宝城期货贵金属有色早报-20250728

Report Summary 1) Report Industry Investment Ratings - There is no specific industry - wide investment rating provided in the report 2) Core Views - For gold, the short - term view is bearish, the medium - term view is sideways, and the intraday view is sideways - bearish. The core logic is that the US has reached tariff agreements with other countries, leading to a rise in market risk appetite and pressure on gold prices [1][3] - For copper, the short - term view is bullish, the medium - term view is bullish, and the intraday view is sideways - bullish. After the market digested the impact of US tariffs, the recovery of the global macro - economy pushed up copper prices [1][4] 3) Summary by Related Catalogs Gold - Price Movement: Last week, the gold price showed an inverted V - shaped trend. The New York gold price hit the $3450 mark in the first half of the week and then fell below $3350 in the second half [3] - Core Logic: Market concerns about the US tariff deadline on August 1st and the Fed's interest - rate meeting at the end of July led to the early - week price increase. However, positive trade signals at the end of July reduced trade policy uncertainty, increased market risk appetite, and pressured gold prices. Currently, gold is at a low level since the second quarter, and the $3300 mark's long - short battle can be watched [3] Copper - Price Movement: Last week, the copper price also rose first and then fell. After the market digested the impact of US tariffs, the copper price rebounded with the global macro - economic recovery. The Shanghai copper price hit the 80,000 yuan mark, and the London copper price approached $10,000. In the second half of the week, due to increased long - short divergence in the domestic market and strong willingness of copper bulls to close positions, the copper price decreased significantly [4] - Core Logic: The inventory of electrolytic copper is low in China and high abroad, and the pattern of stronger domestic and weaker overseas copper prices may continue. The domestic downstream is in the off - season, inventory depletion has slowed down, and with the continuous improvement of macro - expectations, the futures price may maintain a pattern of near - term weakness and long - term strength. Short - term attention can be paid to the long - short battle at the 79,000 yuan mark of Shanghai copper [4]