【国泰期货】Morning Insight: June 6, 2025-250606（8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:June 6,2025 Linlin Gao Certification：Z0002332 Yu Chen Wu(Contact)Certification：F03133175 Main Body Commodity Market Insight：Silver:Yesterday,COMEX silver surged sharply,clearly breaking through the key resistance level of$35/oz.The driving force behind this

2、 rally is not very clear and appears to be more influenced by capital flows.Inflation expectations have rebounded slightly but are not in a definitive upward cycle,and actual demand for silver is still being dragged down by the photovoltaic sector.The only real driver is the rotation of liquidity:af

3、ter the rally in gold prices paused,funds shifted toward other precious metals like silver,platinum,and palladium to correct relative value ratiosespecially with overseas capital continuing to hold short positions in the gold/silver ratio,which has now returned below 95.In addition,after silver pric

4、es broke past previous highs,trend-following quantitative funds poured in,amplifying the price surgesomewhat resembling the technical pattern seen in February 2024 when gold broke above$2000.We believe this upward trend in silver is not necessarily over.Until the next risk event emerges to reverse t

5、he current trend,silver may remain in a relatively strong phase,continuing to correct the valuation ratio.Glass:In the short term,valuations are relatively low and prices are fluctuating with a slightly stronger bias,though the market may remain range-bound in the medium term.The recent short-term s

6、trength is mainly driven by low valuations around 950 yuan/ton,where suppliersJune June 6 6,2025,2025 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 particularly those in Central China using petroleum coke as fuelare facing severe losses.On the other hand