宝城期货贵金属有色早报-20250828

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The short - term and mid - term views of gold are both "oscillation", the intraday view is "oscillation and weakening", and the reference view is "wait - and - see". The short - term and mid - term views of copper are both "oscillation", the intraday view is "oscillation and strengthening", and the reference view is also "wait - and - see" [1] Summary by Relevant Catalogs Gold - Price Trend: Yesterday's night session saw the gold price hit bottom and rebound, while the US dollar index rose and then fell. Since Fed Chairman Powell's speech at the Jackson Hole meeting last Friday, the gold price has been on an upward trend. Technically, New York gold is approaching the $3450 mark, the upper limit of the oscillation range since the second quarter [3] - Driving Factors: The less - than - impressive Q3 guidance of NVIDIA led to a nearly 3% drop after the market, and the short - term decline in the equity market may give gold a safe - haven premium. The increasing expectation of interest rate cuts is beneficial to the gold price. Attention should be paid to the technical pressure of the oscillation range [1][3] Copper - Price Trend: After the Asian session yesterday, LME copper continued to decline, and SHFE copper opened lower at night and fell below the 79,000 - yuan mark. The overall non - ferrous metal sector generally declined after the Asian session yesterday [5] - Driving Factors: The decline in copper prices may be due to the short - term decline in overseas risk appetite. The domestic stock index fell from a high yesterday, and the strong willingness of long - position holders to liquidate may have cooled the overall commodity atmosphere. Domestically, as the peak season approaches, the social inventory of electrolytic copper is decreasing, and industrial support is gradually strengthening. Attention should be paid to the long - short game at the 79,000 - yuan mark [5]