宝城期货贵金属有色早报-20251027

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - For gold, due to the expected easing of Sino - US trade tensions and the rising expectation of a cease - fire in the Russia - Ukraine conflict, the short - term price is expected to decline, the medium - term to fluctuate, and the intraday to fall, with a recommendation to wait and see [1][3]. - For copper, considering the resurgence of mine - end disturbances, increased capital attention, and the warming of the macro - environment, the short - term, medium - term, and intraday prices are expected to rise, and it is recommended to be bullish in the long run [1][4]. 3. Summary by Related Catalogs Gold - Price Trend: Short - term: decline; Medium - term: fluctuate; Intraday: decline; Reference view: wait and see [1][3]. - Driving Logic: The Sino - US trade friction tends to ease in the short term after the Sino - US economic and trade consultations in Kuala Lumpur, reducing the demand for safe - haven assets. Also, the US CPI in September was lower than expected, and the market anticipates the steady progress of US interest rate cuts, leading to a short - term decline in the gold price. Attention should be paid to the support at the 20 - day moving average [3]. Copper - Price Trend: Short - term: rise; Medium - term: rise; Intraday: rise; Reference view: bullish in the long run [1][4]. - Driving Logic: After the conclusion of the Fourth Plenary Session in China last week, the macro - environment has significantly improved. Against the background of supply contraction in the industry and the continued warming of the domestic and foreign macro - environment, copper prices have continued to rise with increasing positions. The preliminary consensus reached in the Sino - US trade consultations over the weekend is also beneficial to copper prices. Attention should be paid to the long - short game at the 11,000 mark of LME copper [4].