宝城期货贵金属有色早报-20250729

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - Gold is expected to decline in the short - term, trade sideways in the medium - term, and trade sideways with a downward bias intraday, with a short - term bearish view [1][3]. - Copper is expected to rise in the short - term and medium - term, and trade sideways with an upward bias intraday, with a short - term bullish view [1][4]. Group 3: Summary by Variety Gold - Price Performance: In the overnight session, New York gold dropped to the $3300 level and then rebounded slightly, while Shanghai gold briefly fell below the 770 - yuan level [3]. - Core Logic: Positive trade signals between the US and Japan, the US and Europe, and the US and China at the end of July reduced trade policy uncertainty, increased market risk appetite, and put pressure on gold prices. Keep an eye on the China - US economic and trade talks in Sweden [3]. - Suggestion: As gold prices are at the lowest level since the second quarter, pay attention to the long - short battle at the $3300 level [3]. Copper - Price Performance: After the market sentiment turned cold on Friday night, copper prices declined. The main contract of Shanghai copper stabilized at around 79,000 yuan in the overnight session [4]. - Core Logic: Although the short - term commodity market weakened and copper prices followed, the fluctuations of domestic - priced black and chemical products had little impact on Shanghai copper. Mysteel's electrolytic copper social inventory on Monday was 125,000 tons, up 3200 tons from last Thursday [4]. - Suggestion: Keep an eye on the long - short battle of the main contract of Shanghai copper at the 79,000 - yuan level [4].