宝城期货贵金属有色早报-20251104

Group 1: Report Industry Investment Rating - No information provided on report industry investment rating Group 2: Core Viewpoints of the Report - For gold, the short - term and mid - term outlooks are both "oscillation", the intraday view is "oscillation with a slight upward bias", and the reference view is "wait and see" due to Sino - US trade easing and the Fed's hawkish stance [1] - For copper, the short - term and mid - term outlooks are both "rising", the intraday view is "oscillation with a slight upward bias", and the reference view is "bullish in the long - term" because of macro - economic easing, mine production cuts, and a rapid increase in capital attention [1] Group 3: Summary by Variety Gold (AU) - The intraday view is "oscillation with a slight upward bias", the mid - term view is "oscillation", and the reference view is "wait and see" [3] - After the Fed's interest - rate meeting, the gold price stabilized in oscillation. The Fed cut interest rates by 25 basis points as expected, but internal policy differences and Powell's cautious attitude towards future rate cuts were interpreted as hawkish, reducing the market's expectation of a December rate cut. The gold price rebounded despite the Fed's hawkishness and the rising US dollar index, possibly due to short - term market reaction to the exhaustion of negative news. Technically, short - term attention should be paid to the tug - of - war at the $4000 mark [3] Copper (CU) - The intraday view is "oscillation with a slight upward bias", the mid - term view is "rising", and the reference view is "bullish in the long - term" [4] - The copper price weakened in the overnight session, with the main contract price falling below 87,000 and the open interest slightly decreasing. After the October Fed's interest - rate meeting, LME copper dropped significantly. The Fed's hawkish stance cooled the rate - cut expectation, the US dollar index rebounded, which was negative for the copper price. Attention should be paid to the resistance at the 100 mark of the US dollar index. Also, the copper price has risen significantly since late September, facing historical high - level pressure in the short term, and long - position holders have a strong willingness to close positions. Technically, continuous attention should be paid to the support of the 10 - day moving average [4]