宝城期货贵金属有色早报（2026年2月6日）-20260206

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint of the Report - The gold market is in a complex game stage of "unchanged long - term narrative but short - term valuation under pressure", and it's recommended to take a wait - and - see approach. The copper market is expected to be strong in the long - term, with the short - term impact of silver's decline weakening [3][5] 3. Summary by Relevant Catalogs Gold - Short - term: The short - term view is "shock", the medium - term view is "shock", and the intraday view is "weak". The recommended view is "wait - and - see". The core logic is that short - term panic selling has eased, and the long - term trend of de - dollarization remains unchanged. The gold market is in a complex game stage. The long - term core driving logic is still strong, but short - term prices have incorporated a lot of optimistic expectations, and any easing of macro risks may trigger profit - taking. Although gold followed silver down, it did not break Tuesday's low, showing short - term resistance to decline [1][3] Copper - Short - term: The short - term view is "strong", the medium - term view is "shock", and the intraday view is "weak shock". The recommended view is "long - term bullish". The core logic is that after the copper price experienced a callback due to macro - sentiment shocks, it showed strength. This is not only a repair after the release of panic in the silver market, but also a re - pricing of the long - term structural contradictions in the global copper market and the major shift in China's industrial policy. China has stopped more than 2 million tons of new copper smelting capacity and signaled to include copper concentrates in the national strategic reserve system, which has reversed the market's expectations of future supply growth. Although the sharp decline in silver may affect market sentiment, copper prices did not break Tuesday's low, and the overall marginal impact is weakening [1][5]