宝城期货贵金属有色早报-20251107

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report - The short - term view for gold 2512 is to be volatile, the medium - term view is to be volatile, and the intraday view is to be slightly stronger, with a suggestion to wait and see due to the easing of Sino - US trade relations and the Fed's hawkish stance. For copper 2512, the short - term view is to be stronger, the medium - term view is to be strong, the intraday view is to be slightly stronger, and the long - term view is to be bullish because of macro - level easing, mine - end production cuts, and a rapid increase in capital attention [1]. 3. Summary According to Related Catalogs Gold - Price Performance: After the Asian session yesterday, the gold price rose and then fell, and New York gold dropped below $4000 again. The short - term dollar index and gold price both declined, and the US stock market also fell, possibly due to short - term liquidity shortages. After the Fed's October interest - rate meeting, the market's expectation of interest - rate cuts decreased, causing the dollar index to strengthen continuously. The short - term dollar index reached a high near the 100 mark and then fell back, which may support the gold price. The gold price has retreated about 10% from its high, and the multi - empty game at the $4000 mark can be continuously monitored [3]. - Viewpoint and Logic: The short - term view is to be volatile, the medium - term view is to be volatile, the intraday view is to be slightly stronger, and the reference view is to wait and see. The core logic is the easing of Sino - US trade relations and the Fed's hawkish stance [1][3]. Copper - Price Performance: The copper price fell during the night session yesterday, with the main contract price dropping below 86,000, and the open interest decreased slightly. The short - term copper price fluctuated with the macro - sentiment. During the day, the domestic macro - atmosphere improved, and the copper price rebounded; at night, the overseas macro - atmosphere turned cold, and the copper price fell. The dollar index reached a high near the 100 mark and then fell back, which will support the copper price to some extent. On the industrial level, the social inventory of electrolytic copper decreased slightly on Thursday, and the copper price dropped from its high, leading to a slight increase in the downstream's purchasing willingness. In the medium - to - long - term, macro - level easing and supply contraction may continue to support the copper price. In the short - term, attention should be paid to the technical support at the 85,000 mark [4]. - Viewpoint and Logic: The short - term view is to be stronger, the medium - term view is to be strong, the intraday view is to be slightly stronger, and the long - term view is to be bullish. The core logic is macro - level easing, mine - end production cuts, and a rapid increase in capital attention [1][4].