宝城期货贵金属有色早报-20250605

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For gold, the short - term view is to be cautious due to geopolitical and trade policy uncertainties, with prices showing a pattern of rising and then falling. The market is advised to wait and see [1][3]. - For nickel, the short - term view is positive as it shows signs of a rebound from oversold conditions, while the medium - term remains in a volatile state [1][5]. 3. Summary by Related Catalogs Gold - Price Movement: Last night, the US ISM non - manufacturing data was significantly lower than expected, which increased market recession expectations and pushed up the gold price in the short term. New York gold rose to around $3400, and Shanghai gold rose above 785. After the announcement of the steel and aluminum tariff increase, the US stock market performed well, indicating that the global market risk appetite did not decline. The gold price showed a pattern of rising and then falling [3]. - Viewpoints: The short - term view is to be cautious, with a short - term outlook of volatile and weak, a medium - term outlook of volatile, and a reference view of waiting and seeing. Pay attention to the long - short game of New York gold at $3400, corresponding to the gold price at the 785 yuan level [1][3]. Nickel - Price Movement: Yesterday, the nickel price continued to rise with a reduction in positions. The main contract price once approached the 123,000 yuan mark, and then fell back to below 122,000 yuan at night [5]. - Viewpoints: The short - term view is positive, with an intraday outlook of rising, a medium - term outlook of volatile, and a reference view of being bullish in the short term. The main contract price has rebounded from the 120,000 yuan support level, and attention should be paid to the pressure at the long - term volatile low of 122,000 yuan [1][5].