宝城期货贵金属有色早报（2025年12月24日）-20251224

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - Gold is expected to be strong in the short - term, mid - term, and intraday, with a short - term upward outlook. The main driving forces are the implementation of the Fed's interest rate cut in early December, the rise in market risk appetite and liquidity, and the rebound in short - term liquidity after the implementation of the yen's interest rate hike on December 19. Macro - level easing promotes the general rise of assets, pushing gold prices to break through upwards. [1][3] - Copper is expected to be strong in the short - term, mid - term, and intraday, with a long - term upward outlook. The macro - level atmosphere has warmed up after the implementation of the yen's interest rate hike, the US dollar has remained weak, and non - ferrous metals have generally risen. Although high copper prices suppress consumption in the industrial level, short - term macro factors drive copper prices up with strong upward momentum. [1][4] 3. Summary by Related Catalogs Gold - Price Performance: Yesterday, gold prices rose strongly. New York gold and London gold successively broke through the $4500 mark, and Shanghai gold broke through the 1000 - yuan mark. [3] - Driving Factors: In the short - term, the main driving force for the upward movement of gold prices comes from the monetary policies of the US and Japanese central banks. Since the end of October, Sino - US relations have eased, and gold prices have been under pressure and maintained high - level oscillations. Now, macro - level easing has promoted the general rise of assets, pushing gold prices to break through upwards. [3] - Technical Analysis: If there is a pull - back, attention can be paid to the support of the 5 - day moving average. [3] Copper - Price Performance: After the Asian session yesterday, copper prices continued to strengthen. LME copper broke through the $12,000 mark, and Shanghai copper opened higher at night, breaking through the 95,000 - yuan mark and approaching the 96,000 - yuan mark before pulling back. [4] - Driving Factors: At the macro - level, after the implementation of the yen's interest rate hike, the macro - atmosphere has warmed up, the US dollar has remained weak, and non - ferrous metals have generally risen. At the industrial level, high copper prices suppress consumption, the basis and monthly spreads continue to weaken, and the futures price shows a pattern of near - term weakness and long - term strength. [4] - Technical Analysis: If there is a pull - back, attention can be paid to the support of the 5 - day moving average. [4]