宝城期货贵金属有色早报（2026年1月7日）-20260107

Report Summary 1. Report Industry Investment Ratings The report does not explicitly provide an overall industry investment rating. However, it gives specific ratings for gold and copper futures: - Gold: Short - term:震荡 (fluctuating); Medium - term: 强势 (strong); Intraday: 震荡偏强 (slightly bullish in intraday trading) [1] - Copper: Short - term: 震荡 (fluctuating); Medium - term: 强势 (strong); Intraday: 震荡偏弱 (slightly bearish in intraday trading) [1] 2. Core Views - Gold: It is recommended to take a wait - and - see approach. The recovery of liquidity and geopolitical conflicts are favorable for the gold price. Although the market panic did not spread, the high post - holiday risk appetite and liquidity in the market are the main reasons for pushing up the gold price. Attention should be paid to the technical pressure at the high position in late December [1][3] - Copper: It is recommended to take a long - term bullish view. The recovery of liquidity and strong industrial expectations push up the copper price. The core drivers of the copper price increase since December are macro - liquidity easing, mine - end disturbances, and the long - term AI narrative [1][4] 3. Summary by Related Catalogs Gold - Price Performance: Yesterday, the gold price fluctuated upwards, and it maintained a strong operation at night. New York gold reached above the $4500 mark, and Shanghai gold was approaching the 1010 - yuan mark [3] - Driving Factors: On January 3, the US military carried out an air strike on Venezuela and captured the Venezuelan president, which increased the market's risk - aversion sentiment and led to a higher opening of the gold price. The high post - holiday risk appetite and liquidity in the market are the main reasons for pushing up the gold price [3] Copper - Price Performance: Yesterday, Shanghai copper continued to increase positions and rise, standing above the 105,000 - yuan mark during the day, and LME copper stood above the $13,300 mark. After the Asian session, LME copper once erased the intraday gain of more than $200, while the copper price recovered again before the domestic night session. There was a large divergence in short - term internal and external funds [4] - Driving Factors: Since December, the core drivers of the copper price increase are macro - liquidity easing, mine - end disturbances, and the long - term AI narrative. The easing of US and Japanese central bank monetary policies has restored market liquidity, and the market expects the Fed to continue to cut interest rates in 2026. The delay in the commissioning of the second - phase project of Tongling Nonferrous' Mirador Copper Mine in Ecuador due to political instability and administrative issues has led to the expectation of lower - than - expected new global copper mine supply [4]