Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Views - Gold is expected to be short - term bearish, with a short - term decline, medium - term oscillation, and intraday oscillation on the weaker side. The main factors include the Fed's interest rate decision, market sentiment on the Israel - Iran situation, and the expected decline in the gold - silver ratio [1][3]. - Nickel is also short - term bearish, with short - term, medium - term, and intraday oscillations on the weaker side. Influencing factors involve the situation of the upstream mining supply, downstream stainless - steel operation, and technical price trends [1][5]. 3) Summary by Variety Gold - Short - term: Expected to rise; Medium - term: Oscillation; Intraday: Oscillation on the weaker side; Overall view: Short - term bearish. The core logic is that after the Fed's June interest - rate decision to keep rates unchanged and signal two 50 - basis - point cuts this year, the gold price declined. The market is optimistic about the Israel - Iran situation, and the gold - silver ratio is expected to continue to decline [1][3]. Nickel - Short - term: Oscillation; Medium - term: Oscillation; Intraday: Oscillation on the weaker side; Overall view: Short - term bearish. The upstream mining price remains strong due to factors like rainfall in the Philippines and slow PKRB approval in Indonesia. The downstream stainless - steel is weak, squeezing the smelter's profit. Technically, the price has strong downward momentum after breaking below 120,000 yuan, but the short - term main contract price has rebounded from the bottom [1][5].
宝城期货贵金属有色早报-20250619
Bao Cheng Qi Huo·2025-06-19 01:41