早盘速递 2025/11/27 热点资讯 1. 美国总统特朗普11月25日在社交媒体上表示，美方就结束乌克兰危机所提出的"28点"新计划已经进一步完善，目前各方 对一些条款内容还存在分歧，美方将派出代表分别与俄乌双方就该计划进行沟通。乌克兰总统泽连斯基同一天表示，他愿意与 特朗普会面，就"和平计划"中的一些问题进行讨论。此外，乌方谈判代表25日也否认了美国媒体当天报道称乌克兰已"原则 同意"美方"和平计划"的说法。 第 2 页，共 3 页 注:数据来源于Wind，钢联数据，资讯来自于金十期货、Wind资讯等，冠通研究整理 股市风险偏好 主要大宗商品走势 200.00 250.00 300.00 350.00 400.00 450.00 500.00 550.00 600.00 650.00 700.00 0 1000 2000 3000 4000 5000 6000 波罗的海干散货指数(BDI) CRB现货指数:综合:右轴 -60 -40 -20 0 20 40 60 80 100 120 140 期货结算价(连续):WTI原油 0 10 20 30 40 50 60 0 500 1000 1500 2000 ...

Hot News - Since the second term of President Trump, the Chinese and US heads of state have maintained regular exchanges. The recent call, initiated by the US, had a positive, friendly, and constructive atmosphere, which is important for the stable development of Sino-US relations [2] - Maersk's CEO is encouraged by the peace process in Gaza. Navigation freedom in the Bab-el-Mandeb Strait has been established, and trade routes have returned to normal. The Suez Canal is the preferred passage for Maersk and its customers [2] - A US official said that the Ukrainian delegation has reached an agreement on the terms of a possible peace deal with the US, with some minor details remaining [2] - Federal Reserve Governor Milan believes that the economy needs significant interest rate cuts and hopes employment data will convince other Fed members to do so. The Fed should quickly lower interest rates to a neutral level [2] - US private-sector employers cut an average of 13,500 jobs per week in the past four weeks, an acceleration from the previous week's data showing a loss of 2,500 jobs per week [2] Key Focus - The commodities to focus on are lithium carbonate, corn, coking coal, Shanghai copper, and Shanghai gold [3] Night Session Performance - Non-metallic building materials rose 3.16%, precious metals 29.30%, oilseeds 9.90%, non-ferrous metals 22.26%, soft commodities 2.87%, coal, coking, and steel ore 12.79%, energy 3.06%, chemicals 11.08%, grains 1.42%, and agricultural and sideline products 4.16% [3] Plate Holdings - The chart shows the five-day changes in commodity futures plate holdings from November 19 to November 25, 2025 [4] Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 0.87% daily, -2.14% monthly, and 15.46% annually; the Hang Seng Index rose 0.69% daily, -0.05% monthly, and 29.09% annually [5] - In the fixed-income category, the 10-year Treasury futures fell 0.08% daily, -0.42% monthly, and -0.65% annually [5] - In the commodity category, the CRB Commodity Index fell 0.54% daily, -2.69% monthly, and -0.79% annually; London spot gold fell 0.07% daily, rose 3.23% monthly, and 57.46% annually [5] - In other categories, the US Dollar Index fell 0.39% daily, rose 0.08% monthly, and fell 7.99% annually; the CBOE Volatility Index was flat daily, rose 17.66% monthly, and 18.27% annually [5] Trends of Major Commodities - The report presents the trends of major commodities, including the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, LME copper, and more [6]

| | | 贵金属早报 研究中心宏观团队 2025/11/26 | 价 格 表 现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | 伦敦钯 | WTI原油 | LME铜 | | 最新 | 4072.85 | 48.91 | 1522.00 | 1394.00 | 58.84 | 10857.00 | | 变化 | 0.00 | 0.00 | 0.00 | 6.00 | 0.00 | 80.00 | | 品种 | 美元指数 | 欧元兑美元 | 英镑兑美元 | 美元兑日元 | 美国10年期TIPS | | | 最新 | 100.20 | 1.15 | 1.31 | 156.92 | 1.81 | | | 变化 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- ...

升 贴 水 、 库 存 、 E T F 持 仓 变 化 以上图表数据来源：彭博、永安源点资讯、万得 贵金属早报 研究中心宏观团队 2025/11/25 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 4072.85 48.91 1522.00 1388.00 58.84 10777.00 变化 0.00 0.00 -23.00 -16.00 0.78 101.50 品种 美元指数 欧元兑美元 英镑兑美元 美元兑日元 美国10年期TIPS 最新 100.20 1.15 1.31 156.92 1.82 变化 0.05 0.00 0.00 0.51 0.00 交 易 数 据 日期 COMEX白银 上期所白银 黄金ETF持仓 白银ETF持仓 上金所白银 上金所黄金 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 库存 | 库存 | | | 库存 | 递延费支付方向 | 递延费支付方向 | ...

贵金属早报 研究中心宏观团队 2025/11/24 | 价 格 表 现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | 伦敦钯 | WTI原油 | LME铜 | | 最新 | 4072.85 | 48.91 | 1545.00 | 1404.00 | 58.06 | 10675.50 | | 变化 | -17.75 | -1.94 | -12.00 | -4.00 | -0.94 | -83.50 | | 品种 | 美元指数 | 欧元兑美元 | 英镑兑美元 | 美元兑日元 | 美国10年期TIPS | | | 最新 | 100.22 | 1.15 | 1.31 | 157.46 | 1.82 | | | 变化 | 0.00 | 0.00 | 0.00 | 0.00 | -0.04 | | 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | - ...

铜周报 20251123 宏观短期偏空，矿端犹存约束， 沪铜震荡 期货交易咨询业务资格：证监许可[2011]1773号 杨磊 从业资格证号：F03128841 投资咨询证号：Z0020255 核心要点及策略 07 3 数据来源：钢联、ifind、国联期货 5 01 价格数据 4 1 影响因素分析 | 2 | | --- | | 01 | | 02 | | | --- | --- | --- | --- | | 价格数据 | 04 | 基本面数据 | 07 | | 03 宏观经济数据 | 19 | | | 盘面跌、终端采购意愿回升，铜现货升贴水抬升 数据来源：钢联、ifind、国联期货 5 本周LME铜0-3M升贴水先跌后涨、环比变动有限 6 数据来源：钢联、ifind、国联期货 02 基本面数据 7 本周铜精矿TC指数均价环比跌0.11美元/吨至-42.32美元/吨，仍低 8 数据来源：钢联、ifind、国联期货 据SMM，本周十港铜精矿库存环比增5.7万吨至70.49万吨 9 数据来源：钢联、ifind、国联期货 精废价差环比走弱 10 数据来源：钢联、ifind、国联期货 11 数据来源：钢联、ifind ...

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 贵金属早报 研究中心宏观团队 2025/11/21 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 4090.60 50.85 1557.00 1408.00 59.44 10759.00 变化 -36.35 -1.35 23.00 -3.00 0.00 17.00 ...

Price Performance - London Gold's latest price is 4126.95 with a change of 66.10 [1] - London Silver's latest price is 52.20 with a change of 1.90 [1] - London Platinum's latest price is 1534.00 with a change of -3.00 [1] - London Palladium's latest price is 1411.00 with a change of 26.00 [1] - WTI Crude's latest price is 60.74 with a change of 0.00 [1] - LME Copper's latest price is 10742.00 with a change of 60.00 [1] - US Dollar Index's latest value is 100.12 with a change of 0.53 [1] - Euro to US Dollar's latest rate is 1.15 with a change of -0.00 [1] - British Pound to US Dollar's latest rate is 1.31 with a change of -0.01 [1] - US Dollar to Japanese Yen's latest rate is 157.18 with a change of 1.66 [1] - US 10 - year TIPS's latest value is 1.85 with a change of 0.00 [1] Trading Data - COMEX Silver inventory's latest value is 14386.29 with a change of -93.47 [1] - SHFE Silver inventory's latest value is 547.69 with a change of -15.98 [1] - Gold ETF持仓's latest value is 1043.72 with a change of 2.29 [1] - Silver ETF持仓's latest value is 15226.88 with a change of 8.46 [1] - SGE Silver inventory's latest value is 830.31 with a change of 0.00 [1] - SGE Gold deferred fee payment direction's latest value is 2 with a change of 1.00 [1] - SGE Silver deferred fee payment direction's latest value is 1 with a change of -1.00 [1] Data Source - The data in the above charts are from Bloomberg, Yong'an Yuandian Information, and Wind [4]

Group 1: Price Performance - London Gold's latest price is 4060.85, with a change of -11.65 [2] - London Silver's latest price is 50.30, with a change of -0.76 [2] - London Platinum's latest price is 1537.00, with a change of 5.00 [2] - London Palladium's latest price is 1385.00, with a change of 0.00 [2] - WTI Crude's latest price is 60.74, with a change of 0.83 [2] - LME Copper's latest price is 10682.00, with a change of -130.00 [2] Group 2: Trading Data - Gold ETF's latest holding is 1041.43, with a change of 0.00 [3] - Shanghai Gold Exchange's silver deferred fee payment direction is 2, with a change of 0.00 [3] - Shanghai Gold Exchange's gold deferred fee payment direction is 1, with a change of 0.00 [3] Group 3: Other Information - The data sources of the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [7]

Price Performance - London Platinum's latest price is $1532.00, with a change of -$70.00 [4] - London Palladium's latest price is $1385.00, with a change of -$78.00 [4] - LME Copper's latest price is $10812.00, with a change of -$65.50 [4] - The latest value of the US Dollar Index is 99.53, with a change of 0.25 [4] - The latest exchange rate of Euro against US Dollar is 1.16, with no change [4] - The latest exchange rate of Pound against US Dollar is 1.32, with no change [4] - The latest exchange rate of US Dollar against Japanese Yen is 155.25, with a change of 0.72 [4] Trading Data - The latest inventory of SHFE Silver is 569.36, with a change of -7.53 [5] - The latest gold ETF holdings are 1041.43, with a change of -2.57 [5] - The latest silver ETF holdings are 15218.42, with no change [5] - The latest inventory of SGE Silver is 830.31, with no change [5] - The deferred fee payment direction of SGE Silver is 1, with no change [5] - The deferred fee payment direction of SGE Gold is 2, with no change [5]