Gold (GCG26) and silver (SIH26) prices were higher again in early U.S. trading Tuesday on safe-haven demand following the weekend U.S. raid in Venezuela that captured its president and left precious metals traders pondering what lies ahead, geopolitically, in the coming months. www.barchart.com www.barchart.com Copper (HGH26) futures climbed above $6 per pound overnight, hitting a new record high amid expectations of a further tightening in global supplies this year. “Traders are increasingly concerned ...

周一贵金属市场呈现普涨格局，现货白银领涨，工业金属和能源市场同样上涨。 周一，白银继续狂飙，现货白银盘中一度触及83.23美元/盎司的高点，涨幅达4.9%，随后回落至82.13美元/盎司。 黄金也延续涨势，现货黄金一度涨0.2%报4543美元/盎司，目前小幅回落，铂金价格涨2.48%至2553美元/盎司。 工业金属和能源市场同样录得上涨，铜价继续上行至12133美元，WTI原油有所反弹，涨0.79%报57.19美元。 | 资产 | 最新价 | 涨跌额 | 涨跌幅 11 | 日内区间 | 52周区间 | | --- | --- | --- | --- | --- | --- | | 布伦特原油CFD | 60.47 05:59:59 | -1.33 | -2.15% | 60.16 - 62.26 | 58.40 - 82.60 | | UKOIL | | | | | | | WTI原油 | 57.19 07:53:42 | +0.45 | +0.79% | 56.91 - 57.23 | 54.68 - 79.36 | | USCL | | | | | | | 概览 | 图表 | | | | | | | | ...

18 December 2025 | 11:33AM EST Commodities Research COMMODITY VIEWS 2026 Outlook: Ride the Power Race and Supply Waves Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC Lina Thomas +1(212)902-8376 | lina.thomas@gs.com Goldman Sachs & Co. LLC Eoin Dinsmore +65-6889-2401 | eoin.dinsmore@gs.com Goldman Sachs (Singapore) Pte Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LL ...

J P M O R G A N Global Markets Strategy 03 December 2025 Global Commodities 2026 Outlook Supply-driven crocodile cycle—tight metals continue to beat glutted energy. G9 old remains a fourth-year buy Key Takeaways Figure 1: BCOM Energy vs All Metals ER indices and JPM forecast Index level (dashed is forecast) Source: Bloomberg Finance L.P., J.P. Morgan Commodities Research Global Commodities Research Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com JPMorgan Chase Bank NA Gregory C. Shearer (44-20) ...

Led by precious metals, namely gold and silver, broader measures of commodities are delivering for investors in 2025. For example, the Neuberger Berman Commodity Strategy ETF (NBCM) is higher by nearly 18%. 2025 is in its waning stages. However, with an eye toward next year, the actively managed NBCM could be in for another strong annual showing. In fact, the fund's statuses as actively managed and a broad play on the commodities complex could be positive traits. This is particularly true at a time when som ...

Core Insights - The market continues to undervalue cyclical sectors such as Energy and Financials, despite their strong cash generation and solid business models [1][8] - Deep value opportunities are concentrated in capital-intensive sectors, with Energy, Financials, and Materials showing significant cash flow generation [9] Energy Sector - Equinor (EQNR) ranks first with an Acquirer's Multiple (AM) of 2.3 and a 12.0% free cash flow yield, indicating strong cash flow generation and low leverage [2] - Petrobras (PBR) is highlighted as one of the cheapest large caps globally, with an AM of 4.3 and a 27.0% dividend yield, suggesting that the stock is undervalued due to political concerns rather than operational performance [3] Financial Sector - Synchrony Financial (SYF) has an AM of 2.6 and a 9.2% shareholder yield, yet it trades as if a severe credit downturn is imminent, indicating a significant valuation disconnect [4] Materials Sector - Alcoa (AA) shows an AM of 6.3 and a 4.8% free cash flow yield, with potential for upside as the market currently prices in prolonged weakness in industrial metals [6] Defensive Value - Regulated and essential-service businesses are providing predictable earnings and stable distributions, offering defensive value in a market focused on growth [7] Macro Context - Despite soft macro sentiment, companies in Energy, Financials, and Materials are producing record free cash flow and maintaining low leverage, suggesting that market fears regarding credit stress and commodity peaks are overstated [8]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index up 0.16% at 3859.62 points, the Shenzhen Component Index up 1.14%, and the ChiNext Index up 2.22% at 3256.38 points, marking a new high since January 2022 [1][3] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 155.58 billion yuan, an increase of 135.5 billion yuan compared to the previous day, with 2000 stocks rising across the market [1][3] Sector Performance - The gaming sector led the gains, with Kunlun Wanwei (300418) rising over 10%, and both Ice Glacier Network (300533) and Xinghui Entertainment (300043) increasing by over 8%, following the approval of 145 domestic online games by the National Press and Publication Administration in September [3] - The cloud computing sector also performed well, with Inspur Information (000977) and Zhongdian Xindong hitting the daily limit, and Yonyou Network (600588) rising nearly 9%. Alibaba announced its AI development roadmap for Alibaba Cloud and a collaboration with NVIDIA on Physical AI [3] - The nuclear fusion concept stocks were strong, with Ha Welding (HHT) and Hezhu Intelligent (603011) both hitting the daily limit, and Zhongzhou Special Materials and Changfu Shares rising over 10%. The recently established China Fusion Energy Company made its official debut [3] - Industrial metal stocks saw widespread gains, with Jingyi Shares (002295), Northern Copper, and Luoyang Molybdenum (603993) hitting the daily limit, driven by a production halt at the Grasberg copper mine in Indonesia, the world's second-largest copper mine, which led to a surge in copper prices [3] Notable Individual Stocks - Contemporary Amperex Technology Co., Ltd. (300750) briefly surpassed the 400 yuan mark, reaching a new historical high, with a total market value exceeding Guizhou Moutai (600519), making it the fifth largest in A-shares [3] - The port and shipping sector faced declines, with Nanjing Port (002040) dropping nearly 8%, and Ningbo Ocean and Ningbo Shipping (600798) falling over 5% [3] - Gold stocks mostly declined, with Shandong Gold (600547) and Xiaocheng Technology dropping over 4% [3]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index up 0.16% at 3859.62 points, the Shenzhen Component Index up 1.14%, and the ChiNext Index up 2.22% at 3256.38 points, marking a new high since January 2022 [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 155.58 billion yuan, an increase of 135.5 billion yuan compared to the previous day, with 2000 stocks rising across the market [1] Sector Performance - The gaming sector led the gains, with Kunlun Wanwei rising over 10%, and both Ice Snow Network and Xinghui Entertainment rising over 8%, following the approval of 145 domestic online games by the National Press and Publication Administration in September [1] - The cloud computing sector also performed strongly, with Inspur Information and China Electric Power Technology hitting the daily limit, and U8 Network rising nearly 9%. Alibaba announced its AI development roadmap for Alibaba Cloud and a partnership with NVIDIA for Physical AI [1] - The nuclear fusion concept stocks surged, with Haohuan Huatong and Hezhu Intelligent both hitting the daily limit, and Zhongzhou Special Materials and Changfu Shares rising over 10%. The China Fusion Energy Company was officially launched recently [1] - Industrial metal stocks saw widespread gains, with Jingyi Shares, Northern Copper, and Luoyang Molybdenum hitting the daily limit. The global second-largest copper mine, Grasberg in Indonesia, halted production due to an accident, leading to a surge in copper prices [1] Declining Sectors - The port and shipping sector faced declines, with Nanjing Port dropping nearly 8%, and both Ningbo Ocean and Ningbo Shipping falling over 5% [1] - Gold stocks mostly declined, with Shandong Gold and Xiaocheng Technology both dropping over 4% [1] Notable Stocks - Ningde Times briefly surpassed the 400 yuan mark, reaching a new historical high, with a total market value exceeding Guizhou Moutai, making it the fifth largest in A-shares [1]

Summary of Key Points from the Conference Call Industry Overview - The focus is on **Global Commodities**, particularly the volatility carry strategies in the commodities market, as the worst tariff and geopolitical shocks are believed to be behind us [1][2][22]. Core Insights and Arguments - **Volatility Carry Strategies**: There are opportunities in commodities volatility carry QIS (Quantitative Investment Strategies) as volatility premia are expected to recover. This is attributed to a structural imbalance between volatility buying and selling in commodities compared to other asset classes [2][10]. - **Market Conditions**: The current macro backdrop is seen as favorable for volatility carry strategies, with expectations of a shift into a "Goldilocks" regime, which historically has led to better performance for commodities volatility carry strategies [5][26]. - **Performance of Strategies**: Volatility carry strategies have faced challenges in 2025 due to negative volatility premia caused by tariff and geopolitical shocks, but there is optimism for recovery as these shocks subside [4][24]. - **Specific Commodity Considerations**: - **Oil**: Brent has historically higher volatility premia than WTI due to geopolitical risks and hedging activities [31]. - **Gold**: Weekly options have shown better performance than monthly options due to increased liquidity and demand for short-term optionality [41][36]. - **Copper**: The market is expected to stabilize following tariff clarity, which should benefit volatility carry strategies [44]. Additional Important Content - **Quantitative Research Findings**: The quant research team has confirmed the continuation of a "Normal" macro regime, with potential for a shift to "Goldilocks," which is favorable for commodities volatility carry strategies [5][26]. - **Geopolitical Risks**: Ongoing geopolitical tensions, particularly in the Middle East, and US sanctions on Russian oil are noted as risks that could impact crude oil volatility [23]. - **Seasonality in Curve Carry Strategies**: Curve carry strategies have been highlighted as top performers among major commodities QIS YTD, with expectations for continued positive returns into Q4 due to strong seasonal trends [7][48]. Data and Figures - **Volatility Dashboard**: The report includes a dashboard showing the current implied and realized volatility levels across various commodities, indicating a return to positive volatility premia for most major commodities [11][19]. - **Historical Performance**: Historical data suggests that volatility carry strategies tend to perform better under stable macro conditions, with significant underperformance during periods of heightened uncertainty, such as the GFC and COVID-19 pandemic [15][24]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and outlook for the commodities market and volatility carry strategies.

Core Viewpoint - The article discusses the current sentiment in the precious metals market, highlighting the impact of U.S. economic indicators and investment strategies from notable investors like Warren Buffett, indicating a potential bullish phase for gold despite recent price corrections [2][25]. Group 1: Market Sentiment and Economic Indicators - Recent U.S. PPI data exceeded market expectations, contributing to a softening of gold prices, while the U.S. clarified that there would be no tariffs on Swiss-processed precious metals [2][23]. - The increase in short positions in precious metals by U.S. futures funds reflects a bearish sentiment in the market [2][25]. - The article notes that despite a decline in gold prices, many financial leaders are entering the gold market, suggesting a consolidation phase in a broader bull market for gold [2][25]. Group 2: Fund Positioning and Market Data - As of August 12, managed net long positions in COMEX gold decreased by 4.7% to 480 tons, marking a continuous net long position for 97 weeks [3][7]. - Silver's managed net long positions fell to 4,394 tons, the lowest in 16 weeks, with a year-to-date price increase of 31.2% [3][7]. - Platinum and palladium markets showed mixed signals, with platinum's net long positions slightly increasing, while palladium remained in a prolonged net short position for 136 weeks [8][11]. Group 3: Investment Strategies and Future Outlook - Warren Buffett's recent investments in homebuilders suggest a belief in declining U.S. interest rates, which could influence the precious metals market positively [2][25]. - The article raises concerns about the Federal Reserve's potential actions if inflation pressures rise again after interest rate cuts, indicating a critical period ahead for monetary policy [26]. - The gold-to-North American mining stock ratio has seen a significant decline, suggesting that mining stocks may lag behind gold prices, which could be a warning sign for investors [20][18].