宝城期货贵金属有色早报-20250711

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - For gold, the short - term view is a decline, the medium - term view is a sideways movement, and the intraday view is a sideways and weakening trend. It is recommended to take a wait - and - see approach. The core logic is that the US non - farm payrolls data exceeded expectations, the dollar rebounded, and the Fed's interest - rate cut expectations decreased, putting pressure on gold prices. However, the long - term de - dollarization and anti - globalization trends still support gold prices [1][2]. - For copper, the short - term view is an increase, the medium - term view is a sideways movement, and the intraday view is a sideways and strengthening trend. It is recommended to be bullish in the short - term. The core logic is that the domestic macro - environment has improved, and although the US plans to impose a 50% tariff on imported copper, copper prices are supported at the June price center [1][4]. 3. Summary by Related Catalogs Gold - Price Performance: Overseas gold prices have repeatedly rebounded after falling below $3300, and domestic Shanghai gold has rebounded after falling below 770 yuan [2]. - Driving Factors: The US non - farm data in early July exceeded expectations, reducing the Fed's interest - rate cut expectations. The dollar index has been rising, putting pressure on gold prices. Technically, gold has fallen below the 60 - day moving average, but the long - term de - dollarization trend still supports gold [2]. Copper - Price Performance: Copper prices stabilized and rebounded yesterday, with the open interest continuously decreasing [4]. - Driving Factors: Domestically, the macro - environment has improved, and the equity and commodity markets have generally risen. The US plans to impose a 50% tariff on imported copper from August 1st, which may lead to a decline in non - US copper demand. However, copper prices are supported at the June price center [4].