CITIC Construction Investment: Global silver and copper prices hit new record highs and the international oil price range fluctuates

The Zhitong Finance App learned that CITIC Construction Investment released a research report saying that global silver and copper prices have reached new record highs. Due to continued supply disturbances, overseas premiums for long orders far exceeded market expectations. Combined with optimistic expectations of interest rate cuts and macroeconomic and fundamental resonance, silver and copper prices closed higher at the end of November, and spot prices once again reached historic highs in early December. Looking at the future market, fundamental structural contradictions exist, and the logic of long-term increases in silver and copper prices remains unchanged. International oil prices remained volatile, and market expectations for the early Russian-Ukrainian peace talks declined somewhat. Combined with the “ambiguous” situation between the US Commission and the US Commission, the price showed signs of a slight upward correction, and WTI briefly broke through 60 US dollars/barrel. However, judging from current drivers, international oil prices are still in a weak fluctuation range.

CITIC Construction Investment's main views are as follows:

dynamic information

Industry Overview: Judging from the performance of various transportation sub-sectors compared to the Shanghai and Shenzhen 300, the overall transportation sector rose this week (December 1 to December 5). The integrated logistics sector rose 1.24% this week, with the raw material supply chain services sector rising 0.89%.

Global silver and copper prices hit new record highs

Due to continued supply disturbances, overseas premiums for long orders far exceeded market expectations. Combined with optimistic expectations of interest rate cuts and macroeconomic and fundamental resonance, silver and copper prices closed higher at the end of November, and spot prices once again reached historic highs in early December. On the evening of the 1st, the spot price of silver in London reached an intraday high of 57.862 US dollars/ounce, setting a new historical record; on the 4th, the domestic spot copper price rose to 91,145 yuan/ton, up 22.06% year on year. Looking at the future market, fundamental structural contradictions exist, and the logic of long-term increases in silver and copper prices remains unchanged.

International oil price range fluctuates

International oil prices remained volatile, and market expectations for the early Russian-Ukrainian peace talks declined somewhat. Combined with the “ambiguous” situation between the US Commission and the US Commission, the price showed signs of a slight upward correction, and WTI briefly broke through 60 US dollars/barrel. However, judging from current drivers, international oil prices are still in a weak fluctuation range.

Coal prices in thermal coal-producing areas fell sharply

This week, the supply and demand relationship in Kengkou was clearly relaxed, and market expectations were weak. Combined, the enthusiasm for downstream procurement was suppressed. The enthusiasm for downstream procurement was suppressed. Surrounding coal mills were less willing to stock up on coal, coal mine sales were generally under pressure, and overall coal prices in major production areas were weak during the week.