宝城期货贵金属有色早报（2025年12月16日）-20251216

Group 1: Report Investment Ratings - There is no information about the report industry investment rating in the provided content Group 2: Core Viewpoints - Gold is expected to be strong in the short - term, with a core logic of a weakening macro atmosphere and rising risk - aversion demand [1][3] - Copper is expected to be strong in the long - term, due to a macro - easing environment, mine - end production cuts, and the implementation of interest rate cuts [1][4] Group 3: Summary by Variety Gold (AU) - Short - term view: Strong; Medium - term view: Oscillating; Intraday view: Oscillating and tending to be strong; Overall reference view: Strong in the short - line. The price has been rising since last week, reaching near the $4400 mark on Monday night. After a dovish Fed meeting, the short - term market risk preference and liquidity increased, but on Friday night, the macro atmosphere worsened. The short - term impact of the meeting has been digested, and risk - aversion demand has risen rapidly, so the price may remain strong. Tonight's US non - farm data may affect short - term trends, and the $4400 mark is a technical resistance in the medium - to - long - term [1][3] Copper (CU) - Short - term view: Oscillating; Medium - term view: Strong; Intraday view: Oscillating and tending to be strong; Overall reference view: Strong in the long - line. After the Asian session yesterday, LME copper soared close to $11,900, and SHFE copper opened higher at night, approaching the 94,000 yuan mark. Then the price fell back, and the long - position closing intention was strong. The non - ferrous sector declined, but copper was resilient due to its strong financial properties. The sharp drop last Friday stimulated downstream replenishment demand, and the spot premium in Guangdong increased, indicating actual demand resilience. The short - term price volatility is large, and both sides tend to close positions. Tonight's US non - farm employment data may affect short - term trends, and the 5 - day moving average can be monitored [1][4]