On November 12, 2025, domestic futures contracts exhibited mixed movements. Shanghai silver surged over 2%, while Shanghai tin, butadiene rubber, SC crude oil, rapeseed oil, low-sulfur fuel oil (LU), and iron ore gained more than 1%. On the downside, European container shipping and egg futures dropped over 3%, followed by red dates declining over 2%, and coking coal, coke, and glass falling more than 1%.

Macroeconomic data revealed a contraction in U.S. ADP private-sector employment by 45,000 in October, marking the steepest decline in two and a half years. The weak employment figures bolstered expectations of a Federal Reserve rate cut. After digesting optimism around the potential reopening of the U.S. government, U.S. stocks resumed their sluggish performance, amplifying market concerns. Gold initially rallied but later retreated, though rate-cut expectations reignited its upward momentum post-data release.

Geopolitically, Russian Foreign Minister Lavrov noted that bilateral talks with the U.S. continue but progress remains slower than anticipated. Domestically, China's new gold policies have sparked heated discussions, leading to significant price hikes in gold jewelry. Consumers may need time to adjust, likely dampening short-term demand—a factor that could gradually reflect in physical gold demand, posing challenges from a supply-demand perspective. The sustainability of gold's current rebound remains uncertain, and investors should avoid excessive chasing of highs amid unclear future trends. (Everbright Futures)