宝城期货贵金属有色早报-20250717

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Gold is expected to continue its pressured operation, with short - term dollar index rebound being a negative factor for gold prices. Copper is expected to stabilize with short - term strength, supported by downstream replenishment and narrowing of refined - scrap spreads [1][3][5]. 3. Summary by Variety Gold - Short - term view: Downward [1] - Mid - term view: Sideways [1] - Intraday view: Weakly sideways [1] - Reference view: Sideways operation [1] - Core logic: Overnight gold price fluctuations intensified. The New York gold initially dropped to around $3330, then quickly rose to around $3380, followed by a pull - back. The dollar index showed a dip - rebound. Market speculation about Trump potentially firing Powell and subsequent denial led to market volatility. The short - term rebound of the dollar index is negative for gold prices [3]. Copper - Short - term view: Upward [1] - Mid - term view: Sideways [1] - Intraday view: Strongly sideways [1] - Reference view: Short - term strength [1] - Core logic: Since this week, copper prices have been oscillating around 78,000 yuan. The decline in Shanghai copper positions to below 500,000 contracts indicates reduced capital attention. Tariff impacts increase price uncertainty, causing short - term capital outflows. Downstream replenishment and narrowing of refined - scrap spreads support copper prices, and the narrowing LME import loss reflects an internal - strong and external - weak pattern [5].