<p>週二，黃金價格跌至三週低點，因為能源價格因美國與伊朗之間的談判停滯而上漲。</p>
<p>與此同時，由於霍爾木茲海峽仍然關閉，原油價格大幅上漲，從而影響了貨物的自由流動。</p>
<p>然而，隨着阿聯酋宣佈將於 5 月 1 日退出石油輸出國組織，油價的部分漲幅被削減。</p>
<p>投資者正在評估工業金屬的需求前景，由於中東衝突，需求受到抑制，銅價連續第三天下跌。</p>
<p>美國官員目前正在審查伊朗的最新提案，但白宮重申了其不可談判的 “紅線”，例如防止德黑蘭獲得核武器，這導致銅期貨價格下跌。</p>
<p>截至撰寫時，倫敦金屬交易所的三個月銅合約價格為每噸 13,036 美元，下跌 1.4%。</p>
<p><strong>油價飆升；阿聯酋退出 OPEC</strong></p>
<p>由於中東供應受到限制，霍爾木茲海峽大部分時間關閉，油價週二上漲超過 3%。</p>
<p>然而，在阿聯酋宣佈將退出 OPEC 和 OPEC+ 後，油價的漲幅有所減小。</p>
<p>阿聯酋週二宣佈退出 OPEC 和 OPEC+，這一舉動顯著削弱了這些石油出口組織，特別是對其主要領導國沙特阿拉伯的影響。</p>
<p>“失去一個日均產能為 480 萬桶，並有意生產更多的成員，實際上是削弱了該組織的實力，” Rystad Energy 的地緣政治分析負責人 Jorge Leon 在一封電子郵件評論中表示。</p>
<p>“隨着需求接近峯值，低成本原油生產者的計算正在迅速變化，等待在配額系統內輪到你似乎開始看起來像是在放棄利潤。”</p>
<p>沙特阿拉伯現在需要承擔更多的價格穩定重任，而市場失去了為數不多的緩衝器之一。</p>
<p>Jorge Leon Rystad Energy 地緣政治分析負責人</p>
<p>與此同時，美國總統唐納德·特朗普對伊朗結束戰爭的最新提案表示不滿，週一一位官員透露。</p>
<p>由於特朗普拒絕了該提案，衝突仍然僵持不下。</p>
<p>作為回應，伊朗關閉了霍爾木茲海峽，該海峽處理着全球約 20% 的石油和天然氣供應，而美國則維持對伊朗港口的封鎖。</p>
<p>布倫特原油合約最後報 111.16 美元/桶，上漲 2.6%。當天早些時候曾上漲至 112.70 美元。</p>
<p><strong>黃金下滑</strong></p>
<p>週二，黃金價格跌至三週以來的最低點。</p>
<p>這一下跌發生在市場評估通脹和利率擔憂的背景下，預計即將有幾次中央銀行的決策。</p>
<p>價格波動跟隨油價上漲，此前美國與伊朗的談判停滯不前。</p>
<p>由於伊朗與美國之間談判的最新失敗，黃金價格持續下跌。</p>
<p>此次下跌緊隨美國總統特朗普明顯拒絕伊朗領導層關於重新開放霍爾木茲海峽的提案。</p>
<p>市場最近開始預期美國聯邦儲備委員會可能在今年晚些時候降息，現在則傾向於預期利率將保持不變。</p>
<p>“如果油價繼續上漲，市場參與者甚至可能開始重新定價加息，就像他們在三月中旬所做的那樣，” Commerzbank AG 的外匯和商品研究負責人 Thu Lan Nguyen 在一份報告中表示。</p>
<p>“在這種情況下，黃金價格可能會像那時一樣回落至每盎司 4,500 美元。”</p>
<p>COMEX 上的黃金價格跌至每盎司 4,567.75 美元，比前一交易日下跌 2.4%。COMEX 上的白銀價格下跌 3.3%，至每盎司 72.535 美元。</p>

GOLD

紐蒙特礦業

<p>由於中東供應限制，油價上漲超過 3%，但在阿聯酋宣佈退出 OPEC 後，漲幅有所回落，這影響了該組織的影響力。由於通脹擔憂和美伊談判停滯，黃金跌至三週低點，COMEX 上的價格降至每盎司 4,567.75 美元。市場現在正在重新評估利率預期，如果油價繼續上漲，可能會對黃金價格產生影響</p>

<p>Gold slumped to a three-week low on Tuesday as energy prices climbed due to stalled negotiations between the US and Iran.</p>
<div class="lb-trans"><p>週二，黃金價格跌至三週低點，因為能源價格因美國與伊朗之間的談判停滯而上漲。</p>
</div><p>Meanwhile, crude oil rose sharply as the Strait of Hormuz remained shut, thereby affecting the free flow of shipments.</p>
<div class="lb-trans"><p>與此同時，由於霍爾木茲海峽仍然關閉，原油價格大幅上漲，從而影響了貨物的自由流動。</p>
</div><p>However, oil prices trimmed some gains as the United Arab Emirates announced that it will leave the Organization of the Petroleum Exporting Countries from May 1.</p>
<div class="lb-trans"><p>然而，隨着阿聯酋宣佈將於 5 月 1 日退出石油輸出國組織，油價的部分漲幅被削減。</p>
</div><p>Investors are assessing the demand outlook for industrial metals, which has been dampened by the Middle East conflict, as copper extended its decline for a third consecutive day.</p>
<div class="lb-trans"><p>投資者正在評估工業金屬的需求前景，由於中東衝突，需求受到抑制，銅價連續第三天下跌。</p>
</div><p>US officials are currently reviewing Iran's latest proposal, but the White House reiterated its non-negotiable &#34;red lines,&#34; such as preventing Tehran from acquiring a nuclear weapon, leading to a dip in copper futures.</p>
<div class="lb-trans"><p>美國官員目前正在審查伊朗的最新提案，但白宮重申了其不可談判的 “紅線”，例如防止德黑蘭獲得核武器，這導致銅期貨價格下跌。</p>
</div><p>At the time of writing, the three-month copper contract on the London Metal Exchange was at $13,036 per ton, down 1.4%.</p>
<div class="lb-trans"><p>截至撰寫時，倫敦金屬交易所的三個月銅合約價格為每噸 13,036 美元，下跌 1.4%。</p>
</div><p><strong>Oil surges; UAE leaves OPEC</strong></p>
<div class="lb-trans"><p><strong>油價飆升；阿聯酋退出 OPEC</strong></p>
</div><p>Oil prices climbed over 3% on Tuesday due to Middle East supplies being restricted because the Strait of Hormuz remained mostly closed amid stalled efforts to conclude the Iran war.</p>
<div class="lb-trans"><p>由於中東供應受到限制，霍爾木茲海峽大部分時間關閉，油價週二上漲超過 3%。</p>
</div><p>However, gains in oil were reduced somewhat following the UAE's announcement that it would exit both OPEC and OPEC+.</p>
<div class="lb-trans"><p>然而，在阿聯酋宣佈將退出 OPEC 和 OPEC+ 後，油價的漲幅有所減小。</p>
</div><p>The United Arab Emirates announced its withdrawal from OPEC and OPEC+ on Tuesday, an action that significantly weakened the oil-exporting groups, particularly impacting their key leader, Saudi Arabia.</p>
<div class="lb-trans"><p>阿聯酋週二宣佈退出 OPEC 和 OPEC+，這一舉動顯著削弱了這些石油出口組織，特別是對其主要領導國沙特阿拉伯的影響。</p>
</div><p>“Losing a member with 4.8 million barrels per day of capacity, and the ambition to produce more, takes a real tool out of the group's hands,” Jorge Leon, head of geopolitical analysis at Rystad Energy, said in an emailed commentary.</p>
<div class="lb-trans"><p>“失去一個日均產能為 480 萬桶，並有意生產更多的成員，實際上是削弱了該組織的實力，” Rystad Energy 的地緣政治分析負責人 Jorge Leon 在一封電子郵件評論中表示。</p>
</div><p>“With demand nearing a peak, the calculation for producers with low-cost barrels is changing fast, and waiting your turn inside a quota system starts to look like leaving money on the table.”</p>
<div class="lb-trans"><p>“隨着需求接近峯值，低成本原油生產者的計算正在迅速變化，等待在配額系統內輪到你似乎開始看起來像是在放棄利潤。”</p>
</div><p>Saudi Arabia is now left doing more of the heavy lifting on price stability, and the market loses one of the few shock absorbers it had left.</p>
<div class="lb-trans"><p>沙特阿拉伯現在需要承擔更多的價格穩定重任，而市場失去了為數不多的緩衝器之一。</p>
</div><p>Jorge LeonHead of geopolitical analysis at Rystad Energy</p>
<div class="lb-trans"><p>Jorge Leon Rystad Energy 地緣政治分析負責人</p>
</div><p>Meanwhile, US President Donald Trump expressed dissatisfaction with the latest proposal from Iran to end the war, according to an official on Monday.</p>
<div class="lb-trans"><p>與此同時，美國總統唐納德·特朗普對伊朗結束戰爭的最新提案表示不滿，週一一位官員透露。</p>
</div><p>The conflict remains deadlocked due to Trump's rejection of the offer.</p>
<div class="lb-trans"><p>由於特朗普拒絕了該提案，衝突仍然僵持不下。</p>
</div><p>In response, Iran has closed the Strait, which handles roughly 20% of the world's oil and gas supplies, while the US maintains its blockade of Iranian ports.</p>
<div class="lb-trans"><p>作為回應，伊朗關閉了霍爾木茲海峽，該海峽處理着全球約 20% 的石油和天然氣供應，而美國則維持對伊朗港口的封鎖。</p>
</div><p>The Brent crude contract was last at $111.16 per barrel, up 2.6%. It had risen to $112.70 earlier in the day.</p>
<div class="lb-trans"><p>布倫特原油合約最後報 111.16 美元/桶，上漲 2.6%。當天早些時候曾上漲至 112.70 美元。</p>
</div><p><strong>Gold slips</strong></p>
<div class="lb-trans"><p><strong>黃金下滑</strong></p>
</div><p>Gold prices dropped to their lowest point in over three weeks on Tuesday.</p>
<div class="lb-trans"><p>週二，黃金價格跌至三週以來的最低點。</p>
</div><p>This decline occurred as markets assessed inflation and interest-rate worries, anticipating several upcoming central bank decisions.</p>
<div class="lb-trans"><p>這一下跌發生在市場評估通脹和利率擔憂的背景下，預計即將有幾次中央銀行的決策。</p>
</div><p>The price movement followed a rise in oil prices, which came after US–Iran talks stalled.</p>
<div class="lb-trans"><p>價格波動跟隨油價上漲，此前美國與伊朗的談判停滯不前。</p>
</div><p>The gold price is experiencing a continued decline due to the latest failure in negotiations between Iran and the United States.</p>
<div class="lb-trans"><p>由於伊朗與美國之間談判的最新失敗，黃金價格持續下跌。</p>
</div><p>The drop follows US President Trump's apparent rejection of a proposal from the Iranian leadership concerning the reopening of the Strait of Hormuz.</p>
<div class="lb-trans"><p>此次下跌緊隨美國總統特朗普明顯拒絕伊朗領導層關於重新開放霍爾木茲海峽的提案。</p>
</div><p>The market, which had recently begun to anticipate the US Federal Reserve might cut interest rates later this year, is now leaning towards the expectation that rates will remain unchanged.</p>
<div class="lb-trans"><p>市場最近開始預期美國聯邦儲備委員會可能在今年晚些時候降息，現在則傾向於預期利率將保持不變。</p>
</div><p>“If the increase in oil prices continues, market participants could even start pricing in an interest rate hike again, as they did in mid‑March,” Thu Lan Nguyen, head of FX and commodity research at Commerzbank AG, said in a report.</p>
<div class="lb-trans"><p>“如果油價繼續上漲，市場參與者甚至可能開始重新定價加息，就像他們在三月中旬所做的那樣，” Commerzbank AG 的外匯和商品研究負責人 Thu Lan Nguyen 在一份報告中表示。</p>
</div><p>“In that case, the gold price could, as it did then, fall back towards USD 4,500 per troy ounce.”</p>
<div class="lb-trans"><p>“在這種情況下，黃金價格可能會像那時一樣回落至每盎司 4,500 美元。”</p>
</div><p>Gold prices on COMEX fell to $4,567.75 an ounce, down 2.4% from the previous close. Silver on COMEX slipped 3.3% to $72.535 per ounce.</p>
<div class="lb-trans"><p>COMEX 上的黃金價格跌至每盎司 4,567.75 美元，比前一交易日下跌 2.4%。COMEX 上的白銀價格下跌 3.3%，至每盎司 72.535 美元。</p>
</div>

Commodity wrap: Oil trims some gains as UAE exits OPEC; gold at 3-week low

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商品綜述：由於阿聯酋退出歐佩克，油價回吐部分漲幅；黃金跌至三週低點