宝城期货贵金属有色早报-20250625

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Gold is expected to be weak in the short - term, with short - term and intraday outlooks of decline and a mid - term outlook of oscillation due to geopolitical conflict easing and significant technical pressure on gold prices [1][3] - Nickel is expected to be strong in the short - term, with short - term and intraday outlooks of increase and a mid - term outlook of oscillation. Short - term geopolitical conflict easing, improved overseas macro conditions, and increased market risk appetite may lead to a rebound in nickel prices [1][5] 3. Summary by Variety Gold (AU) - Viewpoints: Short - term decline, mid - term oscillation, intraday decline, and a short - term weak outlook [1][3] - Core Logic: Geopolitical conflict between Israel and Iran has eased as both sides agreed to a full cease - fire. Market risk appetite has increased, putting pressure on gold prices. Attention should be paid to the support of the 60 - day moving average of Shanghai gold and New York gold [3] Nickel (NI) - Viewpoints: Short - term increase, mid - term oscillation, intraday increase, and a short - term strong outlook [1][5] - Core Logic: The main nickel futures price stabilized at the 117,000 level and rebounded slightly at night. With the cease - fire between Iran and Israel, the overseas macro situation has improved, and market risk appetite has increased. Fundamentally, nickel ore in the Philippines and Indonesia remains strong, stainless steel is weak, nickel sulfate is stable, and inventory shows internal - external differentiation. The short - term macro improvement may lead to a rebound in non - ferrous metals and a bottom - up recovery of nickel prices. Attention should be paid to the technical pressure at the 120,000 level [5]