On December 10, 2025, the domestic futures market opened with most major contracts declining. Styrene and alumina dropped over 2%, while soda ash, fuel oil, industrial silicon, pure benzene, methanol, SC crude oil, glass, Shanghai nickel, Shanghai lead, international copper, and Shanghai copper fell more than 1%. On the upside, Shanghai silver surged over 3%, with polysilicon, platinum, and palladium gaining over 1%.
According to a research report from Everbright Futures, spot silver surged 4.37% overnight to $60.647 per ounce, with the gold-silver ratio narrowing to around 69.2. The platinum-palladium spread stood at approximately $184 per ounce. U.S. economic data showed positive signals in the labor market—October JOLTS job openings edged up to 7.67 million from 7.66 million, beating expectations. Additionally, the latest ADP report indicated an average weekly increase of 4,750 private-sector jobs over the four weeks ending November 22, ending a four-week streak of job losses.
Kevin Hassett, a leading candidate for the next Fed chair and director of the White House National Economic Council, reiterated that the Fed still has "ample room" for further rate cuts, though rising inflation could alter this stance. Geopolitically, Ukraine's president confirmed ongoing negotiations with the U.S. and EU on three key agreements.
Market consensus expects a December rate cut, with focus shifting to the future rate-cut trajectory and whether the Fed will introduce additional short-term liquidity tools. Ahead of the Fed meeting, unusual market movements—particularly in overseas silver prices—hinted at potential short squeezes despite the gold-silver ratio normalization narrative. Investors are advised to stay cautious amid heightened volatility. (This content is for reference only and does not constitute investment advice.)
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