贵金属有色早报-20251215

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - Gold is expected to be strong in the short - term, with a short - line positive outlook due to increased risk - aversion as the macro - environment weakens [1][3]. - Copper is recommended for long - term investment, with a positive long - line view. It is expected to be in a strong state in the medium - term, influenced by macro - easing, mine production cuts, and the implementation of interest rate cuts [1][5]. 3. Summary by Related Catalogs Gold - Price Performance: Last week, the price of New York gold rose from $4200 at the beginning of the week to $4300 at the weekend. After the Fed's December FOMC meeting, the market first rose and then fell, and the gold price showed a clear upward trend [3]. - Driving Factors: The Fed's decision to cut interest rates by 25 basis points and restart the expansion of the balance sheet in the December FOMC meeting boosted the gold price. The sharp decline in the macro - environment on Friday night increased short - term risk - aversion [3]. - Outlook: In the short - term, New York gold has broken through $4300 with strong upward momentum. Attention should be paid to the support at the $4300 level [3]. Copper - Price Performance: Last week, the copper price rose again after a mid - week correction. Although it dropped sharply on Friday night, the overall trend of increasing positions and rising prices remained unchanged [5]. - Driving Factors: Before the Fed's FOMC meeting, strong profit - taking led to a short - term decline in the copper price. After the meeting, the copper price increased positions and rose again. On the industrial level, high copper prices have suppressed market consumption sentiment, but macro - factors dominate [5]. - Outlook: In the short - term, the copper price fluctuates with the macro - environment. Attention should be paid to the support of the 10 - day moving average [5].