国际银价趋稳之际，中国白银现货仍趋紧：上期所近月合约创纪录升水

华尔街见闻02-11

国际白银价格在经历剧烈波动后趋于平稳，但中国市场的供应紧张局面仍在持续，投资和工业需求正在消耗库存。2月10日，国际现货白银价格横盘震荡于每盎司80美元，金银比也稳定于61倍附近。（金银比近62倍，截至2月10日美股尾盘）据彭博社报道，上海期货交易所近月白银合约溢价已飙升至创纪录水平，这一强烈的现货升水结构显示，市场对即期交割的白银存在强烈需求。四川天府银行高级分析师Zhang Ting表示：如此...

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href=https://wallstreetcn.com/articles/3765474><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>国际白银价格在经历剧烈波动后趋于平稳，但中国市场的供应紧张局面仍在持续，投资和工业需求正在消耗库存。2月10日，国际现货白银价格横盘震荡于每盎司80美元，金银比也稳定于61倍附近。（金银比近62倍，截至2月10日美股尾盘）据彭博社报道，上海期货交易所近月白银合约溢价已飙升至创纪录水平，这一强烈的现货升水结构显示，市场对即期交割的白银存在强烈需求。四川天府银行高级分析师Zhang Ting表示：如此...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3765474\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CEF","symbol_name":"Sprott Physical Gold & Silver 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premiums","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/e33704685697dec16ee023e2e49904cf","symbols_score_info":{"601012":1.57,"601212":1.59,"SILmain":2,"GLTR":2,"ZSL":2,"GBUG":2,"PSLV":2,"SILJ":2,"SIL2603":2,"MAG":2,"KSLV":2,"CEF":2,"PAAS":2,"SImain":2,"SVM":2,"AG":2,"AGQ":2,"00815":1.61,"SLVP":2,"SLV":1.64,"SIVR":2,"SIL":2,"FSM":2,"SLVR":2,"XAGUSD.FOREX":1.64},"content_text":"国际白银价格在经历剧烈波动后趋于平稳，但中国市场的供应紧张局面仍在持续，投资和工业需求正在消耗库存。2月10日，国际现货白银价格横盘震荡于每盎司80美元，金银比也稳定于61倍附近。（金银比近62倍，截至2月10日美股尾盘）据彭博社报道，上海期货交易所近月白银合约溢价已飙升至创纪录水平，这一强烈的现货升水结构显示，市场对即期交割的白银存在强烈需求。四川天府银行高级分析师Zhang Ting表示：如此大的现货升水是由库存危机和可交割材料的耗尽驱动的。机构仍有继续挤压市场以获取利润的动机。报道指出，上海期货交易所和上海黄金交易所指定仓库的白银库存已降至十多年来的最低水平。自去年12月下旬以来，为避免实物交割，空头不得不持续向多头支付延期费，进一步凸显了市场现货的极端稀缺性。分析师认为，这种紧张局面短期内难以缓解，除非冶炼厂能在即将到来的春节长假期间超常规提高产量。但传统上，春节往往是生产活动的淡季。市场紧张态势预计将持续影响工业用户采购成本及贸易商头寸管理。需求双引擎：投资狂热与工业备货共振当前市场的需求动力来自两方面：持续高涨的实物投资需求，以及太阳能等工业领域的集中采购。报道指出在深圳水贝，全国最大的黄金珠宝批发市场，白银投资条的需求依然旺盛。深圳国鑫贵金属公司的Liu Shunmin表示：只要有货，很快就会卖光。商家可以轻松地为投资条找到愿意支付溢价的买家。不过有迹象表明，节前的投机热情正在降温。上海期货交易所的总持仓量已降至四年多来的最低水平，投资者在春节假期前减轻了头寸。这或许意味着价格波动性将短期下降，但实物供需的基本面矛盾，仍需等待库存的实质性重建才能化解。工业需求则是另一大推手。中国的太阳能制造商在生产光伏板时需要大量使用白银。据上海苏创久盈投资管理有限公司（Shanghai Soochow Jiuying Investment Management Co.）交易负责人Jia Zheng透露，许多公司利用近期价格下跌的机会逢低买入，同时为了赶在4月1日出口退税政策结束前完成订单，正在提前安排生产，这加剧了短期内的集中采购需求。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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