宝城期货贵金属有色早报-20250610

Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Report Core Viewpoints - Gold: In the short - term, it is expected to be volatile and weak; in the medium - term, it is expected to be volatile. The recommended strategy is to wait and see. The core logic is that the Sino - US relations tend to ease, causing the gold price to rise and then fall with significant upward resistance. Also, the decline in the gold - silver ratio since June indicates a cooling of market risk - aversion demand, and it is expected that the gold - silver ratio will continue to weaken [1][3]. - Nickel: In the short - term, it is expected to rise; in the medium - term, it is expected to be volatile. The recommended strategy is to be bullish in the short - term. The core logic is that the macro - atmosphere has improved, which is beneficial to the nickel price. Although the industry has long - term pressure, it is neutral in the short - term. Technically, the nickel price has support at the 122,000 level and is expected to continue to rebound [1][5]. 3. Summary by Variety Gold - Short - term view: Volatile and weak [1] - Medium - term view: Volatile [1] - Reference view: Wait and see [1] - Core logic: The gold - silver ratio declined significantly in June due to the rise of silver. The decline of the gold - silver ratio since late April indicates a cooling of market risk - aversion demand. It is expected that the gold - silver ratio will continue to weaken [3]. Nickel - Short - term view: Rise [1] - Medium - term view: Volatile [1] - Reference view: Bullish in the short - term [1] - Core logic: The nickel price was strongly volatile yesterday, with the main contract price oscillating between 122,000 - 123,000. The night - session price fell below 122,000 and then rebounded. The improved macro - atmosphere is beneficial to the nickel price. The industry has long - term pressure but is neutral in the short - term. Technically, there is support at the 122,000 level, and the price is expected to continue to rebound [5].