ZMACRO Research · August 17, 2026
Dr. Copper's Four Ratios
Gold, silver, oil, and the COMEX-LME spread — what each cross-asset ratio actually says about copper right now, and where this leans.
本月免费剩余 0/3
Ask ZChat · save an investment note
Dr. Copper's Four Ratios Gold, silver, oil, and the COMEX-LME spread
Evaluating copper's true macro position requires stepping away from the outright price and assessing four critical cross-asset ratios: copper against gold, copper across exchanges, copper against silver, and copper against crude oil.
Further reading
- MACRO RESEARCH铜价 11,000 美元只是开始？——全球供需失衡下的红金风暴铜价的结构性紧缩与全球供需再平衡 —— 基于2025年全球铜市场的系统性分析 摘要 本文基于2024年至2025年最新公开数据，对国际铜市场的价格走势、供需结构、产业链瓶颈及未来演化路径进行系统性分析。研究发现，铜价已进入由“事件驱动的结构性多头”所主导的新阶段。
- MACRO RESEARCHContango vs Backwardation: How to Read the Futures CurveContango prices surplus, backwardation prices scarcity, and roll yield pays only when spot defies the curve.
- MACRO RESEARCH黄金单日大暴跌到底发生了什么？深度剖析交易底层逻辑金价昨日发生巨幅下跌，高盛交易员称之为“幕后操纵”，整个市场都出现了仓位动荡，而多头动量指标也面临真正的压力，高盛动量指标对在动量多头下跌 3% 和动量空头上涨 2% 的双重打击下暴跌 5%。
- MACRO RESEARCHZtrader｜银与铝：下一波交易主线的底层逻辑摘要（Executive Summary） 白银 ：过去四年连续供给缺口，2025年预计再现 显著赤字 ；工业需求（尤其光伏与功率电子）创历史高位，库存显性与隐性持续抽水，价格弹性高于黄金，具备“ 工业+货币 ”双重β。
- FED RESEARCHThe Great Divide of Fed : On October Rate CutHeres why October's Fed Meeting is in absolute chaos
- MACRO RESEARCHHow to Trade Economic Data: Reading JOLTS, PMI and Payrolls Like a Macro Trader (Part 1)Market reaction to economic releases is driven by surprise magnitude, calendar timing, and the specific Fed-focused component, rendering headline numbers virtually useless.