宝城期货贵金属有色早报-20250514

Group 1: Report Investment Ratings - There is no information about the report's industry investment rating in the provided content. Group 2: Core Views - Gold 2508 is expected to decline in the short - term and fluctuate in the medium - term, with a short - term bearish view due to the easing of Sino - US relations [1]. - Nickel 2506 is expected to decline in the short - term, fluctuate in the medium - term, and show a weak - fluctuating trend intraday, with a wait - and - see view because of the strong upstream nickel ore and weak downstream stainless steel [1]. Group 3: Summary by Relevant Catalogs Gold - Price Movement and Support: On May 12, after the release of the Sino - US Geneva Economic and Trade Talks Joint Statement, the short - term safe - haven demand decreased, and the gold price was under downward pressure. Shanghai gold stabilized and fluctuated at the 760 level, corresponding to New York gold at the 3200 level. If this support is broken, the willingness of long - position holders to liquidate may increase, and the gold price will remain weak. Also, a continuous rebound of the US dollar index may lead to a continuous weak performance of the gold price [3]. Nickel - Price Trend: Since this week, the nickel price has risen and then fallen. Although there were macro - level positive factors such as China's reserve requirement ratio and interest rate cuts last week and the Sino - US joint statement this week, the nickel price was weak compared to other low - inventory non - ferrous metals like copper and aluminum. - Influencing Factors: The nickel price is greatly affected by the industrial fundamentals. The strong upstream ore end supports the futures price, while the weak downstream demand exerts pressure on it. It is expected to fluctuate, and the macro - environment determines whether it is a strong - or weak - fluctuating trend [4].