宝城期货贵金属有色早报-20250917

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Views of the Report - Gold and copper are expected to have a short - term and medium - term upward trend, with an intraday view of being oscillatingly strong and a short - term bullish outlook [1] - Gold is likely to maintain a strong performance due to the approaching US interest rate cuts and the breakthrough of the oscillation range [1][3] - Copper is expected to run strongly, driven by macro - level factors such as the weakening US dollar and industry - level factors like pre - National Day stocking demand [1][5] 3. Summary by Relevant Catalogs Gold - Price Performance: Last night, the gold price rose first and then fell. London gold once reached $3700, and Shanghai gold touched 845 yuan. Since the Jackson Hole meeting on August 22, the gold price has been on an upward trend, breaking through the high of the oscillation range since the second quarter of this year [3] - Core Logic: The market generally expects the Fed to cut interest rates by 25 basis points in September and another 25 basis points in each of the remaining two meetings this year. The US dollar index is running weakly, breaking below the 97 mark last night [3] - Outlook: The gold price is expected to maintain a strong performance. Attention should be paid to the long - short game at the $3700 mark of London gold [3] Copper - Price Performance: The copper price rose first and then fell yesterday, and maintained an oscillating operation at night [5] - Core Logic (Macro): The Fed's September interest - rate meeting has started, and the US dollar is weak, breaking below the 97 mark last night, which is beneficial to the copper price from a financial perspective. There is a new "anti - involution" market in China, resulting in a resonance of internal and external macro - level positives [5] - Core Logic (Industry): Currently, it is a situation of strong expectation and weak reality. Entering the peak season, the social inventory of electrolytic copper increased slightly on Monday, but the pre - National Day stocking demand may support the copper price [5] - Outlook: The copper price is expected to maintain a strong performance. Technically, LME copper faces strong resistance at the previous high in March, corresponding to strong resistance for Shanghai copper at 81,000 yuan. Attention should be paid to the long - short game at the resistance level [5]