宝城期货贵金属有色早报-20260112

Group 1: Report Industry Investment Ratings - No relevant information provided Group 2: Core Views of the Report - For the gold 2602 contract, the short - term view is oscillatory, the medium - term view is strong, the intraday view is oscillatory and slightly bullish, and the reference view is to wait and see due to the cooling macro - atmosphere and the rising short - term hedging demand [1][3] - For the copper 2602 contract, the short - term view is oscillatory, the medium - term view is strong, the intraday view is oscillatory and slightly bearish, and the reference view is long - term bullish as the cooling macro - atmosphere makes short - term bulls more willing to close their positions [1][4] Group 3: Summary by Related Catalogs Gold (AU) - Last week, the gold price oscillated upwards. Shanghai gold reached above 1000 yuan again, and New York gold reached above 4500 US dollars. The cooling macro - atmosphere increased the hedging demand for gold, providing support for the price. Technically, attention can be paid to the support at 1000 yuan for Shanghai gold and 4500 US dollars for New York gold [3] Copper (CU) - After the New Year's Day holiday, the copper price rose first and then fell, generally running above 100,000 yuan. The short - term macro - atmosphere dominated the copper price trend. Since Wednesday, the cooling macro - atmosphere made funds more willing to close positions, leading to the decline of the copper price from its high. At the industrial level, as the copper price rose above 100,000 yuan, the social inventory of domestic electrolytic copper increased significantly, reflecting the industry's resistance to high copper prices. In the short term, the divergence between bulls and bears intensified, and the copper price fluctuated at a high level. Attention can be paid to the support at 100,000 yuan [4]