premium**: Shanghai Tin's inventory decreased, and the LME Tin premium changed slightly. - **Trend Strength**: Tin's trend strength is 0, suggesting a neutral view [17]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing prices of the Shanghai Aluminum main contract, LME Aluminum 3M, Shanghai Alumina main contract, and aluminum alloy main contract showed different trends. Trading volumes and open interests also changed accordingly. - **Inventory and Premium**: LME Aluminum's注销仓单占比 and various premiums changed. - **Trend Strength**: The trend strengths of aluminum, alumina, and aluminum alloy are all 0, indicating neutral outlooks [20]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing prices of the Shanghai Nickel main contract and stainless steel main contract changed. The trading volumes of both showed different trends. - **Industry - related Data**: Key prices and spreads in the nickel and stainless - steel industries changed. - **Trend Strength**: The trend strengths of nickel and stainless steel are both 0, suggesting neutral views [22].

2025年10月16日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：继续创新高 | 2 | | --- | --- | | 白银：现货矛盾缓解，冲高回落 | 2 | | 铜：国内库存增加，价格承压 | 4 | | 锌：偏弱震荡 | 6 | | 铅：库存增加，限制价格回升 | 8 | | 锡：关注宏观影响 | 9 | | 铝：震荡整理 | 11 | | 氧化铝：利润压缩 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 镍：宏观情绪转承压，镍价低位震荡 | 13 | | 不锈钢：宏观与现实共振施压，下方成本限制弹性 | 13 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 2025 年 10 月 16 日 黄金：继续创新高 白银：现货矛盾缓解，冲高回落 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 商 品 研 究 商 品 研 究 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | - ...

每经AI快讯，当地时间10月15日，伦敦基本金属多数上涨，LME期锡涨0.54%报35380.00美元/吨，LME 期铝涨0.26%报2744.50美元/吨，LME期铅涨0.20%报1986.00美元/吨，LME期镍涨0.10%报15150.00美 元/吨，LME期铜跌0.02%报10576.00美元/吨，LME期锌跌0.03%报2940.50美元/吨。 ...

请务必阅读正文之后的免责条款部分 1 2025年10月15日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：继续创新高 | 2 | | --- | --- | | 白银：现货矛盾缓解，冲高回落 | 2 | | 铜：市场谨慎，价格震荡 | 4 | | 锌：震荡偏弱 | 6 | | 铅：库存增加，价格承压 | 8 | | 锡：关注宏观影响 | 9 | | 铝：区间震荡 | 11 | | 氧化铝：重心下移 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 镍：宏观情绪转承压，镍价低位震荡 | 13 | | 不锈钢：宏观与现实共振施压，下方成本限制弹性 | 13 | 国 泰 君 安 期 货 研 究 所 期货研究 商 品 研 究 商 品 研 究 2025 年 10 月 15 日 黄金：继续创新高 白银：现货矛盾缓解，冲高回落 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 产 业 服 务 研 究 所 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | | 夜盘涨幅 | | --- | --- | - ...

不过周二盘中也反弹了一下，不少人以为要稳住了？其实是鲍威尔放了句鸽派话，说可能10月降息，市场情绪松了口气。但懂行的都清楚，基本面没 改，供过于求的根子还在。就像大石油公司托克、贡渥的高管都直言，油价大概率还要跌，甚至汽油、柴油的需求可能都见顶了——你想啊，需求到 头，供应又多，这油价能硬气起来吗？后续要是真反弹，60到62美元就是道硬坎，难过去。 再看基本金属，那真是"集体躺平"。LME期铜跌了2.24%，期铝、期镍也跟着跌，最惨的是锌，跌了2.63%，创了近八个月最大跌幅。其实这也不意外， 金属跟实体经济绑得紧，贸易局势不明朗，工业需求预期弱，它们自然就承压。说白了，工厂订单少了，对铜、铝这些原材料的需求就降了，价格能不 跌吗？ 最近看大宗商品市场，是不是越看越迷糊？一边原油跌穿五个月低点，另一边金价悄悄往上走，连基本金属都集体"蔫儿"了——我是帮主郑重，做了20年 财经记者，今天就用大白话跟你唠唠这市场里的门道。 先说最受关注的原油，WTI原油周二跌到了58.7美元一桶，这可是5月份以来的最低价，布伦特原油也跟着跌到62美元附近。为啥跌这么狠？核心就两 点：一是国际能源署（IEA）放了个"大招"，说明年 ...

上周五原油还在跌得让人揪心，周一就立马反弹；白银更夸张，直接飙到几十年最高，黄金也跟着再破纪录——最近大宗商品市场这节奏，是不是让不 少朋友看得眼花缭乱？大家好，我是帮主郑重，做了20年财经记者，专盯中长线的老炮儿，今天咱就掰开揉碎，聊聊这波行情到底咋回事。 先说说原油，算是从上周的坑里爬起来了。WTI原油涨了1%，收在59.49美元一桶，虽然还没站上60美元，但总算把上周五4.2%的暴跌给找补回不少，这 背后也多亏了美股反弹给的支撑。不过有个点得拎出来说，BOK Financial的交易员说得实在，现在市场还是有点虚，毕竟贸易局势没彻底定下来，短期 大概率还得来回晃。但反过来想，油价只要在60美元以下，美国的石油钻机数量就会减少，最后产量肯定跟着降，这对油价其实是个潜在的托底，咱中 长线看，这点得记在心里。 黄金也没掉队，再创新高突破4115美元，已经八周连涨了，钯金、铂价也跟着往上冲。其实贵金属这波涨，核心还是伦敦市场的供应紧张，不管是白 银、黄金还是钯金，借入成本都在涨，市场缺"货"的信号很明显。 最后聊聊基本金属，铜价也在往历史高点冲。LME期铜涨了近3%，到10820美元一吨，把上周五的跌幅全收回来 ...

每经AI快讯，当地时间10月13日，伦敦基本金属涨跌参半，LME期铜涨2.70%报10802.00美元/吨，LME 期锌涨0.35%报3012.00美元/吨，LME期铝涨0.33%报2757.00美元/吨，LME期镍跌0.65%报15180.00美 元/吨，LME期锡跌1.17%报35750.00美元/吨，LME期铅跌1.34%报1993.50美元/吨。 （文章来源：每日经济新闻） ...

2025年10月12日 威尔鑫投资咨询研究中心 （文） 首席分析师 杨易君 来源：威尔鑫wellxin 金银价格迭创历史新高 如何理解其大周期技术信号 严重超买？ 上周 国际现货金价以3887.25美元开盘，最高上试4058.90美元，最低下探3883.05美元，报收4018.09美元，上涨132.19美元，涨幅3.40%，振幅4.53%，周K线震 荡上行长阳线，续创历史新高。 美元指数以98.03点开盘，最高上试99.56点，最低下探97.93点，报收98.82点，上涨1130点，涨幅1.15%，振幅1.66%，周K线呈震荡上行中长阳线。 wellxin贵金指数（金银钯铂）以8001.44点开盘，最高上试8818.86点，最低下探7901.89点，报收8239.17点，上涨241.53点，涨幅3.02%，振幅5.21%，周K 线中长阳上行，续创历史新高。 现货银价上涨4.86%，振幅8.18%，报收50.27美元，创历史新高。 现货铂金价格下跌1.09%，振幅6.67%，报收1587.30美元； 现货钯金价格上涨11.48%，振幅19.60%，报收1400.25美元； 上周 NYMEX原油价格下跌4.04% ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [5] Core Views - The report highlights that macroeconomic sentiment fluctuations have led to relatively strong performance in precious metals, with gold and silver prices rising due to heightened risk aversion amid geopolitical tensions and expectations of continued interest rate cuts by the Federal Reserve [1][20][21] - The report emphasizes the impact of new export control policies on rare earths, which are expected to strengthen China's competitive edge in the industry and have long-term implications for the entire supply chain [1][3] Summary by Sections Base Metals & Precious Metals - Copper prices have risen, reaching 85,910 CNY/ton, driven by supply shocks and increased export expectations, despite weak domestic demand [1][12] - Aluminum prices increased to 20,980 CNY/ton, with slight reductions in theoretical production capacity due to regional capacity transfers and maintenance [1][15] - Gold prices reached an average of 871.03 CNY/gram, up 3.99% from the previous week, while silver prices rose to 10,856 CNY/kg, up 6.72% [1][20] Minor Metals - Antimony prices have decreased, with 2 high bismuth antimony ingot at 166,500 CNY/ton, reflecting a weak market due to ongoing supply issues and cautious demand [2] - The report notes that the antimony market remains weak, with limited replenishment observed post-holiday [2] Rare Earths - The report discusses the impact of new export control policies on the rare earth industry, with prices for light rare earths slightly decreasing while medium and heavy rare earths saw minor increases [3] - The integration of separation plants is ongoing, and processing fees have risen, indicating a potential upward trend in valuations for the sector [3] Outlook - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, and China Aluminum for potential investment opportunities based on the current market dynamics [1][19]