宝城期货贵金属有色早报（2025年12月31日）-20251231

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - For both gold and copper in the short - term, they are expected to be in a volatile state; in the medium - term, they are expected to be strong; and for the day, they are expected to be slightly bullish. It is recommended to take a wait - and - see approach for both [1]. 3. Summary by Variety Gold - Trend Views: Short - term: volatile; Medium - term: strong; Intraday: slightly bullish; Reference view: wait - and - see [1]. - Core Logic: The recovery of liquidity is beneficial to the gold price, but the willingness of long - position holders to close their positions before the holiday is strong. After the Christmas break, the short - term macro - atmosphere cooled down, and the willingness of bulls to close positions was strong. The dollar index's rebound also put pressure on the gold price. It is expected that funds will be cautious before the New Year's Day holiday, and the support of the 20 - day moving average for Shanghai gold can be observed [1][3]. Copper - Trend Views: Short - term: volatile; Medium - term: strong; Intraday: slightly bullish; Reference view: wait - and - see [1]. - Core Logic: The recovery of liquidity and strong industrial expectations have pushed up the copper price, but the willingness of long - position holders to close their positions before the holiday is strong. After Christmas, the copper price fluctuated significantly at a high level, and the trading volume decreased significantly. As the copper price dropped sharply, the spot discount narrowed, providing some support for the copper price. Funds tend to be cautious before the holiday [1][4].