Report Overview - The report is the precious metals and non - ferrous metals morning report of Baocheng Futures on August 29, 2025, covering gold and copper [1] 1. Report Industry Investment Rating - No industry investment rating is provided in the report 2. Report's Core View - For gold, short - term and medium - term trends are expected to be volatile, with an intraday view of being volatile and bullish. It is recommended to wait and see. The core logic is that the rising expectation of interest rate cuts is favorable for the gold price, and attention should be paid to the technical pressure in the volatile range [1] - For copper, short - term and medium - term trends are expected to be volatile, with an intraday view of being volatile and bullish. It is recommended to wait and see. The core logic is that the domestic and foreign macro - environment has cooled, and as the domestic peak season approaches, industrial support has strengthened [1] 3. Summary by Relevant Catalogs Gold - Price Performance: After the Asian session yesterday, the gold price continued to rise. New York gold reached above $3450, London gold reached above $3400, and Shanghai gold reached above 785 yuan [3] - Driving Factors: Nvidia's third - quarter guidance was not bright, and its trend was weakening, which may give gold a safe - haven premium. Since Fed Chairman Powell's dovish speech at the Jackson Hole meeting last Friday, the gold price has been on an upward trend. The relatively small increase of Shanghai gold is largely due to the appreciation of the RMB and the expectation of continuous appreciation [3] - Technical Analysis: Attention should be paid to the previous high pressure of London gold [3] Copper - Price Performance: The copper price oscillated and stabilized yesterday, and maintained a volatile and bullish trend at night, approaching the 79,000 - yuan mark [5] - Driving Factors: The decline in copper price may be due to the short - term decline in overseas risk appetite, and the entire non - ferrous metal sector generally fell after the Asian session yesterday. On the industrial side, as the peak season of "Golden September and Silver October" approaches in China, the social inventory of electrolytic copper is decreasing, and industrial support is gradually strengthening [5] - Market Sentiment: The copper position has decreased significantly compared with July, indicating a significant decrease in capital attention, and the volatility may continue to be at a low level. Short - term attention can be paid to the long - short game at the 79,000 - yuan mark [5]
宝城期货贵金属有色早报-20250829
Bao Cheng Qi Huo·2025-08-29 01:42