宝城期货贵金属有色早报-20250821

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For gold, the short - term and mid - term views are "oscillation", the intraday view is "oscillation and weakening", and the reference view is "wait - and - see". The core logic is that the decline of US stocks increases the risk - aversion demand, and the market is concerned about the Jackson Hole meeting [1][3]. - For copper, the short - term and mid - term views are "oscillation", the intraday view is "oscillation and strengthening", and the reference view is "wait - and - see". The core logic is that the approaching domestic peak season strengthens the industrial support [1][5]. 3. Summary by Variety Gold (AU) - Price movement: Gold price continued to rise after the Asian session yesterday [3]. - Driving factors: The high - level decline of overseas US stocks, especially the Nasdaq Index represented by technology stocks, increased the market's risk - aversion demand, which is beneficial to gold prices. Also, the US dollar index rose first and then fell, which is also beneficial to gold prices. The market is paying continuous attention to the Jackson Hole meeting this week, and gold prices are expected to oscillate before the meeting [3]. Copper (CU) - Price movement: Last night, Shanghai copper stabilized and rebounded, and the main contract price rose to the level of 78,700 [5]. - Driving factors: At the macro level, the US dollar rose first and then fell, which is beneficial to copper prices; the cooling of the domestic commodity market atmosphere is negative for copper prices. As the peak season approaches, industrial support may continue to increase, giving support to copper prices. The copper price is expected to maintain a pattern of strong domestic and weak overseas. Low inventory and the approaching peak season support the near - month contract, and the spread between months may continue to strengthen [5].