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短期内,宽松的货币环境和企稳回升的实体经济将利好于国际大宗商品的价格;但长期看,国际大宗商品价格将持续承受下行压力。三季度的实体需求、补库存因素以及叙利亚地缘政治风险,曾一度主导着大宗商品市场,但最引人关注的仍然是美联储的政策动向。9月18日,美联储联邦公开市场委员会宣布维持量化宽松(QE)不变,黄金、原油、工业金属等应声上涨;此后,又有美联储官员表示10月可能缩减QE,黄金等大宗商品又出现
In the short term, the accommodative monetary environment and stabilization of the real economy will benefit from the prices of international commodities. However, in the long run, the international commodity prices will continue to be under downward pressure. Physical demand in the third quarter, stock up factors and geopolitical risk in Syria dominated commodity markets for some time. However, the most noticeable concern was the policy direction of the Federal Reserve. On September 18, the Fed’s Federal Open Market Committee announced that it will keep its quantitative easing (QE) unchanged. Gold, crude oil, industrial metals, etc. will rise audibly. From then on, another Fed official said that it is likely to reduce QE in October and the emergence of such commodities as gold again