宝城期货贵金属有色早报（2025年11月13日）：宝城期货贵金属有色早报-20251113

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Report's Core View - The report provides short - term, medium - term, and intraday views on gold and copper futures, suggesting a short - term strong view for gold and a long - term strong view for copper [1]. 3) Summary by Relevant Catalog Gold (AU) - View Summary: Short - term is strong, medium - term is oscillating, intraday is oscillating and biased towards strength, with a short - term bullish view [1]. - Driving Logic: The US Senate reached an agreement to end the federal government shutdown, causing the US dollar index to fall and gold prices to rise. Gold prices rose sharply in October and then pulled back, and recently precious metals have regained their upward momentum. The gold - silver ratio has been declining, and the market may be trading inflation. Attention should be paid to the pressure at the October high [3]. Copper (CU) - View Summary: Short - term is strong, medium - term is strong, intraday is oscillating and biased towards strength, with a long - term bullish view [1]. - Driving Logic: The US Senate reached an agreement to end the federal government shutdown, increasing market risk appetite. In the medium - to long - term, macro - easing and supply contraction expectations will continue to support copper prices. Short - term attention should be paid to the long - short game at the $11,000 level of LME copper [4].