宝城期货贵金属有色早报-20250902

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - Gold is expected to show short - term strength with short - term rising, medium - term oscillation, and intraday oscillation - biased - upward trends, driven by rising interest - rate cut expectations and increased market risk - aversion [1][3] - Copper is expected to maintain a strong performance, with short - term rising, medium - term rising, and intraday oscillation - biased - upward trends, due to approaching Fed's September meeting, capital rotation, and the upcoming domestic industry peak season [1][5] Group 3: Summary by Relevant Catalogs Gold - Short - term: Rising; Medium - term: Oscillation; Intraday: Oscillation - biased - upward; Reference view: Short - term strength. The upward movement of gold prices is mainly due to Fed Chair Powell's dovish stance at the Jackson Hole meeting, increased market risk - aversion caused by the slowdown of US and Chinese stock markets, and capital rotation. Technically, New York gold has broken through the upper limit of the oscillation range since the second quarter, while London gold is still within the range, and Shanghai gold is relatively weak due to RMB appreciation [1][3] Copper - Short - term: Rising; Medium - term: Rising; Intraday: Oscillation - biased - upward; Reference view: Short - term strength. The increase in copper prices is related to the approaching Fed's September meeting, capital rotation from the high - oscillating equity markets, and the upcoming domestic "Golden September and Silver October" industry peak season which may boost downstream demand [1][5]