宝城期货贵金属有色早报：宝城期货贵金属有色早报（2025年11月11日）-20251111

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views - Gold is expected to be strong in the short - term and show a short - line upward trend. Copper is predicted to be strong in the long - run [1]. 3. Summary by Related Catalogs Gold - Price Outlook: Short - term is strong, medium - term is volatile, and intraday is slightly strong. The reference view is to be bullish in the short - line [1]. - Driving Logic: The end of the US government shutdown made the market focus on the underlying economic risks exposed by the shutdown, such as economic data interruption, weakened consumer confidence, and increased planned lay - offs. This led to expectations of a Fed rate cut, causing gold prices to rise. In the short - term, the price stabilizes and rebounds, and attention should be paid to the long - short game at the $4100 level [3]. Copper - Price Outlook: Short - term is slightly strong, medium - term is strong, and intraday is slightly strong. The reference view is to be bullish in the long - line [1]. - Driving Logic: The recent decline of the US dollar index is beneficial to non - ferrous metals. At the industrial level, as copper prices dropped from high levels, downstream purchasing willingness recovered, and the social inventory of electrolytic copper decreased on Monday, strengthening industrial support. In the long - term, macro - level easing and supply contraction expectations will continue to support copper prices. In the short - term, the price stabilizes and rebounds, and attention should be paid to the long - short game at the 87,000 level [4].