宝城期货贵金属有色早报-20250812
Bao Cheng Qi Huo·2025-08-12 01:33
- Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For gold, the short - term view is a decline, the medium - term view is a sideways movement, and the intraday view is a sideways and weakening trend. The recommended stance is to wait and see as the tariff expectation has been disproven, and the gold price is expected to continue to move sideways [1][3]. - For copper, the short - term view is an increase, the medium - term view is a sideways movement, and the intraday view is a sideways and strengthening trend. The recommended stance is to be bullish in the short - term as the domestic market atmosphere has warmed up, and the copper price has stabilized and rebounded [1][4]. 3. Summary According to Related Catalogs Gold - Price Movement: After New York gold hit a high and then fell back last Friday, it maintained a weak trend on Monday, dropping from $3450 to the $3400 level. Shanghai gold and London gold also declined [3]. - Core Logic: The market previously expected the US to impose a tax on gold, but President Trump stated that gold would not be taxed. The short - term New York gold is still within the sideways range since the second quarter, and with the tariff expectation disproven, it is expected to continue its sideways and weakening movement [3]. Copper - Price and Position Movement: Shanghai copper maintained a strong performance yesterday with a slight increase in open interest; it opened slightly lower at night and then moved sideways with a slight decrease in open interest [4]. - Macro - level Factors: Overseas interest - rate cut expectations have increased, and the US dollar index remains weak, which is beneficial for the copper price. The domestic market atmosphere has warmed up again [4]. - Industry - level Factors: On Monday, Mysteel's electrolytic copper social inventory was 132,200 tons, a decrease of 1,100 tons from last Thursday. With positive domestic and overseas macro factors, the copper price may maintain its strong performance [4].