宝城期货贵金属有色早报（2025 年 9 月 8 日）-20250908

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Gold and copper are both expected to show short - term strength, with short - term and medium - term upward trends and an intraday bias towards strength [1]. 3. Summary by Related Catalogs Gold - Price Trend: Short - term and medium - term upward, intraday oscillating with an upward bias, short - term outlook is positive [1][3]. - Core Logic: The approaching US interest rate cut, weak performance of the equity market, and increased risk - aversion demand for funds are driving factors. The poor August non - farm payrolls data on the night of September 6 pushed up the gold price, with London gold approaching the $3600 mark. Technically, New York and London gold have broken through the upper limit of the oscillation range since the second quarter, showing strong upward momentum [1][3]. Copper - Price Trend: Short - term and medium - term upward, intraday oscillating with an upward bias, short - term outlook is positive [1][4]. - Core Logic: Macroscopically, the approaching US interest rate cut in September is favorable for the copper price from a financial perspective, but the poor non - farm payrolls data on Friday increased the expectation of an economic downturn, which is negative. At the industrial level, China has entered the peak season, providing support for the futures price. The price is expected to be strong, and the battle between bulls and bears at the 80,000 level should be monitored [4].