<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/20260226_1906_Image-Generation_simple_compose_01kjd2k73dfssvn49q7bqrz3r6.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-wp-media.lon1.digitaloceanspaces.com/2026/02/20260226_1906_Image-Generation_simple_compose_01kjd2k73dfssvn49q7bqrz3r6.png"/></p>
<p>由於美國與伊朗的和平談判停滯不前以及霍爾木茲海峽的貿易限制，油價在週四保持穩定，維持了之前的漲幅。</p>
<p>黃金在週四削減了大部分早期漲幅，此前有消息稱黎巴嫩與以色列的停火可能延長，同時美國失業救濟申請數據略有上升，導致國債收益率回落。</p>
<p>然而，銀價在週四下跌超過 2%，交易價格接近每盎司 76.255 美元。</p>
<p>儘管週三表現強勁，銅價在隔夜交易中失去了大部分漲幅。由於交易者面臨來自中東的波動信號，銅價仍然受到新聞的驅動。</p>
<p>另一方面，鋁價也在每噸 3600 美元以上保持穩定。由於中東供應嚴重中斷，該金屬仍然是市場的重點關注。</p>
<p>對主要海灣冶煉廠的罷工以及霍爾木茲海峽的有效關閉，已導致全球重要產量的停滯，分析師稱之為潛在的 “黑天鵝” 供應衝擊。</p>
<p>“由於關税進一步施加上行壓力，電力基礎設施和與人工智能相關行業的需求加速，鋁價在短期內可能會保持良好支撐，” Britannia Global Markets 的金屬市場負責人 Neil Welsh 在一封電子郵件評論中表示。</p>
<h2>油價穩定</h2>
<p>週四油價保持穩定，維持了前一交易日的漲幅。</p>
<p>這種穩定性歸因於伊朗與美國之間的和平談判停滯，以及霍爾木茲海峽的商業限制。</p>
<p>在撰寫本文時，布倫特原油合約價格為每桶 102.52 美元，上漲 0.6%；而西德克薩斯中質原油價格上漲 0.3%，至每桶 93.19 美元。</p>
<p>週三，兩種基準油價均上漲超過 3 美元。這一漲幅受到兩個因素的推動：伊朗和平談判沒有進展，以及美國汽油和餾分油庫存的下降幅度超出預期。</p>
<p>儘管美國總統唐納德·特朗普在巴基斯坦調解者的請求下延長了停火，但伊朗和美國對霍爾木茲海峽的船隻通行仍然有限制。</p>
<p>自 2 月 28 日戰爭開始以來，這條關鍵水道的通行量已受到限制，之前約佔全球每日石油供應的 20%。</p>
<p>儘管特朗普在週四聲稱美國對霍爾木茲海峽 “完全控制”，並 “緊緊封鎖” 該海峽，直到伊朗達成協議，但伊朗在週三在該水道扣押了兩艘船隻，顯示出其對這一戰略要道的影響力。</p>
<p>美國對伊朗的海上貿易維持海軍封鎖。然而，伊朗議會發言人及首席談判代表穆罕默德·巴基爾·卡里巴夫表示，只有解除這一封鎖，全面停火才是可行的。</p>
<p>數據分析公司 Vortexa 反駁了成功封鎖的説法，報告稱在 4 月 13 日至 21 日期間，約 1070 萬桶伊朗原油出口成功穿越霍爾木茲海峽，離開被封鎖區域。</p>
<p>此外，航運和安全消息來源週三報告稱，美國軍方在亞洲水域攔截了至少三艘懸掛伊朗國旗的油輪，並將其引導遠離靠近印度、馬來西亞和斯里蘭卡的位置。</p>
<h2>黃金削減早期漲幅</h2>
<p>週四黃金削減了早期的損失，撰寫時交易價格基本持平。</p>
<p>黎巴嫩和以色列的特使第二次會議定於週四在美國舉行。</p>
<p>黎巴嫩預計將在以色列空襲造成至少五人死亡（包括一名記者）後，尋求延長停火。</p>
<p>由於基準 10 年期美國國債收益率回落至一週多來的高點，非收益性黃金作為投資變得更具吸引力。</p>
<p>與此同時，上週美國初次申請失業救濟人數增加超過預期，增加了 6000 人，調整後為 214,000 人，超過路透社調查的 210,000 人預期。</p>
<p>此外，伊朗的衝突推動了油價上漲，週四布倫特原油交易價格超過每桶 100 美元。這一激增歸因於美國與伊朗之間和平談判的停滯，以及霍爾木茲海峽的貿易限制。</p>
<p>能源價格的急劇上漲助長了通貨膨脹，通常會增加加息的可能性。</p>
<p>儘管黃金傳統上被視為對抗通貨膨脹的避險資產，但更高的利率往往會降低這種非收益性資產的吸引力。</p>
<p>“在過去三週，黃金 ETF 的資金流入已轉為正值。這表明在 3 月份的拋售後，投資者的興趣恢復，” ING Economics 的商品策略師 Ewa Manthey 在一份報告中表示。</p>
<p>COMEX 黃金合約價格為每盎司 4747.60 美元，與前一交易日收盤價基本持平。</p>
<p>商品綜述：油價穩定；黃金削減早期漲幅的文章首次出現在 Invezz 上。</p>

美國 WTI 原油 ETF

SPDR 金 ETF

德銀基礎金屬 ETF - PowerShares

<p>油價因美國與伊朗的和平談判停滯以及霍爾木茲海峽的貿易限制而保持穩定，布倫特原油價格為每桶 102.52 美元。由於黎巴嫩與以色列可能延長停火協議以及美國失業救濟申請人數上升，黃金削減了早期的漲幅。白銀下跌超過 2%，而銅則失去了大部分之前的漲幅。鋁價保持在每噸 3600 美元以上，受到中東供應中斷的支撐。分析師表示，由於關税和基礎設施需求，鋁的需求可能會增加</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/20260226_1906_Image-Generation_simple_compose_01kjd2k73dfssvn49q7bqrz3r6.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/20260226_1906_Image-Generation_simple_compose_01kjd2k73dfssvn49q7bqrz3r6.png"/></p>
<p>Oil prices held steady Thursday, maintaining prior gains due to the stalled US-Iran peace talks and ongoing trade restrictions in the Strait of Hormuz.</p>
<div class="lb-trans"><p>由於美國與伊朗的和平談判停滯不前以及霍爾木茲海峽的貿易限制，油價在週四保持穩定，維持了之前的漲幅。</p>
</div><p>Gold pared most of its earlier gains, following news of a potential Lebanon-Israel ceasefire extension and paring of gains in Treasury yields after US jobless claims data showed a slight increase.</p>
<div class="lb-trans"><p>黃金在週四削減了大部分早期漲幅，此前有消息稱黎巴嫩與以色列的停火可能延長，同時美國失業救濟申請數據略有上升，導致國債收益率回落。</p>
</div><p>Silver, however, fell more than 2% to trade near $76.255 per ounce on Thursday.</p>
<div class="lb-trans"><p>然而，銀價在週四下跌超過 2%，交易價格接近每盎司 76.255 美元。</p>
</div><p>Despite a strong performance on Wednesday, copper relinquished most of those gains overnight. It continues to be driven by headlines as traders contend with fluctuating signals emerging from the Middle East.</p>
<div class="lb-trans"><p>儘管週三表現強勁，銅價在隔夜交易中失去了大部分漲幅。由於交易者面臨來自中東的波動信號，銅價仍然受到新聞的驅動。</p>
</div><p>Aluminium, on the other hand, was also steady above the $3,600 per ton mark. The metal remains a key focus due to severe Middle East supply disruptions.</p>
<div class="lb-trans"><p>另一方面，鋁價也在每噸 3600 美元以上保持穩定。由於中東供應嚴重中斷，該金屬仍然是市場的重點關注。</p>
</div><p>Strikes on major Gulf smelters and the effective closure of Hormuz have halted significant global output, creating what analysts term a potential &#34;black swan&#34; supply shock.</p>
<div class="lb-trans"><p>對主要海灣冶煉廠的罷工以及霍爾木茲海峽的有效關閉，已導致全球重要產量的停滯，分析師稱之為潛在的 “黑天鵝” 供應衝擊。</p>
</div><p>“With tariffs adding further upward pressure and demand from power infrastructure and AI-related sectors accelerating, aluminium could remain well supported in the near term,” Neil Welsh, head of metals market at Britannia Global Markets, said in an emailed commentary.</p>
<div class="lb-trans"><p>“由於關税進一步施加上行壓力，電力基礎設施和與人工智能相關行業的需求加速，鋁價在短期內可能會保持良好支撐，” Britannia Global Markets 的金屬市場負責人 Neil Welsh 在一封電子郵件評論中表示。</p>
</div><h2>Oil steady</h2>
<div class="lb-trans"><h2>油價穩定</h2>
</div><p>Oil prices remained steady on Thursday, maintaining the previous session's increases.</p>
<div class="lb-trans"><p>週四油價保持穩定，維持了前一交易日的漲幅。</p>
</div><p>This stability was attributed to the stalled peace negotiations between Iran and the United States, as well as ongoing limitations on commerce through the Strait of Hormuz.</p>
<div class="lb-trans"><p>這種穩定性歸因於伊朗與美國之間的和平談判停滯，以及霍爾木茲海峽的商業限制。</p>
</div><p>At the time of writing, the Brent crude oil contract was at $102.52 per barrel, up 0.6%, while West Texas Intermediate prices were 0.3% higher at $93.19 a barrel.</p>
<div class="lb-trans"><p>在撰寫本文時，布倫特原油合約價格為每桶 102.52 美元，上漲 0.6%；而西德克薩斯中質原油價格上漲 0.3%，至每桶 93.19 美元。</p>
</div><p>On Wednesday, both benchmarks saw a gain of over $3. This increase was driven by two factors: a lack of advancement in the Iran peace negotiations and US gasoline and distillate stock draws that were larger than expected.</p>
<div class="lb-trans"><p>週三，兩種基準油價均上漲超過 3 美元。這一漲幅受到兩個因素的推動：伊朗和平談判沒有進展，以及美國汽油和餾分油庫存的下降幅度超出預期。</p>
</div><p>Despite US President Donald Trump extending the ceasefire following a request from Pakistani mediators, restrictions remain on ship transit through the strait by both Iran and the US.</p>
<div class="lb-trans"><p>儘管美國總統唐納德·特朗普在巴基斯坦調解者的請求下延長了停火，但伊朗和美國對霍爾木茲海峽的船隻通行仍然有限制。</p>
</div><p>This critical waterway, which previously handled approximately 20% of the world's daily oil supply, has been restricted since the war started on February 28.</p>
<div class="lb-trans"><p>自 2 月 28 日戰爭開始以來，這條關鍵水道的通行量已受到限制，之前約佔全球每日石油供應的 20%。</p>
</div><p>Despite Trump's claim on Thursday that the US had &#34;total control&#34; and had &#34;sealed up tight&#34; the Strait of Hormuz until Iran made a deal, Iran seized two ships in the waterway on Wednesday, demonstrating its influence over the strategic chokepoint.</p>
<div class="lb-trans"><p>儘管特朗普在週四聲稱美國對霍爾木茲海峽 “完全控制”，並 “緊緊封鎖” 該海峽，直到伊朗達成協議，但伊朗在週三在該水道扣押了兩艘船隻，顯示出其對這一戰略要道的影響力。</p>
</div><p>The US has maintained a Navy blockade on Iran's sea trade. However, Iranian parliament speaker and top negotiator Mohammad Baqer Qalibaf stated that a full ceasefire is only viable if this blockade is lifted.</p>
<div class="lb-trans"><p>美國對伊朗的海上貿易維持海軍封鎖。然而，伊朗議會發言人及首席談判代表穆罕默德·巴基爾·卡里巴夫表示，只有解除這一封鎖，全面停火才是可行的。</p>
</div><p>Countering the narrative of a successful blockade, data analytics company Vortexa reported that approximately 10.7 million barrels of Iranian crude exports successfully traversed the Strait of Hormuz and departed the blockaded area between April 13 and 21.</p>
<div class="lb-trans"><p>數據分析公司 Vortexa 反駁了成功封鎖的説法，報告稱在 4 月 13 日至 21 日期間，約 1070 萬桶伊朗原油出口成功穿越霍爾木茲海峽，離開被封鎖區域。</p>
</div><p>Separately, shipping and security sources reported on Wednesday that the US military has intercepted at least three Iranian-flagged tankers in Asian waters, redirecting them away from positions near India, Malaysia, and Sri Lanka.</p>
<div class="lb-trans"><p>此外，航運和安全消息來源週三報告稱，美國軍方在亞洲水域攔截了至少三艘懸掛伊朗國旗的油輪，並將其引導遠離靠近印度、馬來西亞和斯里蘭卡的位置。</p>
</div><h2>Gold pares early gains</h2>
<div class="lb-trans"><h2>黃金削減早期漲幅</h2>
</div><p>Gold pared early losses on Thursday to trade largely unchanged at the time of writing.</p>
<div class="lb-trans"><p>週四黃金削減了早期的損失，撰寫時交易價格基本持平。</p>
</div><p>A second meeting between Lebanese and Israeli envoys is scheduled to take place in the US on Thursday.</p>
<div class="lb-trans"><p>黎巴嫩和以色列的特使第二次會議定於週四在美國舉行。</p>
</div><p>Lebanon is expected to seek an extension of the ceasefire following Israeli airstrikes that killed at least five people, including a journalist, the day before.</p>
<div class="lb-trans"><p>黎巴嫩預計將在以色列空襲造成至少五人死亡（包括一名記者）後，尋求延長停火。</p>
</div><p>Non-yielding bullion became more appealing as an investment after the benchmark 10-year US Treasury yields surrendered most of their earlier gains, pulling back from an over one-week high.</p>
<div class="lb-trans"><p>由於基準 10 年期美國國債收益率回落至一週多來的高點，非收益性黃金作為投資變得更具吸引力。</p>
</div><p>Meanwhile, initial claims for unemployment benefits in the US rose more than expected last week, increasing by 6,000 to a seasonally adjusted 214,000 for the week ended April 18. This figure exceeded the Reuters' poll forecast of 210,000.</p>
<div class="lb-trans"><p>與此同時，上週美國初次申請失業救濟人數增加超過預期，增加了 6000 人，調整後為 214,000 人，超過路透社調查的 210,000 人預期。</p>
</div><p>In addition, the conflict in Iran has pushed oil prices higher, with Brent crude trading above $100 per barrel on Thursday. This surge is attributed to the stalling of peace negotiations between the US and Iran, alongside ongoing restrictions on trade through the Strait of Hormuz.</p>
<div class="lb-trans"><p>此外，伊朗的衝突推動了油價上漲，週四布倫特原油交易價格超過每桶 100 美元。這一激增歸因於美國與伊朗之間和平談判的停滯，以及霍爾木茲海峽的貿易限制。</p>
</div><p>The steep rise in energy prices contributes to inflation, which typically increases the likelihood of interest rate hikes.</p>
<div class="lb-trans"><p>能源價格的急劇上漲助長了通貨膨脹，通常會增加加息的可能性。</p>
</div><p>Although gold is traditionally viewed as a hedge against inflation, higher interest rates tend to diminish the appeal of this non-yielding asset.</p>
<div class="lb-trans"><p>儘管黃金傳統上被視為對抗通貨膨脹的避險資產，但更高的利率往往會降低這種非收益性資產的吸引力。</p>
</div><p>“Gold ETF flows have turned positive over the past three weeks. This points to renewed investor interest following the March sell-off,” Ewa Manthey, commodities strategist at ING Economics, said in a note.</p>
<div class="lb-trans"><p>“在過去三週，黃金 ETF 的資金流入已轉為正值。這表明在 3 月份的拋售後，投資者的興趣恢復，” ING Economics 的商品策略師 Ewa Manthey 在一份報告中表示。</p>
</div><p>The COMEX gold contract was at $4,747.60 per ounce, largely unchanged from the previous close.</p>
<div class="lb-trans"><p>COMEX 黃金合約價格為每盎司 4747.60 美元，與前一交易日收盤價基本持平。</p>
</div><p>The post Commodity wrap: Oil steady; gold pares early gains appeared first on Invezz</p>
<div class="lb-trans"><p>商品綜述：油價穩定；黃金削減早期漲幅的文章首次出現在 Invezz 上。</p>
</div>

商品綜述：油價保持穩定；黃金回吐早期的漲幅