宝城期货贵金属有色早报-20250815

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View - Gold is expected to be weak in the short - term due to the easing of Sino - US trade relations and pressure from the overall global macroeconomic warming since August [1][3]. - Copper is expected to be strong in the short - term as the domestic atmosphere warms up and the copper price stabilizes and rebounds, despite some negative factors [1][5]. 3) Summary by Related Catalogs Gold - Short - term view: Downward; Medium - term view: Sideways; Intraday view: Sideways and weak; Overall view: Bearish in the short - term [1][3]. - Core logic: Yesterday, the gold price was under continuous pressure. The US July PPI annual rate reached 3.3%, the highest since February, and the monthly rate was 0.9%, the largest increase since June 2022. After the data release, interest - rate futures traders reduced their bets on Fed rate cuts, and the US dollar index rebounded, pressuring the gold price. Since August, the global macro has generally improved, adding pressure on the gold price [3]. Copper - Short - term view: Upward; Medium - term view: Sideways; Intraday view: Sideways and strong; Overall view: Bullish in the short - term [1][5]. - Core logic: Yesterday, the copper price fluctuated downward, and the night - session maintained a weak trend. The joint statement of the Sino - US Stockholm economic and trade talks was released on August 12, 2025, creating a good macro atmosphere at home and abroad, which is beneficial for the copper price. However, the higher - than - expected US PPI, the cooling of rate - cut expectations, and the rebound of the US dollar index are negative for the copper price. It is the off - season in the industry, and inventories have increased slightly. Overall, the copper price is expected to be strong driven by the macro factors [5].