宝城期货贵金属有色早报（2025年10月22日）-20251022

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the reports. 2. Report's Core Views - Gold: The short - term view is a decline, the medium - term view is a sideways movement, and the reference view is to hold off on trading. The core logic is the expectation of a cease - fire in the Russia - Ukraine conflict and the easing of Sino - US trade relations, along with strong profit - taking intentions from long - position holders due to the large cumulative gains since September [1][3]. - Copper: The short - term and medium - term views are upward, and the reference view is to be bullish in the long - run. The core logic is that copper prices are currently running strongly. Macro - economic easing and supply contraction provide upward momentum, while short - term industrial demand decline and high COMEX inventories may suppress prices [1][4]. 3. Summary by Relevant Catalogs Gold - Price Movement: The gold market has experienced a volatile "roller - coaster" market, with an intraday amplitude of over 3%. Yesterday, the price of New York gold fell below the $4200 mark, with an intraday decline of over 5% [3]. - Driving Factors: Short - term price drops are due to the expectation of a cease - fire in the Russia - Ukraine conflict, Sino - US trade easing, and strong profit - taking intentions from long - position holders after large cumulative gains since September. Regulatory agencies have issued risk warnings, and the short - term strong pattern has been broken as the price falls below the 10 - day moving average [3]. Copper - Price Movement: Copper prices have been running strongly recently. Last night, they were affected by the sharp decline in gold prices but showed resilience [4]. - Driving Factors: Market risk appetite has recovered, which is beneficial for copper prices. Macro - economic easing and supply contraction provide upward momentum, while short - term industrial demand decline and high COMEX inventories may suppress prices, and attention should be paid to the pressure at previous high levels [4].