Quotations tendency: The prices of AU 1912 on Nov 8 dipped and turned up. The trading price was 335.95-328.85RMB/g, it closed at 332.1RMB/g which was 1.85% lower than that of the last trading day.The volume was 387,000 lots, it increased 174,000 lots daily. The open interest was 154,000 lots, decreasing 17,200 lots. The opening price of AG 1912 swung to low, the closing price was 4,114RMB/g, decreasing 3.68% compared with the previous closing price.

Market Focus: (1) The Dollar Index in Asian market had a narrow fluctuation, it was 98.114, decreasing 0.01%. (2) On Nov 2, the number of jobless claims in the United States (10,000 people) was 21.1, with a previous number of 21.8 and an expected one of 21.5. (3) The Minwastry of Commerce said that China and the United States agreed to phase out tariff increases as the agreement progressed.

Sell position: AU1912’s long position of the top 20 was 37,849 lots, the short position was 21,174 lots, the net long position was 16,675 lots, it decreased 1,095 lots daily. The decreased long position was more than that of the short one. AG1912’s long position of the top 20 was 114,496 lots, the short position is 87.129 lots, the net long position is 27,367 lots, decreasing 1,162 lots daily. The decreased long position was less than that of the short one.

Buy position: On Nov 7, the open interest of SPDR Gold Trust gold ETF was 914.38 tons, decreasing 1.47 tons than that of the last trading day. It dropped to a new low since Sep 24, indicating a slight decline of short positions. Meanwhile, the open interest of Shares Silver Trust silver ETF was 11793.57 tons, the same as that of the last trading day.

Market study and determine: On Nov 8, the trends of precious metals in Shanghai market all opened at low and decreased. However, the decline of AU bottomed and recovered narrowly, while AG failed to recover. During this period, the Ministry of Commerce said that China and the United States agreed to cancel the tariff increase in stages along with the progress of the agreement, affecting the risk aversion preference

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