宝城期货贵金属有色早报（2025年12月25日）-20251225

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Report's Core View - The report provides short - term, medium - term, and intraday views on gold and copper, with a reference view of "wait - and - see" for both [1] - For gold, short - term and medium - term trends are strong, and the intraday trend is oscillating upward; for copper, the short - term trend is oscillating, and the medium - term and intraday trends are oscillating upward [1] Group 3: Summary by Related Catalogs Gold - Price Situation: Yesterday, the gold price rose and then fell. Shanghai gold remained above the 1000 - yuan mark, and New York gold was above the 4500 - dollar mark [3] - Driving Factors: The short - term upward push of the gold price comes from the monetary policies of the US and Japanese central banks. Since the Sino - US summit in late October, the gold price has been under pressure and oscillating at a high level. Currently, the macro - economic easing promotes the general rise of assets, pushing the gold price to break through. During the overseas Christmas and New Year holidays, the domestic market may be cautious, and the gold price may show a high - level oscillation [3] Copper - Price Situation: Yesterday, the copper prices in both domestic and foreign markets rose and then fell. The main contract of Shanghai copper once reached the 96,000 - yuan mark, and LME copper once exceeded 12,200 dollars, hitting a record high. Then, due to the approaching Christmas holiday, the copper price fell from the high level. Shanghai copper once dropped to the 94,000 - yuan mark, and LME copper dropped to 12,000 dollars and then stabilized and rebounded [5] - Driving Factors: The Christmas and New Year holidays lead to light trading in the overseas market. In China, there are year - end capital pressure and tax settlement issues, and downstream purchasing willingness is extremely weak. The current high copper price inhibits the real economy, and the widening spot discount indicates weak demand. The market is in a special stage of "low liquidity + high sensitivity", and Shanghai copper will continue to oscillate at a high level before the holiday. Short - term attention should be paid to the support at the 95,000 - yuan mark of Shanghai copper [5]