宝城期货贵金属有色早报-20251030

1. Report Industry Investment Rating - No information provided on industry investment rating 2. Core Viewpoints of the Report - For gold, the short - term view is a decline, the medium - term view is a sideways movement, and the intraday view is a decline. The recommended strategy is to wait and see, due to the easing of Sino - US trade relations and the Fed's hawkish stance [1]. - For copper, the short - term, medium - term, and intraday views are all bullish. The long - term outlook is strong, attributed to macro - economic easing, mine production cuts, and a rapid increase in capital attention [1]. 3. Summary by Related Catalogs Gold - Price Movement: Last night, the gold price rebounded and once approached the $4050 mark. After the Fed's interest - rate meeting in the early morning, the gold price weakened again [3]. - Interest - Rate Decision: The Fed cut interest rates by 25 basis points, in line with market expectations. However, internal policy differences and Powell's cautious attitude towards future rate cuts indicate that future rate - cut paths will depend on economic data, and the market's expected probability of a December rate cut has decreased [3]. - Attention Points: In the short - term technically, focus on the long - short game at the $4000 mark, and on the news front, pay attention to the dynamics of the APEC meeting [3]. Copper - Price Movement: Yesterday, the copper price increased with rising positions and the night - session price reached the 89,000 mark. LME copper also broke through its high in the past five years. After the Fed's interest - rate meeting in the early morning, LME copper dropped significantly [4]. - Interest - Rate Decision: Similar to gold, the Fed cut interest rates by 25 basis points as expected, but internal policy differences and Powell's cautious attitude towards future rate cuts affected the market [4]. - Market Relationship: Since late October, as the gold price weakened, the copper price has been strong, and the gold - copper ratio has dropped significantly. Continuously monitor the long - short game at the $11,000 mark for LME copper [4].