宝城期货贵金属有色早报-20250512

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term view on gold is bearish, with a mid - term view of oscillation, and a short - term weakening outlook. The core logic is that Sino - US relations are tending to ease, which is negative for gold prices. For nickel, the short - term view is bearish, the mid - term view is oscillatory, and the intraday view is weakly oscillatory, suggesting a wait - and - see approach due to strong upstream nickel ore and weak downstream stainless steel [1]. 3. Summary by Related Catalogs Gold - Price and Technical Support: Last week, the gold price rose and then fell. New York gold has strong technical support at $3300, corresponding to the 780 - yuan mark for Shanghai gold [3]. - Market Drivers: After the Fed's hawkish stance in the May 8th meeting, the US dollar index rebounded from the bottom, causing the gold price to fall. The Sino - US trade situation is tending to ease, which will put pressure on the gold price. Attention can be paid to the long - short game at the 780 - yuan level of Shanghai gold [3]. Nickel - Price Movement: Last week, the main contract price of Shanghai nickel oscillated downward, then rebounded sharply on the night of Friday, regaining the weekly decline and standing above the 126,000 - yuan mark [4]. - Market Drivers: The expectation of the Philippine nickel ore export ban from June 2025 has pushed the nickel price to rebound. The nickel ore market is strong, while the demand side is weak. Stainless steel inventory is high and the price is weak, and nickel sulfate is stable. Technically, the futures price may face some pressure at the late - April high [4].