宝城期货贵金属有色早报-20250903

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The report is bullish on both gold and copper in the short - term and medium - term, with an intraday view of oscillating strongly for both [1] - Gold is expected to maintain a strong performance due to rising interest - rate cut expectations, the upward breakthrough of external gold prices, and increased safe - haven demand from the equity market [1][3] - Copper is expected to rise as overseas interest - rate cut expectations increase, the domestic peak season approaches, and there is strong industrial support [1][4] Group 3: Summary by Related Catalog Gold - Price Performance: Yesterday, New York gold hit the $3600 mark, London gold reached above $3500, and Shanghai gold stood above 810 yuan. Since August 22 after the Jackson Hole meeting, gold prices have been on an upward trend [3] - Driving Factors: The dovish stance of Fed Chairman Powell at the Jackson Hole meeting, rising market expectations of a Fed rate cut in September (although there is a divergence on 2 or 3 rate cuts this year), the slowdown of the equity market (especially the Nasdaq and Shanghai Composite Index), and the upward breakthrough of New York and London gold above the upper edge of the oscillation range since the second quarter [3] - Technical Analysis: New York and London gold have strong upward momentum, while Shanghai gold is relatively weak due to RMB appreciation and appreciation expectations [3] Copper - Price Performance: Last night, Shanghai copper increased positions and rose, with the position rising to about 510,000 lots, and the main futures price standing above the 80,000 mark. Since the Jackson Hole meeting, copper has been rising, with an accelerating upward trend since Friday [4] - Driving Factors: The approaching Fed September FOMC meeting, the high - level oscillation of the domestic and foreign equity markets, the rotation of funds, and the upcoming peak industrial season in China (Golden September and Silver October) which may lead to stronger downstream demand [4] - Technical Analysis: The short - term copper price has strong upward momentum after breaking through the 80,000 mark with increased positions [4]