宝城期货贵金属有色早报-20250916

1. Report Industry Investment Rating - No information provided on industry investment ratings 2. Core Viewpoints of the Report - The short - term and medium - term trends of both gold and copper are expected to rise, with an intraday view of being oscillating and bullish, and a short - term strong outlook [1] - For gold, the approaching US interest rate cuts, rising geopolitical tensions, and strong upward momentum are the main reasons for the positive outlook [1][3] - For copper, the approaching Fed rate - cut expectations, positive macro - environment, the approaching industry peak season, and the increase in trading volume and price are the driving factors for the positive view [1][4] 3. Summary by Relevant Catalogs Gold - Price and Market Performance: Last night, the price of gold strengthened. New York gold reached above the $3700 mark, and Shanghai gold touched the 840 - yuan mark. Since the Jackson Hole meeting on August 22, gold prices have been on an upward trend, breaking through the high of the oscillation range since the second quarter of this year [3] - Driving Factors: Geopolitical tensions have increased due to the potential secondary tariffs on China and Russia by Europe and the US, which is beneficial to gold prices. In the long - term, the approaching US interest rate cuts and the upward momentum are the main reasons. Keep an eye on the China - US - Spain economic and trade talks and the Fed's interest - rate meeting. The short - term upward momentum is strong, and attention can be paid to the support of the 5 - day moving average [3] Copper - Price and Market Performance: Last night, copper prices increased with rising trading volume, and the main futures price reached above the 81,000 - yuan mark. There is a potential to break through the oscillation range since the second quarter [4] - Driving Factors: Macro - level: The approaching Fed interest - rate meeting has increased rate - cut expectations, weakening the US dollar and leading to a general rise in non - ferrous metals. The domestic "anti - involution" market is emerging, creating a positive resonance of domestic and foreign macro - factors. Industry - level: Although it is currently a situation of strong expectation and weak reality, and the social inventory of electrolytic copper increased slightly on Monday, the pre - National Day stocking demand may support copper prices [4]