宝城期货贵金属有色早报-20260122

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Gold and copper are both expected to be strong in the long - term, with short - term and intraday fluctuations. Gold's short - term trend is dominated by the Greenland issue, and copper's short - term trend is highly correlated with precious metals [1]. 3. Summary by Related Catalogs Gold - Price Performance: Yesterday, the gold price rose first and then fell. New York gold once approached $4,900 per ounce and then dropped below $4,800 [3]. - Core Logic: The direct cause of the gold price increase was the sharp rise in the "Greenland" geopolitical risk. Trump threatened to impose tariffs on eight European countries. However, after reaching an agreement on the future cooperation framework for Greenland and the Arctic region, the short - term market risk - aversion demand decreased, leading to a decline in the gold price [3]. - Viewpoint: Short - term: oscillating; Medium - term: strong; Intraday: oscillating weakly; Long - term: strong [1][3] Copper - Price Performance: Yesterday, the copper price rose first and then fell, and the night - session main contract price dropped to the 100,000 - yuan level [5]. - Core Logic: The short - term trend of copper is highly correlated with precious metals. The reversal of Trump's stance on the Greenland issue led to a decline in precious metals, which in turn drove down the copper price. At the industrial level, as the copper price dropped, the willingness of some industries to replenish inventory increased slightly, but the social inventory continued to accumulate, the monthly spread continued to weaken, and the pattern of near - term weakness and long - term strength remained [5]. - Viewpoint: Short - term: oscillating; Medium - term: strong; Intraday: oscillating weakly; Long - term: strong [1][5]