宝城期货贵金属有色早报-20250918

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - Gold has a short - term view of oscillation, a mid - term view of increase, and an intraday view of oscillation with a downward bias. The recommended approach is to wait and see [1]. - Copper has a short - term and mid - term view of increase, and an intraday view of oscillation with an upward bias. The recommended approach is to be bullish in the short - term [1]. Group 3: Summary by Variety Gold - Before the September FOMC meeting results were announced, the gold price continued to decline, and the willingness of previous long - position holders to close their positions was strong. After the meeting, the market briefly plunged and then stabilized. The Fed cut interest rates by 25 basis points, and the dot - plot showed that most officials expected another 50 - basis - point cut by the end of 2025, which met market expectations. The short - term capital market showed a reverse trend of good news being realized, with the dollar index rebounding from a low and the gold price rising and then falling [3]. - The gold market had fully priced in three interest rate cuts within the year in early September and had a large increase, so the short - term willingness of long - position holders to close their positions was strong [3]. Copper - Yesterday, the copper price decreased with a reduction in positions, and after the Asian session, LME copper dropped rapidly along with gold and silver, which was largely due to the market's realization of the pre - Fed - rate - cut good news [4]. - At the macro level, after the September FOMC meeting, the Fed cut interest rates by 25 basis points, and most officials expected another 50 - basis - point cut by the end of 2025, meeting market expectations. At the industrial level, the copper price rose in September, and downstream buyers were more willing to wait and see. Technically, LME copper reached the upper limit of the previous oscillation range, and the short - term willingness of long - position holders to close their positions was strong [4]. - After the short - term FOMC meeting, macro disturbances decreased, the industry entered the peak season, and downstream demand may support the futures price. Attention should be paid to the technical support at the 80,000 mark [4].