【国泰期货】Morning Insight: November 20, 2025-251120（9页）.pdf

1、金融衍生品研究 请务必阅读正文之后的免责条款部分 1 Morning Insight:November 20,2025 Linlin Gao Certification：Z0002332 Yu Chen Wu(Contact)Certification：F03133175 Main Body Commodity Market Insight：Precious Metals:Recently,gold and silver have shown range-bound but slightly stronger performance.We believe the long-term upwar

2、d trend for gold and silver remains certain,but in the short term,prices are volatile at high levels,lacking clear macro drivers while the market continues to watch for risks.Last night,Kevin Hassett,Director of the White House National Economic Council,stated that after soaring in recent years,cons

3、umer price pressures may not yet have fully eased.Meanwhile,after the U.S.government shutdown,the absence of U.S.economic data has left markets without guidance for trading monetary policy.The U.S.November employment report has been rescheduled for release on December 16.The October nonfarm payrolls

4、 report will not be released,and household survey data cannot be collected;related information will be integrated into the November employment report.The October JOLTS job openings report is postponed to December 9.At the same time,U.S.high-frequency data remains resilient,and private employment dat

5、a is not weak,causing expectations for a December rate cut to decline.For gold on a weekly timeframe,clearer drivers need to be awaited,and the main strategy is buying on dips.As for silver,spot supply remains tight,and if macro sentiment aligns,new highs may still be seen within the year.Lithium Ca

6、rbonate:In the short term,prices are biased to the upside,but attention should be paid to the risk of a pullback during the demand November November 2020,2025,2025 F Financial Derivativesinancial Derivatives GUOTAI JUNAN FUTURES 金融衍生品研究 请务必阅读正文之后的免责条款部分 2 off-season in Q1.From a fundamentals perspec