宝城期货贵金属有色早报-20250813

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Report's Core View - The short - term view of Gold 2510 is bearish, with a mid - term view of consolidation and an intraday view of weak consolidation, indicating a short - term bearish outlook due to the easing of Sino - US trade relations [1]. - The short - term view of Copper 2509 is bullish, with a mid - term view of consolidation and an intraday view of strong consolidation, suggesting a short - term bullish outlook as the domestic sentiment warms up and copper prices stabilize and rebound [1]. 3. Summary by Related Catalogs Gold - Price Movement: Yesterday, gold prices fluctuated. New York gold oscillated around $3400, London gold around $3350, and Shanghai gold around 777 yuan. This week, gold prices have been weak [3]. - Core Logic: The easing of Sino - US trade relations, as shown by the joint statement of the Sino - US economic and trade talks in Stockholm on August 12, 2025, has led to a rise in market risk appetite and a decline in gold prices. Meanwhile, the under - expected US economy, lower - than - expected July CPI, and slightly higher - than - expected core CPI have increased the expectation of Fed rate cuts, with the market expecting three rate cuts totaling 75 basis points this year, which supports the gold price. Technically, gold is at the upper edge of the consolidation range since the second quarter, facing strong technical pressure [3]. Copper - Price Movement: Yesterday, copper prices slightly oscillated upwards, with an increase in open interest. The main contract price broke through the 79,000 - yuan mark, and in the night session, it opened higher and moved higher, breaking through 79,400 yuan [4]. - Core Logic: The joint statement of the Sino - US economic and trade talks in Stockholm on August 12, 2025, has created a good macro environment at home and abroad, which is conducive to the rise of copper prices. During the industrial off - season, inventory has slightly increased, and the spread between September and October contracts has continued to weaken. With macro positives and industry being neutral to bearish, copper prices are expected to be strong driven by the macro environment, and the futures market may continue the pattern of strong domestic and weak overseas, and weak near - term and strong long - term contracts [4].