宝城期货贵金属有色早报-20250725

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the reports. 2. Report Core Views - Gold: Short - term outlook is bearish, with short - term decline, medium - term consolidation, and intraday consolidation with a weak bias. The key factor is that the gradual reaching of US foreign tariff agreements leads to a rise in market risk appetite, which is negative for gold prices [1][3]. - Copper: Short - term outlook is bullish, with short - term and medium - term increases, and intraday consolidation with a strong bias. After the market digests the impact of US tariffs, the improvement of domestic and foreign macro - economies boosts copper prices [1][4]. 3. Summary by Related Catalogs Gold (AU) - Price Performance: This week, the gold price first rose and then fell. New York gold once approached the $3450 mark, and faced strong technical resistance at this level in the second quarter. Yesterday, it maintained a weak trend and dropped to the $3350 mark [3]. - Market News: The EU and the US are about to reach a trade agreement with a 15% tariff on European imports. Trump announced a trade agreement with Japan on the 22nd, with a 15% tariff on Japan and $550 billion of Japanese investment in the US. China's Vice - Premier He Lifeng will hold economic and trade talks with the US in Sweden from July 27th to 30th. As key countries reach or are close to reaching agreements with the US, market uncertainty decreases, and risk appetite rises, which is negative for gold [3]. - Outlook: It is expected that the gold price will maintain a weak trend [3]. Copper (CU) - Price Performance: Yesterday, the copper price first rose and then fell. Technically, LME copper faces some pressure at the $10,000 mark, and SHFE copper faces pressure at the 80,000 yuan mark [4]. - Macro - level: Overseas, the implementation of the US foreign tariff policy has led to a recovery in market risk appetite. In China, the short - term bullish sentiment has cooled, and the willingness of bulls to close positions has increased [4]. - Industry - level: The inventory of electrolytic copper is low in China and high abroad, the futures price is strong in China and weak abroad. It is expected that the SHFE - LME ratio will continue to strengthen, and import profits will widen. Short - term attention should be paid to the long - short game at the 80,000 - yuan mark, and the support of the 10 - day moving average can be watched below [4].