宝城期货贵金属有色早报-20250723

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For gold, it is expected to be strong in the short - term, with a short - term upward trend, medium - term oscillation, and intraday oscillation on the stronger side, driven by the falling dollar [1][3]. - For copper, it is expected to be strong in the short - term, with short - term and medium - term upward trends and an upward intraday trend, due to the resonance of internal and external macro - economic improvements and industrial expectation enhancements [1][4]. Summary by Related Catalogs Gold - Price Performance: New York gold is approaching the $3450 mark, and Shanghai gold has reached the 790 - yuan mark [3]. - Core Logic: The dollar index has been falling recently. As the Fed's interest - rate meeting on July 30th and the important US tariff time - point on August 1st approach, market risk appetite may decline. Technically, the gold price has broken through the oscillation high since July [3]. Copper - Price Performance: The main copper futures price oscillated around 79,700 yuan yesterday, and the night - session was strong, with the main price once reaching the 80,000 - yuan mark. LME copper has recovered to the $10,000 mark, and Shanghai copper has recovered to the 80,000 - yuan mark [4]. - Core Logic: The falling dollar index is beneficial to copper prices. There is a resonance of internal and external macro - economic improvements, and the industrial expectation has also improved. The inventory of electrolytic copper has decreased significantly this week, and the 8 - 9 month spread remains the same as yesterday [4].