宝城期货贵金属有色早报-20250721

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Gold is expected to oscillate, with short - term decline, medium - term oscillation, and intraday oscillation with a weak bias due to the strengthening of the US dollar [1][3]. - Copper is expected to be strong in the short term, with short - term increase, medium - term oscillation, and intraday increase, driven by the recovery of the domestic and foreign macro - economy after the market digests the impact of US tariffs [1][4]. 3. Summary by Related Catalogs Gold - Price Performance: Last week, New York gold oscillated around $3350, and Shanghai gold oscillated around 777 yuan [3]. - Driving Factors: The signing of the "Genius Act" by US President Trump on July 18 is expected to strengthen the US dollar index, which is negative for gold prices [3]. Copper - Price Performance: Last week, the Shanghai copper futures price decreased with reduced positions and then stabilized and rebounded at the 78,000 - yuan level. The open interest dropped below 500,000 contracts, and on Friday night, the main futures price rose to the 79,000 - yuan mark [4]. - Driving Factors: Good US economic data on Thursday night and positive domestic macro - news on Friday led to a general rise in commodities. The upcoming release of the growth - stabilization plan for ten key industries is expected to continue to drive up copper prices [4].