宝城期货贵金属有色早报（2025年10月15日）-20251015

Group 1: Report's Industry Investment Ratings - No industry investment ratings are provided in the report [1][3][4] Group 2: Report's Core Views - Gold is expected to be strong in the long - term, with short - term and medium - term upward trends and an intraday view of being oscillatingly strong. The driving factors include global monetary policy shifts, geopolitical risk, and structural demand changes [1][3] - Copper is also considered strong in the long - term, with short - term and medium - term upward trends and an intraday view of rising. Although it has experienced short - term fluctuations, it is expected to remain relatively strong [1][4] Group 3: Summaries by Related Catalogs Gold - Price Performance: International gold prices have been rising, with New York gold approaching $4200 and Shanghai gold approaching 960 yuan [3] - Driving Factors: Global monetary policy shift (especially market expectations of Fed rate cuts), geopolitical risks (Sino - US trade friction, Ukraine crisis, US government debt concerns), and structural demand changes (central bank gold purchases and high enthusiasm of institutional and individual investors) [3] - Short - term Outlook: Sino - US trade friction accelerates price increase, gold may be stronger than silver, and the gold - silver ratio may rise. Use the 5 - day moving average as the short - term strength dividing line [3] Copper - Price Performance: The copper price dropped by over 2000 yuan/ton in the afternoon yesterday and rebounded at night [4] - Driving Factors: Short - term fluctuations are mainly due to Sino - US tariff news and strong willingness of short - term long - position holders to close positions at high prices. After the market digests trade disturbances, copper is in a context of macro - easing and demand contraction [4] - Short - term Outlook: Expected to remain relatively strong, pay attention to the technical pressure at the post - holiday high. If gold and silver weaken, copper prices may decline [4]