宝城期货贵金属有色早报（2025年9月23日）-20250923

1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - For gold, the long - term outlook is strong, with a short - term upward trend, a medium - term upward trend, and an intraday oscillatory and slightly stronger trend. For copper, the short - term view is strong, the medium - term view is oscillatory, and the intraday view is oscillatory and slightly stronger [1] 3. Summary by Related Catalogs Gold - Price Performance: Yesterday, Shanghai gold increased in price with significant position - building. The main contract price rose nearly 10 yuan/gram during the day, remained strong at night, reaching the 850 - yuan mark. New York gold approached 3800 dollars, and London gold approached 3750 dollars [3] - Driving Logic: After the Fed's September interest rate cut, the closing of long positions on Friday came to an end. The US dollar index declined, and the gold price broke through the previous high, showing an accelerating upward trend in the short term. The medium - and long - term upward trend remains unchanged. Short - term support can be observed at the 5 - and 10 - day moving averages [3] Copper - Price Performance: Last night, the copper price first declined and then rose, and the position of Shanghai copper continued to decline, indicating reduced capital attention [4] - Driving Logic: At the macro level, after the Fed's interest rate cut, the closing of long positions on Friday ended, and the resurgence of the upward trend in gold and silver is expected to drive up the copper price. At the industrial level, due to the high - level decline in copper prices and the industrial peak season, the downstream's willingness to replenish inventory has increased, and the accumulation of electrolytic copper slowed down on Monday. After the short - term interest rate meeting, macro disturbances decreased and industrial influence increased, resulting in a relatively weak overall copper price trend. Attention should be paid to the domestic inventory situation, and technically, the 80,000 - yuan technical support level should be monitored [4]