<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/Commodities-illustration.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/Commodities-illustration.png"/></p>
<p>由于持续的地缘政治紧张局势，避险需求急剧增加，黄金和白银价格在周一创下新高。</p>
<p>周一，COMEX 上的黄金价格首次突破每盎司 4600 美元，而白银在当天早些时候达到了每盎司 85.720 美元的历史新高。</p>
<p>与此同时，油价在大部分时间内上涨，但由于对额外供应的担忧而回落，最终以下跌收盘。</p>
<p>此外，铜价在美元走弱的支持下持续上涨，推动了周一基础金属价格的上升。</p>
<h2>贵金属创下新高</h2>
<p>黄金的上涨持续了第三个交易日，短暂突破每盎司 4600 美元，创造了历史新高。</p>
<p>这种持续的上涨是由于强劲的避险需求，投资者对复杂的地缘政治形势作出反应，包括美国在委内瑞拉的介入、伊朗的紧张局势加剧、持续的俄乌冲突、中日之间的摩擦，以及关于格林兰的重新讨论。</p>
<p>美联储与特朗普政府之间日益紧张的关系导致华尔街期货下跌，美元出现三周来的最大跌幅。</p>
<p>美联储主席杰罗姆·鲍威尔将针对他去年夏天在国会作证而面临的起诉威胁称为 “借口”。</p>
<p>他暗示真正的动机是让特朗普政府对利率施加更大影响，而美国总统正推动大幅降低利率。</p>
<p>鲍威尔对此举表示批评，称其与美国总统特朗普更广泛的控制美联储的努力有关。</p>
<p>“不过，周五的就业数据可能会抑制上涨势头，这降低了市场对 2026 年美联储激进降息的预期，” Trade Nation 的高级市场分析师大卫·莫里森表示。</p>
<blockquote>
<p>随着美国通胀数据将在明天和周三公布，一些交易者似乎对从当前水平追逐黄金价格持谨慎态度。</p>
</blockquote>
<p>白银继续表现强劲，今天早些时候突破每盎司 84.60 美元的新历史高点，涨幅超过 5%，随后略有回落。值得注意的是，白银的上涨幅度明显强于黄金。</p>
<h2>油价下滑</h2>
<p>油价在本周初表现坚挺，但随着价格从四周高点回落，初期涨幅被抹去。</p>
<p>前月西德克萨斯中质原油价格在上周后半段强劲反弹后，回落至 59 美元以下。</p>
<p>周一，油价因两个主要因素出现下跌：伊朗宣布在近年来最大规模的反政府抗议后已恢复完全控制，缓解了对该欧佩克成员国供应的担忧，以及投资者评估重启委内瑞拉石油出口的持续努力。</p>
<p>外交部长阿巴斯·阿拉基周一表示，经过周末的大规模示威，伊朗的局势 “完全控制”。</p>
<p>一个权利组织周日报告称，伊朗的社会动荡导致超过 500 人死亡。</p>
<p>这一局势促使美国总统特朗普发出警告，如果对伊朗抗议活动的镇压变得暴力，可能会进行军事干预。</p>
<p>与此同时，在尼古拉斯·马杜罗总统被罢免后，预计委内瑞拉将很快重启石油出口。</p>
<p>上周，特朗普宣布，加拉加斯政府准备将多达 5000 万桶之前被制裁的石油转移到美国。</p>
<p>根据四个熟悉该操作的消息来源，这一发展引发了石油公司之间的竞争。</p>
<p>他们的直接目标是确保油轮并建立安全运输原油的程序，从委内瑞拉的船只和老化港口出发。</p>
<p>“交易者还在关注俄罗斯的动态，乌克兰对能源基础设施的持续攻击和潜在的新美国制裁增加了复杂性，” Trade Nation 的莫里森表示。</p>
<p>截至发稿时，WTI 原油价格为每桶 58.84 美元，下跌 0.2%，而布伦特原油价格为每桶 63.11 美元，下跌 0.4%。</p>
<h2>基础金属</h2>
<p>基础金属在早盘出现上涨，主要受到美元走弱和铜价持续上涨的推动。</p>
<p>此外，美国 12 月份的非农就业数据令人失望，低于预期，并对之前的数据进行了下调。</p>
<p>此外，美联储官员的声明抑制了短期内降息的预期。</p>
<p>另外，杰罗姆·鲍威尔透露，美联储收到了大陪审团的传票，威胁对他在中央银行总部装修方面的证词提出刑事指控。</p>
<p>与此同时，上个月，泛太平洋铜业（PPC）向其日本国内客户提出了 2026 年创纪录的铜溢价 330 美元/吨。</p>
<p>该公司是日本最大的精炼铜供应商。</p>
<p>“这个现货交付价格是 2025 年 88 美元水平的三倍多，并且是在三个月 LME 铜价之上反映市场供需基本面，” FCA 监管的经纪公司 Britannia Global Markets 的金属负责人尼尔·韦尔什表示。</p>
<p>截至发稿时，三个月期铜合约价格为每吨 13012 美元，上涨 0.2%，而铝合约价格保持在每吨 3148 美元。</p>
<p>商品综述：地缘政治紧张局势推动贵金属上涨；油价下滑，首发于 Invezz。</p>

<p>黄金和白银价格因地缘政治紧张局势下的避险需求激增而创下历史新高，黄金价格超过每盎司 4600 美元，白银价格达到 85.720 美元。油价最初上涨，但由于对供应的担忧，尤其是在伊朗和委内瑞拉的局势发展后，油价回落。基本金属，特别是铜，因美元走弱而上涨。市场分析师指出，即将公布的美国通胀数据可能会抑制黄金的上涨势头，而油价交易者则密切关注地缘政治动态和美国对俄罗斯可能实施的制裁</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/Commodities-illustration.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/09/Commodities-illustration.png"/></p>
<p>Gold and silver prices hit fresh record highs on Monday as safe-haven demand increased sharply due to ongoing geopolitical tensions.</p>
<div class="lb-trans"><p>由于持续的地缘政治紧张局势，避险需求急剧增加，黄金和白银价格在周一创下新高。</p>
</div><p>Gold prices on COMEX breached the $4,600-per-ounce mark for the first time ever on Monday, while silver hit a record $85.720 per ounce earlier in the day.</p>
<div class="lb-trans"><p>周一，COMEX 上的黄金价格首次突破每盎司 4600 美元，而白银在当天早些时候达到了每盎司 85.720 美元的历史新高。</p>
</div><p>Meanwhile, oil prices rose for most of the day before giving up those gains to trade in the red on concerns over additional supply.</p>
<div class="lb-trans"><p>与此同时，油价在大部分时间内上涨，但由于对额外供应的担忧而回落，最终以下跌收盘。</p>
</div><p>Additionally, copper’s ongoing rally, supported by a weaker dollar, is contributing to a rise in base metal prices on Monday.</p>
<div class="lb-trans"><p>此外，铜价在美元走弱的支持下持续上涨，推动了周一基础金属价格的上升。</p>
</div><h2>Bullion hits record highs</h2>
<div class="lb-trans"><h2>贵金属创下新高</h2>
</div><p>Gold’s rally continued for a third consecutive session, briefly surpassing the $4,600 an ounce mark, a historic first.</p>
<div class="lb-trans"><p>黄金的上涨持续了第三个交易日，短暂突破每盎司 4600 美元，创造了历史新高。</p>
</div><p>This sustained ascent is driven by robust safe-haven demand, with investors responding to a complex geopolitical landscape including US involvement in Venezuela, heightened tensions in Iran, the ongoing Russia-Ukraine conflict, friction between China and Japan, and renewed discourse concerning Greenland.</p>
<div class="lb-trans"><p>这种持续的上涨是由于强劲的避险需求，投资者对复杂的地缘政治形势作出反应，包括美国在委内瑞拉的介入、伊朗的紧张局势加剧、持续的俄乌冲突、中日之间的摩擦，以及关于格林兰的重新讨论。</p>
</div><p>Growing tensions between the Federal Reserve and the Trump administration led to a drop in Wall Street futures and the dollar’s largest three-week decline.</p>
<div class="lb-trans"><p>美联储与特朗普政府之间日益紧张的关系导致华尔街期货下跌，美元出现三周来的最大跌幅。</p>
</div><p>Fed Chairman Jerome Powell characterised the threat of indictment against him, stemming from Congressional testimony he gave last summer, as a “pretext.”</p>
<div class="lb-trans"><p>美联储主席杰罗姆·鲍威尔将针对他去年夏天在国会作证而面临的起诉威胁称为 “借口”。</p>
</div><p>He suggested the true motivation was to allow the Trump administration to exert greater influence over interest rates, which the US President is pushing to have drastically reduced.</p>
<div class="lb-trans"><p>他暗示真正的动机是让特朗普政府对利率施加更大影响，而美国总统正推动大幅降低利率。</p>
</div><p>The action was criticised by Powell, who described it as being related to US President Donald Trump’s broader effort to increase control over the Fed.</p>
<div class="lb-trans"><p>鲍威尔对此举表示批评，称其与美国总统特朗普更广泛的控制美联储的努力有关。</p>
</div><p>“Still, upside momentum may be tempered by Friday’s jobs data, which reduced expectations for aggressive Fed easing in 2026,” David Morrison, senior market analyst at Trade Nation, said.</p>
<div class="lb-trans"><p>“不过，周五的就业数据可能会抑制上涨势头，这降低了市场对 2026 年美联储激进降息的预期，” Trade Nation 的高级市场分析师大卫·莫里森表示。</p>
</div><blockquote>
<p>With US inflation data due tomorrow and Wednesday, some traders appear hesitant to chase gold prices higher from current levels.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>随着美国通胀数据将在明天和周三公布，一些交易者似乎对从当前水平追逐黄金价格持谨慎态度。</p>
</blockquote>
</div><p>Silver continues its strong performance, hitting a new all-time high above $84.60 per ounce earlier this morning with a gain of over 5%, before slightly easing. Notably, silver’s rally remains significantly stronger than that of gold.</p>
<div class="lb-trans"><p>白银继续表现强劲，今天早些时候突破每盎司 84.60 美元的新历史高点，涨幅超过 5%，随后略有回落。值得注意的是，白银的上涨幅度明显强于黄金。</p>
</div><h2>Oil slips</h2>
<div class="lb-trans"><h2>油价下滑</h2>
</div><p>Oil prices began the week on a firmer footing, but the initial gains were lost as they subsequently pulled back from a four-week high.</p>
<div class="lb-trans"><p>油价在本周初表现坚挺，但随着价格从四周高点回落，初期涨幅被抹去。</p>
</div><p>Front-month West Texas Intermediate crude slipped back below $59 following a strong rally in the latter half of last week.</p>
<div class="lb-trans"><p>前月西德克萨斯中质原油价格在上周后半段强劲反弹后，回落至 59 美元以下。</p>
</div><p>Oil prices saw a decline on Monday due to two main factors: Iran’s announcement that it had regained complete control following the largest anti-government protests in years, which eased anxieties about supply from the OPEC member, and investors assessing ongoing efforts to restart oil exports from Venezuela.</p>
<div class="lb-trans"><p>周一，油价因两个主要因素出现下跌：伊朗宣布在近年来最大规模的反政府抗议后已恢复完全控制，缓解了对该欧佩克成员国供应的担忧，以及投资者评估重启委内瑞拉石油出口的持续努力。</p>
</div><p>Foreign Minister Abbas Araqchi stated on Monday that following widespread weekend demonstrations, the situation in Iran is “under total control.”</p>
<div class="lb-trans"><p>外交部长阿巴斯·阿拉基周一表示，经过周末的大规模示威，伊朗的局势 “完全控制”。</p>
</div><p>A rights group reported on Sunday that the civil unrest in Iran has resulted in over 500 deaths.</p>
<div class="lb-trans"><p>一个权利组织周日报告称，伊朗的社会动荡导致超过 500 人死亡。</p>
</div><p>This situation prompted US President Donald Trump to issue a warning of potential military intervention should the crackdown on the Iranian protests turn violent.</p>
<div class="lb-trans"><p>这一局势促使美国总统特朗普发出警告，如果对伊朗抗议活动的镇压变得暴力，可能会进行军事干预。</p>
</div><p>Meanwhile, following the removal of President Nicolas Maduro, Venezuela is anticipated to soon restart oil exports.</p>
<div class="lb-trans"><p>与此同时，在尼古拉斯·马杜罗总统被罢免后，预计委内瑞拉将很快重启石油出口。</p>
</div><p>Last week, Trump announced that the government in Caracas is prepared to transfer up to 50 million barrels of previously sanctioned oil to the US.</p>
<div class="lb-trans"><p>上周，特朗普宣布，加拉加斯政府准备将多达 5000 万桶之前被制裁的石油转移到美国。</p>
</div><p>According to four sources familiar with the operations, this development has sparked a competition among oil companies.</p>
<div class="lb-trans"><p>根据四个熟悉该操作的消息来源，这一发展引发了石油公司之间的竞争。</p>
</div><p>Their immediate goals are to secure tankers and establish procedures for the safe shipment of crude oil from vessels and the ageing ports of Venezuela.</p>
<div class="lb-trans"><p>他们的直接目标是确保油轮并建立安全运输原油的程序，从委内瑞拉的船只和老化港口出发。</p>
</div><p>“Traders are also watching developments in Russia, where ongoing Ukrainian attacks on energy infrastructure and potential new US sanctions add another layer of complexity,” said Trade Nation’s Morrison.</p>
<div class="lb-trans"><p>“交易者还在关注俄罗斯的动态，乌克兰对能源基础设施的持续攻击和潜在的新美国制裁增加了复杂性，” Trade Nation 的莫里森表示。</p>
</div><p>At the time of writing, the price of WTI crude was at $58.84 per barrel, down 0.2%, while Brent was at $63.11 a barrel, down 0.4%.</p>
<div class="lb-trans"><p>截至发稿时，WTI 原油价格为每桶 58.84 美元，下跌 0.2%，而布伦特原油价格为每桶 63.11 美元，下跌 0.4%。</p>
</div><h2>Base metals</h2>
<div class="lb-trans"><h2>基础金属</h2>
</div><p>Base metals are experiencing a morning rally, primarily driven by a weaker dollar and the continued surge in copper prices.</p>
<div class="lb-trans"><p>基础金属在早盘出现上涨，主要受到美元走弱和铜价持续上涨的推动。</p>
</div><p>Adding to market developments, US non-farm payrolls data for December disappointed, falling below expectations and including a downward revision of previous figures.</p>
<div class="lb-trans"><p>此外，美国 12 月份的非农就业数据令人失望，低于预期，并对之前的数据进行了下调。</p>
</div><p>Furthermore, statements from US Fed officials have dampened short-term anticipation for interest rate cuts.</p>
<div class="lb-trans"><p>此外，美联储官员的声明抑制了短期内降息的预期。</p>
</div><p>Separately, Jerome Powell disclosed that the Fed was served grand jury subpoenas, which threatened criminal charges concerning his testimony on renovations at the central bank’s headquarters.</p>
<div class="lb-trans"><p>另外，杰罗姆·鲍威尔透露，美联储收到了大陪审团的传票，威胁对他在中央银行总部装修方面的证词提出刑事指控。</p>
</div><p>Meanwhile, last month, Pan Pacific Copper (PPC) proposed a record-high copper premium of $330/mt to its domestic Japanese customers for 2026.</p>
<div class="lb-trans"><p>与此同时，上个月，泛太平洋铜业（PPC）向其日本国内客户提出了 2026 年创纪录的铜溢价 330 美元/吨。</p>
</div><p>The company is Japan’s largest refined copper supplier.</p>
<div class="lb-trans"><p>该公司是日本最大的精炼铜供应商。</p>
</div><p>“This spot delivery price is more than three times the 2025 level of $88, and is a premium on top of the three-month LME copper price, reflecting market supply and demand fundamentals,” Neil Welsh, head of metals at FCA-regulated brokerage Britannia Global Markets.</p>
<div class="lb-trans"><p>“这个现货交付价格是 2025 年 88 美元水平的三倍多，并且是在三个月 LME 铜价之上反映市场供需基本面，” FCA 监管的经纪公司 Britannia Global Markets 的金属负责人尼尔·韦尔什表示。</p>
</div><p>At the time of writing, the three-month copper contract was at $13,012 per ton, up 0.2%, while the aluminium contract was steady at $3,148 per ton.</p>
<div class="lb-trans"><p>截至发稿时，三个月期铜合约价格为每吨 13012 美元，上涨 0.2%，而铝合约价格保持在每吨 3148 美元。</p>
</div><p>The post Commodity wrap: geopolitical tensions boost bullion; oil prices slump appeared first on Invezz</p>
<div class="lb-trans"><p>商品综述：地缘政治紧张局势推动贵金属上涨；油价下滑，首发于 Invezz。</p>
</div>

商品综述：地缘政治紧张局势推动金价上涨，而油价则出现下跌