宝城期货贵金属有色早报（2026年1月30日）-20260130

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Gold is expected to be strong in the long - term, with short - term oscillations, medium - term strength, and intraday oscillations tending to be weak. The core logic is that after the interest rate meeting, the safe - haven demand boosts the gold price [1]. - Copper is also expected to be strong in the long - term, with short - term oscillations, medium - term strength, and intraday oscillations tending to be weak. The core logic is the situation of strong expectations but weak reality [1]. 3. Summary by Relevant Catalogs Gold - Price Performance: Yesterday, the gold price soared, with Shanghai gold reaching 1250 yuan/gram and New York gold reaching 5600 US dollars/ounce. During the night session, the price quickly dived, with New York gold falling below 5200 US dollars/ounce and Shanghai gold reaching around 1160 yuan/gram. After a sharp decline, there was a strong buying force from the bulls, leading to a V - shaped rebound [3]. - Market Analysis: The short - term rise and fall are not an independent market of a single variety but a resonance in the global market. After the interest rate meeting, global commodities generally rose. After short - term large cumulative increases in gold and silver, the volatility intensified, and the willingness of long - position holders to take profits was strong, resulting in a sharp decline last night [3]. Copper - Price Performance: Last night, the copper price first rose and then fell. LME copper rose to 14,500 US dollars, corresponding to Shanghai copper at around 114,000 yuan. Then, the commodity market weakened collectively, and the copper price dropped significantly, with an intraday decline approaching 10,000 yuan/ton. After falling to the previous oscillation upper limit, it stabilized and rebounded [4]. - Market Analysis: After the interest rate meeting yesterday, the market's bullish sentiment was strong, and precious metals and non - ferrous metals generally rose. The copper price broke through the oscillation upper limit since January and continued to increase positions and rise, with rapid increase in capital attention. Subsequently, the industrial pressure rose rapidly, the spread between February and March contracts continued to widen, and downstream buyers were in a wait - and - see mood [4].