宝城期货贵金属有色早报-20250724

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - For gold, the short - term view is bearish, the medium - term view is oscillating, and the intraday view is weakly oscillating. The market risk preference is rising due to the gradual reaching of US foreign tariff agreements, which is negative for gold prices [1][3]. - For copper, the short - term view is bullish, the medium - term view is bullish, and the intraday view is rising. The US foreign tariff policies are gradually implemented, and the inventory and price structure of electrolytic copper suggest that the short - term focus is on the long - short game at the 80,000 - yuan mark [1][5]. 3. Summary by Related Catalogs Gold - Price Performance: This week, the gold price broke through the July oscillation high, with New York gold approaching the $3450 mark, but it dropped significantly at midnight last night [3]. - Driving Factors: The EU and the US are about to reach a trade agreement, and the US has reached a trade agreement with Japan. China's vice - premier will hold economic and trade talks with the US. The reduction of uncertainties may lead to a continuous rise in global market risk preference, which is negative for gold prices. In the long run, gold prices have been oscillating at high levels since the relaxation of US tariff policies in April [3]. Copper - Price Performance: Yesterday, the intraday copper price decreased with reduced positions, and the overall non - ferrous metals showed a downward trend. After the Asian session, LME copper continued to rise, and SHFE copper in the domestic night session once approached the 80,000 - yuan mark and then oscillated and declined [5]. - Driving Factors: At the macro level, the US foreign tariff policies are gradually implemented, and the market risk preference is rising. Domestically, the short - term bullish sentiment has cooled. At the industrial level, the inventory of electrolytic copper is low in China and high abroad, and the futures price is strong in China and weak abroad. The SHFE - LME ratio is expected to continue to strengthen, and the import profit will expand [5].