宝城期货贵金属有色早报（2025年10月28日）-20251028

Report Summary 1. Report Industry Investment Ratings There is no information about the report industry investment ratings in the provided content. 2. Core Views - Gold: In the short - term, it is expected to decline; in the medium - term, it will fluctuate; and the intraday view is also a decline. The recommended strategy is to wait and see. The core logic is the expectation of Sino - US trade relaxation and the end of the Russia - Ukraine conflict, along with strong profit - taking intention of funds due to large price increases since September [1][3]. - Copper: In the short - term, it is expected to rise; in the medium - term, it will also rise; and the intraday view is a rise. The recommended strategy is to be bullish in the long - run. The core logic is the macro - economic loosening, mine - end production cuts, and a rapid increase in capital attention [1][4]. 3. Summary by Related Catalogs Gold - Price Performance: Last week, the gold price first dropped by over 7% from the high and then rebounded. On Monday this week, the New York gold price once fell below $4000. The short - term strong pattern has been broken as it fell below the 10 - day moving average [3]. - Driving Factors: The decline is due to the expectation of Sino - US trade relaxation and the end of the Russia - Ukraine conflict, and strong profit - taking intention of funds after large price increases since September. Attention should be paid to the APEC meeting and the Fed's interest - rate meeting at the end of the month [3]. Copper - Price Performance: After the Fourth Plenary Session last week, the macro - environment improved. Copper prices increased with rising positions on Thursday and Friday. After the Sino - US trade consultation over the weekend, copper prices continued to rise with increasing positions. Since September 24th, copper prices have shown an upward trend after the news of mine - end contraction, and capital attention has increased rapidly [4]. - Driving Factors: The macro - environment at home and abroad has continued to improve, and the industrial supply has shrunk. Although the high inventory of overseas COMEX exerts pressure on copper prices, the overall macro - economic loosening, improved risk appetite, and supply contraction provide upward momentum for copper prices. Attention should be paid to the long - short game at the $11,000 mark of LME copper [4].