白银：库存覆盖故事逐渐形成 – 道明证券

白银：库存覆盖故事逐渐形成 – 道明证券

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道明证券（TD Securities）的丹尼尔·加利（Daniel Ghali）指出，持续的中国需求使得上海套利窗口保持开放，支持国际白银购买。尽管实物流入强劲且CME仓库库存减少，但可见库存相对于交易商的空头仍然充足

道明证券的丹尼尔·加利（Daniel Ghali）指出，持续的中国需求使得上海套利窗口保持开放，支持国际白银购买。尽管实物流动强劲且CME仓库库存减少，但可见库存相对于交易商的空头仍然充足。加利总结道，白银的叙述正转向库存覆盖率上升，这一趋势是由赤字缩小和全球自由流通量增加所驱动。

中国需求与充足的可见库存

“上海对白银的持续需求自伊朗战争前夕以来一直保持上海套利窗口开放，推动了与盈利进口套利相关的国际对白银的需求。”

“在过去的几个交易日中，SHFE的价格失调现在吸引了库存回流到其库房，缓解了国内稀缺的担忧，因为场外库存正在进入SHFE仓库。”

“CME仓库的库存减少是显著的，但仍有3.45亿盎司的库存，交易商理论上仍可以用位于合适管辖区的实物金属来覆盖其全部1.25亿盎司的空头期货头寸，而CME仓库中仍有大量的2.2亿盎司。”

“这进一步强化了我们对白银故事的看法，即库存覆盖率上升是由于赤字缩小和全球自由流通量上升的结果。”

（本文由人工智能工具协助创建，并经过编辑审核。）

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