宝城期货贵金属有色早报（2026年1月20日）-20260120

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Gold is expected to be strong in the long - term, with a short - term and mid - term strong trend and an intraday oscillating and slightly stronger trend. Copper is also projected to be strong in the long - term, with a mid - term strong trend, a short - term oscillating trend, and an intraday oscillating and slightly weaker trend [1] Summary by Related Catalogs Gold - Price Performance: Yesterday, New York gold opened high and went high, breaking last week's high and approaching $4700 per ounce, while Shanghai gold broke through 1050 yuan per gram [3] - Driving Factors: The direct trigger for the gold price increase is the sharp rise in geopolitical risks in "Greenland". The US-EU relationship has deteriorated, with the US threatening tariffs and military action, and the EU preparing retaliatory tariffs. The significant rise of silver has also driven up the price of gold, and the gold - silver ratio has dropped to around 50, a 14 - year low, attracting arbitrage funds into gold [3] - Viewpoints: Long - term strong, short - term and mid - term strong, intraday oscillating and slightly stronger. Monitor the long - short game at the $4700 level of New York gold [1][3] Copper - Price Performance: Yesterday, the copper price opened high and maintained an oscillating trend. On Monday morning, affected by the "Greenland" issue, the strong opening of precious metals boosted the long sentiment in the non - ferrous sector, causing the copper price to rebound from the bottom [4] - Industrial Situation: As the copper price declined, the willingness of some industries to replenish inventory increased slightly, but the social inventory continued to accumulate [4] - Viewpoints: Long - term strong, mid - term strong, short - term oscillating, intraday oscillating and slightly weaker. Pay attention to the support at the 100,000 level [1][4]