宝城期货贵金属有色早报-20250718

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Gold is expected to move in a volatile manner, with a short - term downward trend, medium - term oscillation, and an intraday view of being weakly volatile. The core logic is that the rebound of the US dollar is negative for gold prices, and the better - than - expected US economic data has an impact on gold prices [1][3]. - Copper is considered to be strong in the short - term, with an intraday view of being strongly volatile and medium - term oscillation. After the impact of US tariffs, the copper price dropped significantly. With the increase in downstream replenishment willingness and the narrowing of the refined - scrap price difference, the copper price is expected to stabilize and rebound [1][5]. 3. Summary by Variety Gold (AU) - Time - cycle Views: Short - term: decline; Medium - term: oscillation; Intraday: weakly volatile; Reference view: volatile operation [1][3]. - Core Logic: Yesterday, the gold price first declined and then rose. US economic data released at 20:30 Beijing time was better than expected, causing the gold price to decline and then rebound. Short - term attention should be paid to the support at the 3300 level and the trend of the US dollar index [3]. Copper (CU) - Time - cycle Views: Short - term: rise; Medium - term: oscillation; Intraday: strongly volatile; Reference view: strong in the short - term [1][5]. - Core Logic: Last night, the copper price increased slightly with positions. The main contract price of Shanghai copper recovered the 78,000 level. On the industrial level, downstream replenishment willingness increased as the price declined, and the narrowing of the refined - scrap price difference provided support. The narrowing of the LME import loss reflects the pattern of strong domestic and weak overseas. On the capital level, the position of Shanghai copper decreased, and after the market digested the negative impact of tariffs, the copper price is expected to continue to stabilize and rebound [5].