宝城期货贵金属有色早报（2025年12月22日）-20251222

1. Report's 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, along with the core logics for these views. Gold is expected to be strong in the short - term and copper is expected to be strong in the long - term [1]. 3. Summary by Related Catalogs Gold - Price Trends: Last week, the gold price fluctuated upwards. Since the China - US summit in Busan at the end of October, the gold price has been in a high - level oscillation state and is approaching the high at the end of October [3]. - Market Conditions: The US dollar index bottomed out and rebounded, which is negative for gold. However, the implementation of the yen interest rate hike led to an increase in market liquidity, which is positive for gold. The New York gold repeatedly failed to break through around $4380, and the Shanghai gold faced significant technical pressure at the 980 - yuan level [3]. - Viewpoints: The short - term view is strong, the medium - term view is oscillatory, and the intraday view is oscillatory and strong [1][3]. Copper - Price Trends: Last week, the copper price first declined and then rose, and the trading volume increased as the price rose [4]. - Market Conditions: The implementation of the yen interest rate hike improved the macro - environment, leading to a general rise in non - ferrous metals. High copper prices restricted consumption, causing the basis and calendar spread to continuously weaken, and the futures price showed a pattern where the near - term contract was weaker than the long - term contract. The 2026 copper concentrate long - term processing fee was set at $0/ton and $0/lb [4]. - Viewpoints: The long - term view is strong, the medium - term view is strong, and the intraday view is strong [1][4].