宝城期货贵金属有色早报-20250715

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Gold is expected to move in a range, with short - term decline, medium - term oscillation, and intraday oscillation with a weak bias [1][3] - Copper is expected to be strong in the short - term, with short - term rise, medium - term oscillation, and intraday oscillation with a strong bias [1][5] 3. Summary by Relevant Catalogs Gold - Price Movement: Gold price strengthened during the day yesterday and was weak at night. It has been rising since July 9th [3] - Driving Factors: The expectation of US tariffs on Russia raises risk - aversion demand, which is positive for gold. However, the continuous rebound of the US dollar index and high risk - preference in the equity market put pressure on gold prices. Technically, there is resistance at the early - month high [3] Copper - Price Movement: Copper price opened low and went high last night, standing above the 78,000 - yuan mark. It has seen obvious position - reduction and price - decline since last week [5] - Driving Factors: The US will impose a 50% tariff on imported copper starting from August 1st, which may lead to a decline in US imports and an increase in non - US supply, causing copper prices to fall. The continuous rise of the US dollar index is also negative for copper prices. But at the 78,000 - yuan level (the price center in June), copper prices may stabilize due to the warming domestic macro - environment [5]