宝城期货贵金属有色早报-20250612
Bao Cheng Qi Huo·2025-06-12 01:28

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For gold, both short - and medium - term trends are expected to be volatile, with an intraday view of being weakly volatile. It's recommended to take a wait - and - see approach. The core factors include lower - than - expected US inflation in May, rising short - term interest - rate cut expectations, and the positive outcome of China - US economic and trade consultations[1][3]. - For nickel, both short - and medium - term trends are expected to be volatile, with an intraday view of being strongly volatile. It's also recommended to take a wait - and - see approach. The key factors are the tight upstream nickel ore supply, weak downstream demand, and the price stabilizing at the 120,000 yuan level[1][5]. 3. Summary According to Related Catalogs Gold - Price Trend: Short - term and medium - term trends are volatile, intraday is weakly volatile[1][3]. - Reference View: Wait - and - see[1][3]. - Core Logic: US May inflation was lower than expected, leading to a decline in the US dollar and Treasury yields and an increase in gold prices. Short - term interest - rate cut expectations pushed up gold prices. The first meeting of the China - US economic and trade consultation mechanism achieved positive results. Technically, focus on the 780 - yuan level for the battle between bulls and bears[3]. Nickel - Price Trend: Short - term and medium - term trends are volatile, intraday is strongly volatile[1][5]. - Reference View: Wait - and - see[1][5]. - Core Logic: Nickel prices dropped to 120,000 yuan and stabilized. Short - term market risk appetite declined, and the non - ferrous metals sector generally fell while gold prices rose. Upstream ore supply was tight, downstream demand was weak, domestic nickel inventories decreased from a high level, and overseas inventories continued to rise. Technically, the price is expected to stabilize at the 120,000 - yuan level if the macro - environment doesn't turn cold continuously[5].