宝城期货贵金属有色早报（2025年10月23日）-20251023

Report Summary 1. Investment Ratings - The report does not provide an overall industry investment rating. 2. Core Views - Gold: In the short - term, gold is expected to decline; in the medium - term, it will fluctuate. The recommended view is to wait and see. The core logic is the expectation of Sino - US trade relaxation and the rising expectation of a cease - fire in the Russia - Ukraine conflict, along with strong profit - taking intentions of funds [1][3]. - Copper: In the short - term and medium - term, copper is expected to rise. The recommended view is to be bullish in the long run. The core logic is the resurgence of mine - end disturbances, a rapid increase in capital attention, and Sino - US trade intensifying fluctuations [1][4]. 3. Summary by Variety Gold (AU) - Price Movement: New York gold has seen an amplitude of over 3% in the last 4 trading days, with a 5% drop on Tuesday. It fell to the $4000 mark and then rebounded [3]. - Driving Factors: Short - term decline is due to the expectation of a cease - fire in the Russia - Ukraine conflict, Sino - US trade relaxation, and strong profit - taking after a large cumulative increase since September. Regulatory agencies have issued risk warnings [3]. Copper (CU) - Price Movement: Copper prices have been relatively strong recently, falling slightly during the day due to the sharp decline in gold prices but showing resistance. The amplitude is converging, and the decline in open interest is slowing [4]. - Driving Factors: Market risk appetite has recovered, which is beneficial to copper prices. Macro - level easing and supply contraction provide upward momentum, while short - term industrial demand decline and high Comex inventories may suppress prices [4].