宝城期货贵金属有色早报（2025年12月30日）-20251230

Report Overview - The report is the morning report of precious metals and non - ferrous metals of Baocheng Futures on December 30, 2025, covering gold and copper [1]. Investment Ratings - No industry investment rating is provided in the report. Core Views - For gold, short - term is "oscillation", mid - term is "strong", and intraday is "oscillation and slightly strong", with a reference view of "wait - and - see". The core logic is that the recovery of liquidity is beneficial to the gold price, but the willingness of long - position holders to close positions before the holiday is strong [1][3]. - For copper, short - term is "oscillation", mid - term is "strong", and intraday is "oscillation and slightly strong", with a reference view of "wait - and - see". The core logic is that the recovery of liquidity and strong industrial expectations push up the copper price, but the willingness of long - position holders to close positions before the holiday is strong [1][4]. Summary by Variety Gold - Price Movement: Yesterday, precious metals tumbled significantly. Shanghai gold fell below the 1000 - yuan mark, and New York gold successively fell below the 4500 - dollar and 4400 - dollar marks, with an intraday decline of over 4% [3]. - Driving Logic: After the Christmas break in the overseas market, the short - term macro - atmosphere cooled down, and the willingness of long - position holders to close positions was strong. Precious metals and non - ferrous metals generally fell on Monday. It is expected that funds will be cautious before the New Year's Day holiday, and Shanghai gold can focus on the support of the 20 - day moving average [3]. Copper - Price Movement: Yesterday, the copper price dropped from a high level, with an intraday high - level decline of nearly 4000 yuan/ton. The night - session maintained a weak trend, and the main futures price fell to the 96,000 - yuan mark. LME copper opened high and closed low yesterday, basically falling back to the price before the Christmas holiday [4]. - Driving Logic: As the New Year's Day holiday approaches, the willingness of long - position funds to take profits and close positions is strong. Industrial pressure has been continuously accumulating during the continuous rise of the copper price in December and needs time to digest. It is expected that funds will be cautious before the holiday, and the 95,000 - yuan mark support can be focused on [4].