Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on November 18, with fluctuations in various commodity prices [1] Group 1: Sugar Futures - Raw sugar futures decreased by 0.61%, closing at 14.71 cents per pound [1] Group 2: Cotton Futures - Cotton futures increased by 0.59%, closing at 64.44 cents per pound [1] Group 3: Cocoa Futures - Cocoa futures fell by 0.37%, closing at $5,416.00 per ton [1] Group 4: Coffee Futures - Coffee futures rose by 2.10%, closing at 384.50 cents per pound [1]

Core Insights - The Dalian Commodity Exchange (DCE) reported that the first anniversary of the listing of log futures and options has shown stable market operations and significant participation from industry clients, aiding in price risk management and standardization of spot trade [1][2] Group 1: Market Performance - Log futures and options have seen steady growth in trading volume, with a total of approximately 7.87 million contracts traded and a transaction value of about 464 billion yuan, averaging 32,400 contracts traded daily [1] - The main log futures contract has decreased by approximately 7.5% this year, while the CFR price has dropped by about 8.3%, indicating a growing correlation between futures and spot prices [2] Group 2: Industry Impact - The introduction of log futures has contributed to the high-quality development of China's forestry sector by addressing issues such as low market transparency and unclear pricing mechanisms [3] - Some enterprises and farmers in the southwestern region have begun to adopt grading and pricing standards based on delivery standards since the listing of log futures, promoting the normalization and transparency of the domestic log market [3]

上海期货交易所指定交割仓库期货周二（11月18日）仓单日报显示，黄金期货总计90426千克，今日仓 单较上一日持平。 | 上期所指定交割金库 | 期货 | 增减 | | --- | --- | --- | | | 90426 | 0 | 特朗普总统于当地时间周一出席麦当劳影响力峰会并发表讲话。他称，自己赢得2024年总统大选真 是"太幸运了"，还表示要是当初卡玛拉?哈里斯当选总统，美国经济肯定会陷入"灾难"境地。 特朗普说 道："福利支出不断攀升，各类物价持续上涨，政府岗位越设越多，而真正能创造价值的实体岗位却在 不断减少。"他接着说道："那样一来，经济灾难必然会降临。除此之外，咱们国家本该能迎来20万亿美 元的资金流入，结果反而会面临10万亿美元的资金外流。也就是说，美国必将深陷经济浩劫，甚至有可 能走向国家破产。" 他补充道："说真的，我能赢得那场大选，你们真是太幸运了。" 上海期货交易所黄金期货仓单日报(单位：千克) 沪金主力盘内高位回落，周二（11月18日）黄金期货开盘价932.26元/克，截至目前最高93552元/克，最 低917.58元/克。截止发稿报918.52元/克，跌幅1.33%，成交量为2 ...

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on November 17, with fluctuations in various commodity prices [1] Group 1: Sugar Market - Raw sugar futures decreased by 1.40%, closing at 14.75 cents per pound [1] Group 2: Cotton Market - Cotton futures experienced a slight increase of 0.12%, closing at 64.21 cents per pound [1] Group 3: Cocoa Market - Cocoa futures fell by 1.03%, ending at $5,401.00 per ton [1] Group 4: Coffee Market - Coffee futures rose by 1.03%, closing at 377.85 cents per pound [1]

Core Viewpoint - The article discusses the ongoing financial battle between the US dollar and the Chinese yuan, highlighting how the recent ban on non-dollar metal trading in London may inadvertently strengthen the yuan's position in global metal transactions [1][3]. Group 1: Historical Context - The article draws parallels between the current situation and the decline of the British pound in the 1950s, where attempts to enforce currency dominance through administrative measures backfired, leading to the rise of the dollar as the primary global currency [5][10]. - The dollar's dominance has been built on three pillars: settlement, reserve, and pricing power, with pricing being a significant source of revenue [12][18]. Group 2: Current Developments - The Shanghai Futures Exchange recently reported that yuan-denominated copper futures have reached the highest global position, while the London Metal Exchange (LME) has halted all non-dollar metal options trading, indicating a desperate attempt to maintain dollar dominance [8][10]. - The yuan's share in global metal pricing has surged by 900% over three years, with countries like Russia and those in the Middle East increasingly signing long-term contracts in yuan [8][18]. Group 3: Market Reactions - Following the LME's ban, the Shanghai Futures Exchange saw a significant increase in trading volume, while dollar-denominated transactions on the LME stagnated, indicating a shift in market sentiment towards yuan pricing [23][25]. - The Dubai Commodity Exchange announced plans to launch yuan-denominated copper futures, further solidifying the yuan's position in the market [25][30]. Group 4: Future Implications - The article suggests that the dollar's attempts to maintain its hegemony through financial restrictions may lead to its own decline, as the yuan's real demand in the industrial sector becomes more prominent [32][34]. - The shift towards yuan-denominated transactions is seen as a natural evolution of the global industrial landscape, with the yuan's rise being supported by actual market needs rather than speculative financial maneuvers [36].

自11月10日起，人民币将正式退出伦敦金属交易所的期货合约交易。单看这一事件或许波澜不惊，但结合美国 12 月即将启动的量化宽松政策，以及刚 组建的十国关键矿产联盟来看，这本质是一场针对人民币定价权的精准狙击，且时间节点的把控堪称刻意。 大宗商品的"定价权"是什么？它并非一个单一的权力，而是一套由交易规则、货币流动性与实物控制权共同构成的三足鼎立的权力结构。 近期，国际上看似孤立的三件事，恰恰是在这三个维度上，清晰地勾勒出一场深刻博弈的轮廓，其核心指向未来全球经济秩序中美元与人民币的地位之 争。 定价权的基石，是对被全球认可的交易规则和金融工具的掌控，伦敦金属交易所（LME）正是这一"制度层"的传统主导者，其价格影响着全球超八成的 有色金属贸易。 更值得注意的是，这一决策发生在港交所全资控股的LME内部，却带有英国金融行为监管局（FCA）干预的痕迹。这揭示了金融平台的归属权与其规则 制定权，在地缘政治面前的复杂分离，构建一个具备全球公信力的新制度，面临的正是这种根深蒂固的壁垒。 中国同样在物理层展开布局，近期在西昆仑带发现的巨大锂资源潜力，以及国内锂产量超过30%的增幅，都意在增强供应链的自主权。这场博弈的时 ...

Core Viewpoint - The suspension of RMB futures trading by the London Metal Exchange (LME) is perceived as a disconnect from market realities, as trading volumes for RMB-denominated copper contracts have significantly increased, contradicting LME's justification of low liquidity [1][2]. Group 1: Market Dynamics - The daily trading volume of RMB-denominated copper contracts reached 357,000 lots at the beginning of 2024, increasing to 482,000 lots by mid-2025, representing a growth of over 35% [1]. - The LME's decision coincides with a period of increasing international activity of the RMB in settlements, highlighting China's dominant position as the largest consumer of copper (53%), aluminum (57%), and rare earths (68%) [2]. Group 2: Global Trade Shifts - More mineral-exporting countries are shifting towards RMB settlements, as rejecting the RMB equates to rejecting the market [2]. - The rise in RMB settlements is not limited to minerals; it is also observed in sectors like iron ore from Australia and soybeans from Brazil, with Japanese companies leveraging RMB transactions to boost sales in China [4]. Group 3: Geopolitical Implications - The U.S. aims to monopolize mineral pricing through a "critical minerals alliance," reminiscent of the "petrodollar" system, but the rules of the game have changed in the era of renewable energy [4]. - The emergence of a buyer's market is reshaping global trade dynamics, with China's position as the largest buyer providing a natural advantage for the RMB [4]. - The internationalization of the RMB is progressing along the trajectory of trade flows, indicating an unstoppable momentum in the market [4].

伦敦金属交易所这一手，是典型的"赔本赚吆喝"。 表面上看是在替美元"清场"，打压人民币与欧元的国际化野心；但从深层次看，它却不自觉地把繁荣生意拱手让人，这一笔账它真的算得清吗？ 听上去是一项"技术决策"，但背后的政治味那叫一个冲鼻。 先强调一点，这个决定不是取消英镑交易，因为LME本身就没有英镑计价品种，所以从头到尾，这事讲白了根本不关英国自己货币什么事。 这事要从2025年11月初说起，伦敦金属交易所（LME）突然宣布，全面停止非美元结算的期货交易，言下之意就是人民币、欧元通通请出场，只剩美元一 尊独大。 这次中枪的是谁？ 人民币、欧元，所有非美元货币。 那伦敦交易所为啥要替美元出这力？它图什么？ 背后的逻辑并不复杂，甚至可以说是老生常谈的一盘棋，货币霸权保卫战。 美元真正吃香的不只是一张张绿钞，而是全球"非美元国家每天都离不开它"。 核心是什么？ 几大国际大宗商品，石油、金属、粮食，石油是关键中的关键，谁掌控了石油的结算货币，谁就控制了全球的金融血脉。 这个逻辑几十年来被美国玩得炉火纯青，但如今的局势变了。 世界进入"去美元化"的快车道，而中国作为世界最大的大宗商品消费国之一，正在积极推动人民币的国际定价 ...

新华财经北京11月14日电 （吴郑思）11月13日，纽约贵金属市场高位宽幅波动。早盘贵金属期价一度 强势冲高，其中银价更是刷新历史新高。但随着日内美股大幅下挫，贵金属也同步走低。 截至收盘时，纽约商品交易所黄金期货市场交投最活跃的2025年12月黄金期价当日下跌26.9美元，收于 每盎司4174.5美元，跌幅为0.64%。盘中金价高点触及4250美元。 分析人士认为，在美国政府本轮停摆结束之后，贵金属市场也遭遇了"买入预期、卖出事实"的抛售。同 时，对美联储12月能否继续降息，市场也存在疑虑，这也限制了贵金属的短期买盘。 转自：新华财经 此外，纽约股市三大股指13日全线大幅下挫，也给贵金属市场带来额外的抛售压力。 消息面上，黄金创纪录的上涨也在刺激金矿的产出。南非统计局13日公布的数据显示，南非9月份黄金 产量同比增长5.9%，此前8月同比下滑3.6%。 当天12月交割的白银期货价格下跌100美分，收于每盎司52.230美元，跌幅为1.88%。盘中银价刷新历史 新高至54.415美元，但其后大幅回落，日内波动超4%。 编辑：郭洲洋 在美联储主席鲍威尔10月会后表示"12月降息并非板上钉钉"之后，美联储内部的分 ...

Core Viewpoint - The article discusses the ongoing struggle between the US dollar and the Chinese yuan in the context of global metal pricing, highlighting the recent suspension of non-dollar futures trading by the London Metal Exchange (LME) as a strategic move to maintain US dominance in metal pricing [1][3][10]. Group 1: Market Dynamics - The LME suspended non-dollar futures trading citing "insufficient liquidity," while claiming that the market options for the euro and yuan are declining, indicating a regulatory response to maintain system costs [1][3]. - As of mid-2023, copper trading in yuan is approaching 500,000, showing a steady growth trend, which contrasts with the LME's decision and suggests underlying market complexities [3]. - The US government's monetary policies, including rate cuts and quantitative easing, are seen as temporary measures that may lead to increased global metal prices, further complicating the market dynamics [5][7]. Group 2: Geopolitical Implications - The US is attempting to establish a critical minerals alliance with ten countries, indicating a strategic move to secure resources essential for high-end manufacturing [7][10]. - The article suggests that the US's efforts to bind the dollar to critical minerals may face challenges, as resource-rich countries have no incentive to be tied to the dollar [10]. - The global metal pricing landscape is evolving into a dual-regulation system, with participants navigating between the dollar-dominated LME and the yuan-dominated Shanghai Futures Exchange, potentially favoring the yuan for its stability and convenience [10][11].