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Editorial Comment

OPEC+ has remained unchanged for the third consecutive month. The quota policy itself has entered an observation period, and its short-term marginal guidance on oil prices is limited. What is more worthy of traders' attention is that the obstruction of the Strait of Hormuz has caused the actual production of Gulf oil-producing countries to be lower than the quota, and the supply variable has shifted from policy to waterway. The plenary meeting on November 29 will discuss the 2027 production framework. This medium- and long-term signal may affect energy price expectations and indirectly transmit to gold’s inflation and hedging pricing.

Editorial Comment

Another attack on the Strait of Hormuz directly touched the key throat of global crude oil transportation. WTI held above $103 and approached a five-month high, indicating that the market has priced in the risk of supply disruption. For traders, the focus is not on the details of the attack itself, but on whether the geo-premium can be sustained - if the situation repeats, energy price fluctuations will be transmitted to gold and major currency pairs through inflation expectations. It is worth tracking subsequent developments and changes in market risk appetite.

Editorial Comment

The news reminds traders to distinguish futures prices from the "true" cost of physical crude oil: supertanker freight rates have significantly increased physical prices after conversion, meaning that energy trading profits and refining costs deviate significantly from futures quotes. For the gold and foreign exchange markets, this physical premium may affect inflation expectations and the terms of trade of relevant economies through the import cost channel. It is worth paying attention to whether freight rates continue to be high and the performance of oil tankers and LNG-related assets, rather than just tracking futures oil prices.

Editorial Comment

Silver production at the San Dimas mine in Mexico dropped by 41% and production was suspended, directly pointing to a contraction in the silver supply side. As a precious metal, changes in silver's supply and demand may affect gold and the U.S. dollar-denominated precious metals sector through market sentiment. Traders can pay attention to whether this event is included in broader supply expectations. However, the information from a single mine alone is not enough to judge the overall impact, and it needs to be combined with more data for observation.

Editorial Comment

The long momentum of WTI crude oil has begun to weaken, and the classification of buying and selling volume shows that sellers have a short-term dominance. This may have a spillover effect on commodity currencies and overall risk sentiment related to oil prices through commodity price channels. Traders can pay attention to the long-short competition in oil prices near key support. If buyers fail to regain the initiative, the volatility of related currency pairs may increase; for gold, the potential impact of weakening oil prices on inflation expectations is also worth paying attention to.