宝城期货贵金属有色早报-20250820

Group 1: Report Industry Investment Ratings - No relevant content found Group 2: Core Views of the Report - Gold is expected to decline in the short term, oscillate in the medium term, and show a weak oscillation intraday, with a short - term bearish view. Copper is expected to oscillate in the short and medium terms, show a weak oscillation intraday, and the recommended approach is to wait and see [1]. Group 3: Summary by Variety Gold - Short - term view: Decline; Medium - term view: Oscillation; Intraday view: Weak oscillation; Reference view: Short - term bearish. The core logic is that the improvement in the Russia - Ukraine situation and the rebound of the US dollar index put pressure on the gold price, while the callback of the Nasdaq and the Jackson Hole meeting may provide some support. Attention should be paid to the technical support at the $3300 level of London gold [1][3]. Copper - Short - term view: Oscillation; Medium - term view: Oscillation; Intraday view: Weak oscillation; Reference view: Wait and see. The core logic is that the domestic macro situation has cooled, the US - Russia relationship has improved, the US dollar index has rebounded, and the copper price may continue to be under pressure. The main contract price of Shanghai copper fell to the 78,500 level [1][4].