Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - Gold is expected to be strong in the short - term, with short - term, medium - term, and intraday trends being oscillatory, and intraday being oscillatory and bullish. The core logic is that Powell's dovish remarks at the Jackson Hole meeting have increased the expectation of interest rate cuts, which is beneficial to the gold price. However, the market's risk appetite has recovered, reducing the safe - haven demand for gold [1][3]. - Copper is expected to be strong in the short - term, with short - term trends being upward, medium - term and intraday trends being oscillatory, and intraday being oscillatory and bullish. The core logic is that overseas macro conditions have improved, China is approaching the peak season, and industry support has been enhanced [1][4]. 3) Summary by Related Catalogs Gold - Price Trends: After Powell's speech at the Jackson Hole meeting last Friday, the gold price oscillated and adjusted yesterday. The market is still pricing in a relatively high probability of two interest rate cuts within the year [3]. - Core Logic: Powell's dovish remarks at the Jackson Hole meeting increased the expectation of interest rate cuts, which is beneficial to the gold price. However, the recovery of the market's risk appetite has led to a continuous strong performance in the equity market, reducing the safe - haven demand for gold. Attention can be paid to the long - short game of New York gold at $3400 [1][3]. Copper - Price Trends: The intraday price of copper pulled up in the late session, with the main contract price approaching the 80,000 - yuan mark, and it maintained an oscillatory operation at night [4]. - Core Logic: At the macro level, Powell's dovish speech at the Jackson Hole meeting significantly increased the market's risk appetite, which is beneficial to the copper price. At the industrial level, China is approaching the peak season, the social inventory of electrolytic copper is decreasing (Mysteel's electrolytic copper social inventory on Monday was 120,000 tons, a decrease of 9,600 tons compared to last Thursday), and industry support is gradually strengthening. It is expected that the copper price will maintain a strong operation, and attention can be paid to the long - short game at the 80,000 - yuan mark [4].
宝城期货贵金属有色早报-20250826
Bao Cheng Qi Huo·2025-08-26 01:40