On December 18, 2025, China's domestic futures market opened with most major contracts trading higher. Coking coal led gains, rising nearly 5%, while silver, coke, and glass futures climbed over 3%. Tin and soda ash advanced more than 2%, with iron ore up nearly 2%. On the downside, soybean No.1, Eventbrite Inc. (EB), soybean No.2, and rapeseed meal fell nearly 1%.

A research report from Guoxin Futures on December 18 noted that the U.S. dollar index closed higher overnight. Macroeconomic conditions continue to support precious metals, with the Federal Reserve's survey indicating businesses expect 4% price increases next year due to tariff pressures, reinforcing long-term inflation expectations. On monetary policy, Fed Governor Waller stated interest rates remain 50-100 basis points above neutral levels but emphasized "room for further rate cuts," reinforcing expectations for accommodative policy. Geopolitical uncertainties, including upcoming U.S.-Russia talks on Ukraine, continue to drive safe-haven demand. Additionally, policy statements from the Bank of Japan and Bank of Thailand contributed to a relatively loose financial environment. Looking ahead, precious metals may maintain short-term strength but face increased volatility at elevated levels.