宝城期货贵金属有色早报-20260108

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Gold: In the short - term, it is expected to be in a range - bound state; in the medium - term, it will be strong; and on an intraday basis, it is slightly bullish. The recommended strategy is to wait and see. The core logic is that the recovery of liquidity and geopolitical conflicts are favorable for the gold price [1]. - Copper: In the short - term, it will be in a range - bound state; in the medium - term, it will be strong; and on an intraday basis, it is slightly bearish. The recommended strategy is to be bullish in the long run. The core logic is that the recovery of liquidity and strong industrial expectations will drive up the copper price [1]. 3. Summary by Related Catalogs Gold - Price Performance: Yesterday, the Shanghai gold futures fluctuated downward, breaking through the 1000 - yuan mark during the day, and showed strong performance at night, returning to the 1000 - yuan mark [3]. - Market Environment: After the Venezuela incident, the panic in the market did not spread. The US stock Dow Jones index hit a new high. After the holiday, the market risk appetite and liquidity remained high. The short - term macro - environment cooled down, and the assets with good previous gains generally declined, increasing the safe - haven demand for gold and providing support for the gold price [3]. - Technical Analysis: Continuously monitor the long - short game at the 1000 - yuan mark [3]. Copper - Price Performance: Yesterday during the day, due to the cooling of the macro - environment, Shanghai copper futures fluctuated weakly, and this weakness continued at night. The trading volume of positions changed little. Last night, LME copper broke through the $13,000 mark, and the main contract price of Shanghai copper once broke through the 102,000 - yuan mark [4]. - Price Drivers: Since December, the core drivers of the copper price increase have been macro - liquidity easing, mine - end disturbances, and the long - term AI narrative. Recently, the short - term sharp increase in the copper price has led to an increase in the willingness of long - position holders to close their positions, causing the futures price to fall from its high [4].