宝城期货贵金属有色早报（2025年12月18日）-20251218

Report Overview - The report is the precious metals and non - ferrous metals morning report of Baocheng Futures on December 18, 2025, covering gold and copper [1]. Industry Investment Rating - No investment ratings for the industry are provided in the report. Core Viewpoints - Gold is expected to be strong in the short - term and show a short - line upward trend, while it will be in a volatile state in the medium - term. Copper is expected to be strong in the long - term and volatile in the short - term, with a strong performance in the medium - term [1]. Summary by Variety Gold - Price Performance: Last night, the price of gold was strong. New York gold once reached $4380, and Shanghai gold reached the 980 - yuan mark [3]. - Market Analysis: Since last Friday, risk appetite has decreased significantly, as shown by the continuous decline of the U.S. stock market at a high level. This has increased the demand for hedging and pushed up the price of gold. Since the China - U.S. summit in Busan at the end of October, the market risk appetite has continued to recover, and the price of gold has been in a high - level volatile state [3]. - Technical Analysis: In the short - term, attention can be paid to the high - level pressure at the end of October [3]. - Viewpoint: Short - term: bullish; Medium - term: volatile; Intraday: volatile and bullish [1][3]. Copper - Price Performance: Last night, the price of copper rose first and then fell. LME copper once reached the $11,800 mark, and Shanghai copper once touched 93,500 yuan [4]. - Market Analysis: At the macro level, the short - term decline in market liquidity and risk appetite has put pressure on the copper price, but copper is relatively resistant to decline due to its financial attributes. At the industrial level, the spot is at a discount, and the 1 - 2 month spread is weakening, showing a pattern of near - term weakness and long - term strength, indicating that the domestic spot circulation is not tight [4]. - Technical Analysis: In the short - term, continuous attention can be paid to the support of the 5 - day moving average [4]. - Viewpoint: Short - term: volatile; Medium - term: bullish; Intraday: volatile and bullish; Long - term: bullish [1][4].