宝城期货贵金属有色早报-20250904

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - For both gold and copper, the short - term and mid - term views are bullish, and the intraday view is oscillating strongly. The reference view for both is to be bullish in the short - term [1]. 3. Summary by Relevant Catalogs Gold - Price Performance: Yesterday, New York gold rose to the $3600 mark, London gold to the $3550 mark, and Shanghai gold to the 820 yuan mark. Since the Jackson Hole meeting on August 22, gold prices have been on an upward trend [3]. - Driving Factors: The dovish stance of Fed Chairman Powell at the Jackson Hole meeting pushed up gold prices. Since last Friday, the weak performance of domestic and foreign equity markets has increased the market's risk - aversion demand, leading to a rise in the risk - aversion premium of precious metals. Technically, New York gold and London gold have broken through the upper limit of the oscillation range since the second quarter, with strong upward momentum [3]. Copper - Price Performance: Yesterday, copper prices rose first and then fell. LME copper fell below the $10,000 mark, while SHFE copper rose above the 80,000 yuan mark, and the SHFE copper open interest rose to nearly 520,000 lots [5]. - Driving Factors: With the approaching of the Fed's September interest - rate meeting and the high - level oscillation of domestic and foreign equity markets, funds are rotating. On the industrial level, the peak season of "Golden September and Silver October" is coming, and downstream demand is expected to continue to strengthen. Technically, copper prices have increased positions and moved upward in the short term, with strong upward momentum [5].