宝城期货贵金属有色早报（2025年11月21日）-20251121

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For gold, the short - term view is "oscillating", the medium - term view is "oscillating", the intraday view is "oscillating and slightly stronger", and the reference view is "wait - and - see". The core logic is that the Fed has turned hawkish and the expectation of interest rate cuts has decreased. Also, the U.S. non - farm payroll data exceeded market expectations, initially leading to a positive market atmosphere but later a general decline in assets. [1][3] - For copper, the short - term view is "oscillating", the medium - term view is "strong", the intraday view is "oscillating and slightly stronger", and the reference view is "long - term bullish". The core logic is macro - level easing and mine - end production cuts. Additionally, after the U.S. September non - farm payroll data was released, market sentiment fluctuated, and the spot copper trading improved with a slight decrease in social inventory. [1][4] Group 3: Summary by Variety Gold (AU) - Price Movement: The market style switches frequently in the short - term. Initially, the market was optimistic with strong performance in stocks and commodities, but later assets showed a general decline. [3] - Core Logic: The U.S. non - farm payroll data exceeded expectations, the U.S. economy was better than expected, the market's interest rate cut expectation increased, the U.S. dollar index declined, and the U.S. Treasury yield decreased. Technically, the support at the $4000 mark for New York gold and the 920 - yuan mark for Shanghai gold can be observed. [3] Copper (CU) - Price Movement: The copper price opened high and closed low last night, and the main contract price fell below the 86,000 - yuan mark. [4] - Core Logic: After the U.S. September non - farm payroll data was released, the market risk preference decreased. In the industry, the spot trading improved, and the social inventory of electrolytic copper decreased slightly on Thursday. Technically, the support at the 86,000 - yuan mark should be noted. [4]