宝城期货贵金属有色早报（2026年2月12日）-20260212

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For gold, short - term panic selling has暂缓, and the long - term trend of de - dollarization remains unchanged. The short - term, medium - term, and intraday views are all to hold off on trading [1][3]. - For copper, the domestic supply contraction provides support for copper prices. The short - term, medium - term, and intraday views are also to hold off on trading [1][4]. 3. Summary by Variety Gold (AU) - Price Movement: Last night, the gold price showed a volatile trend. After the release of the US January non - farm payroll data, the gold price dived and then stabilized and rebounded [3]. - Driving Factors: The US January non - farm payrolls added 130,000 people, far exceeding market expectations, which led to a decline in market expectations of interest rate cuts and a rapid rebound of the US dollar index. As the Chinese Spring Festival approaches, funds tend to be cautious [3]. - Points to Note During the Spring Festival: Geopolitical aspects, the tense relationship between the US and Iran may lead the gold price to strengthen during the Spring Festival; in terms of US policies, the market's pricing of the candidate Fed Chairman may fluctuate, and attention should be paid to the movements of Kevin Warsh [3]. Copper (CU) - Price Movement: Last night, the copper price opened high and closed low, with a slight decrease in the position volume. The main contract price once reached the 103,000 mark. The copper price trend is similar to that of silver. As the US non - farm data exceeded expectations, silver dived significantly, and the copper price followed suit [4]. - Driving Factors: Recently, the copper price has shown a pattern of reducing positions and volatile operation, and the amplitude has continued to narrow. Before the festival, the industrial pattern of near - term weakness and long - term strength remains, and as the Spring Festival approaches, the willingness of funds to settle positions increases, resulting in insufficient driving force for the copper price [4]. - Points to Note During the Spring Festival: The statements of US President Trump and the actions of the Fed may affect macro - expectations; in the industry, attention should be paid to the inventory accumulation during the domestic holiday [4].