Price Performance - London Gold's latest price is 4429.35, with a change of -8.65 [1] - London Silver's latest price is 75.21, with a change of -3.78 [1] - London Platinum's latest price is 2298.00, with a change of -64.00 [1] - London Palladium's latest price is 1711.00, with a change of -62.00 [1] - WTI Crude's latest price is 57.76, with a change of 1.77 [1] - LME Copper's latest price is 12820.00, with a change of -300.50 [1] - The latest value of the US Dollar Index is 98.86, with a change of 0.12 [1] - The latest exchange - rate of Euro against US Dollar is 1.17, with a change of -0.00 [1] - The latest exchange - rate of British Pound against US Dollar is 1.34, with a change of -0.00 [1] - The latest exchange - rate of US Dollar against Japanese Yen is 156.87, with a change of 0.09 [1] Trading Data - COMEX Silver inventory's latest value is 13762.65, with a change of -101.33 [1] - SHFE Silver inventory's latest value is 637.65, with a change of 84.22 [1] - Gold ETF持仓's latest value is 1067.13, with no change [1] - Silver ETF持仓's latest value is 16215.43, with a change of 115.60 [1] - The latest value of the Shanghai Gold Exchange's silver inventory is not provided, and there is no change in the gold deferred - fee payment direction and a change of 0.00 in the silver deferred - fee payment direction [1]

铜价的疯狂上涨迫使高盛不得不重新审视其短期预测，但这家华尔街巨头依然认为，一旦美国关税靴子 落地，供需基本面的引力将再次发挥作用。 据追风交易台消息，高盛大宗商品研究Eoin Dinsmore分析师团队1月8日发布的最新研报显示，铜价在 过去一个多月内经历了剧烈波动，从11月底的不到11000美元/吨飙升至1月6日的13387美元高点，涨幅 高达22%。面对这一走势，高盛承认价格已经超出了其认为的约11400美元/吨的公允基本面水平。 然而，这种"超涨"并非没有理由。高盛指出，投资者资金的大量涌入以及美国以外（ex-US）市场的低 库存，为铜价增添了显著的"稀缺溢价"。更重要的是，市场对美国将对铜征收关税的预期，导致金属被 大量吸入美国市场进行囤积。基于此，高盛决定将2026年上半年的LME铜价预测从之前的11525美元/吨 上调至12750美元/吨。 但投资者不应被眼前的繁荣冲昏头脑。高盛明确表示，不认为13000美元以上的价格能够持续。该行维 持2026年四季度11200美元/吨的预测不变，并预计在二季度将出现价格回调。 "过热"宏观叙事与AI热潮的双重驱动 高盛分析指出，推动本轮铜价上涨主要有三大主题： ...

Group 1: Price Performance - London platinum's latest price is 2362.00 with a change of 116.00; London palladium's latest price is 1773.00 with a change of 51.00; LME copper's latest price is 13120.50 with a change of -251.50 [3] - The latest value of the US dollar index is 98.74 with a change of 0.14; the latest value of euro - US dollar exchange rate is 1.17 with a change of - 0.00; the latest value of pound - US dollar exchange rate is 1.35 with a change of - 0.00; the latest value of US dollar - Japanese yen exchange rate is 156.78 with a change of 0.11 [3] Group 2: Trading Data - COMEX silver's latest inventory is 13863.98 with a change of -108.05; SHFE silver's latest inventory is 553.43 with a change of -28.01 [4] - Gold ETF's latest holding is 1067.13 with no change; silver ETF's latest holding is 16099.83 with a change of -18.33 [4] - The deferred fee payment direction of SGE gold's latest data is 1 with a change of -1.00; the deferred fee payment direction of SGE silver's latest data is 2 with no change [4]

Group 1: Price Performance - London Gold's latest price is 4490.35 with a change of 33.95 [3] - London Silver's latest price is 78.48 with a change of 3.41 [3] - London Platinum's latest price is 2246.00 with a change of 20.00 [3] - London Palladium's latest price is 1722.00 with a change of 62.00 [3] - WTI Crude's latest price is 58.32 with no change [3] - LME Copper's latest price is 13372.00 with a change of 480.00 [3] - US Dollar Index's latest value is 98.33 with no change [3] - Euro to US Dollar's latest rate is 1.17 with no change [3] - British Pound to US Dollar's latest rate is 1.35 with no change [3] - US Dollar to Japanese Yen's latest rate is 156.41 with no change [3] - US 10 - year TIPS's latest value is 1.91 with no change [3] Group 2: Trading Data - COMEX Silver's latest inventory is 13981.69 with no change [4] - SHFE Silver's latest inventory is 581.44 with a change of - 88.11 [4] - Gold ETF's latest holding is 1067.13 with a change of 2.00 [4] - Silver ETF's latest holding is 16118.16 with a change of - 235.44 [4] - SGE Silver's latest inventory is 832.11 with no change [4] - SGE Gold's latest deferred fee payment direction has a change of 1.00 [4] - SGE Silver's latest deferred fee payment direction has no change [4] Group 3: Other Information - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [8]

每经AI快讯，1月6日，LME铜价创下新高，涨幅扩大至3%，报13370.5美元/吨。 ...

Group 1: Price Performance - London Gold: Latest price is 4352.95, change is 45.00 [1] - London Silver: Latest price is 74.22, change is 2.23 [1] - London Platinum: Latest price is 2226.00, change is 0.00 [1] - London Palladium: Latest price is 1660.00, change is 0.00 [1] - WTI Crude Oil: Latest price is 57.32, change is -0.10 [1] - LME Copper: Latest price is 12892.00, change is 396.50 [1] - US Dollar Index: Latest price is 98.46, change is 0.19 [1] - Euro to US Dollar: Latest price is 1.17, change is -0.00 [1] - British Pound to US Dollar: Latest price is 1.35, change is -0.00 [1] - US Dollar to Japanese Yen: Latest price is 156.86, change is 0.18 [1] - US 10 - year TIPS: Latest price is 1.94, change is 0.01 [1] Group 2: Trading Data - COMEX Silver Inventory: Latest is 13989.52, change is 10.81 [1] - SHFE Silver Inventory: Latest is 669.55, change is -22.09 [1] - Gold ETF Holdings: Latest is 1065.13, change is -5.43 [1] - Silver ETF Holdings: Latest is 16444.14, change is 0.00 [1] - SGE Silver Inventory: Latest is 832.11, change is 0.00 [1] - SGE Gold Deferred Fee Payment Direction: Latest is 1, change is -1.00 [1] - SGE Silver Deferred Fee Payment Direction: Latest is 2, change is 0.00 [1] Group 3: Data Sources - The data in the above charts are from Bloomberg, Yong'an Yuandian Information, and Wind [2]

二、大类资产&海外事件&数据： （一）大类资产：新年行情港股大涨，金银价格快速下跌 当周，发达市场股指涨跌互现、新兴市场股指多数上涨。发达市场股指方面，恒生指数、英国富时 100、德国DAX分别上涨2.0%、0.8%、0.7%，纳指、道琼斯工业平均、标普500分别下跌1.5%、1.3%、 1.0%；新兴市场股指方面，韩国综合指数、胡志明指数、开罗CASE30分别上涨4.4%、3.2%、1.4%，南非富 时指数、巴西IBOVESPA指数分别下跌1.1%、0.2%。 文 | 赵伟、董易、王胜、陈达飞、 李欣越、 赵宇、王茂宇 联系人 | 李欣越、董易 报告正文 当周，美国标普500行业多数下跌。能源、公用事业、工业分别上涨3.3%、0.9%、0.5%，可选消费、信 息技术、金融分别下跌3.2%、1.5%、1.3%；欧元区行业多数上涨，科技、公用事业、能源分别上涨4.3%、 2.6%、2.0%，仅医疗保健下跌0.2%。 当周，恒生指数悉数上涨，行业方面涨跌互现。恒生科技、恒生指数、恒生中国企业指数分别上涨 4.3%、2.0%、2.8%。行业方面，能源、资讯科技、原材料分别上涨4.2%、3.8%、3.7%，必需性消费 ...

每经AI快讯，1月5日，LME铜价一度飙升4.2%，触及纪录新高。 ...

Group 1: Price Performance - London gold's latest price is 4367.80 with a change of 30.75 [1] - London silver's latest price is 74.84 with a change of 0.20 [1] - London platinum's latest price is 2180.00 with no change [1] - London palladium's latest price is 1648.00 with no change [1] - WTI crude's latest price is 58.08 with no change [1] - LME copper's latest price is 12476.50 with a change of -76.50 [1] - The latest value of the US dollar index is 98.22 with a change of 0.22 [1] - The latest exchange rate of euro against US dollar is 1.17 with no change [1] - The latest exchange rate of pound against US dollar is 1.35 with no change [1] - The latest exchange rate of US dollar against Japanese yen is 156.43 with a change of 0.39 [1] - The latest yield of the US 10 - year TIPS is 1.90 with no change [1] Group 2: Trading Data - COMEX silver's latest inventory is 13960.19 with a change of -9.24 [2] - SHFE silver's latest inventory is 755.75 with a change of -40.99 [2] - Gold ETF's latest holding is 1071.99 with no change [2] - Silver ETF's latest holding is 16455.42 with a change of 149.46 [2] - SGE silver's latest inventory is 714.41 with no change [2] - SGE gold's latest deferred - fee payment direction value is 1 with no change [2] - SGE silver's latest deferred - fee payment direction value is 2 with no change [2]

Market Performance - On December 30, US stock indices closed slightly lower, with the Dow Jones, Nasdaq, and S&P 500 down by 0.20%, 0.24%, and 0.14% respectively [3] - Major tech stocks showed mixed results, with META, Amazon, Microsoft, and Alphabet rising, while Apple, Nvidia, and Tesla declined [3] - The Nasdaq Golden Dragon China Index fell by 0.27%, with notable gains in companies like EHang and Baidu, while others like Alibaba and Bilibili experienced slight declines [3] Commodity Prices - Spot gold prices increased slightly by 0.19%, closing at $4340.128 per ounce, while spot silver surged by 5.67% [5] - International oil prices saw a minor decline, with both ICE Brent and NYMEX WTI experiencing slight drops [6] Federal Reserve Insights - The minutes from the Federal Reserve's last meeting indicated increasing internal divisions regarding interest rate decisions, with officials split on inflation and labor market outlooks [4] - Most officials believe further rate cuts may be appropriate if inflation continues to decline, but there is hesitation regarding the timing and extent of such cuts [4] Copper Market Outlook - Goldman Sachs predicts that after reaching historical highs, copper prices may experience a temporary pullback, but long-term demand from sectors like power infrastructure and AI will limit downside potential [7] - The forecast for LME copper prices is expected to range between $10,000 and $11,000 per ton in the near term, with a long-term outlook suggesting prices could rise to $15,000 per ton by 2035 [7]