宝城期货贵金属有色早报（2025年9月26日）-20250926

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Gold is expected to be strong in the long - term, with short - term多头了结意愿上升 and an unchanged medium - to - long - term upward trend [1][3] - Copper is also expected to be strong in the long - term, driven by a macro - loose background, renewed mine - end disturbances, and a rapid increase in capital attention [1][4] 3. Summary by Related Catalogs Gold - Short - term view: Upward [1] - Medium - term view: Upward [1] - Intraday view: Slightly weak in oscillation [1] - Core logic: After reaching $3800, New York gold has been in high - level oscillation. The US dollar index has rebounded after the September interest - rate meeting, pressuring the gold price. Short - term多头了结意愿 has increased, and the position of Shanghai gold has been decreasing. The medium - to - long - term upward trend remains unchanged. Short - term Shanghai gold can focus on the support of the 5 - day and 10 - day moving averages, and New York gold can focus on the pressure at the $3800 mark [3] Copper - Short - term view: Upward [1] - Medium - term view: Upward [1] - Intraday view: Upward [1] - Core logic: The copper price fell from a high last night. The Indonesian subsidiary of the US mining giant Freeport - McMoRan, Grasberg, a global second - largest copper mine, has suspended production due to a mudslide on September 8. The company expects it to resume pre - accident production levels no earlier than 2027, with a 35% decline in copper and gold production in 2026. Short - term LME copper has broken through the annual high, and Shanghai copper is approaching the annual high, with strong upward momentum. However, the downstream industry's low acceptance of the sharply rising copper price has put some pressure on the price [4]