宝城期货贵金属有色早报（2026年2月13日）-20260213

Report Industry Investment Rating - Not provided Core Viewpoints - For gold, the long - term trend of de - dollarization remains unchanged, but short - term global liquidity decline puts pressure on the gold price. For copper, pre - holiday capital settlement willingness is strong and the driving force is weak. It is recommended to adopt a wait - and - see approach for both gold and copper [1]. Summary by Related Catalogs Gold - Short - term, Medium - term and Intraday Views: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly. The reference view is to wait and see [1]. - Core Logic: Last night, the gold price plunged. The New York gold dropped nearly $200 per ounce, breaking below $5000 per ounce, and the corresponding Shanghai gold fell to the 1100 yuan per gram mark. The US dollar index strengthened slightly. The US non - farm payrolls added 130,000 in January, far exceeding market expectations, which led to a decline in market expectations for interest rate cuts. Attention can be paid to the US inflation data tonight. In addition, the US stock market, especially the Nasdaq index, also declined significantly last night, and short - term global market liquidity is poor. As the Chinese Spring Festival holiday approaches, funds tend to be cautious. During the Spring Festival holiday, geopolitical relations between the US and Iran are still tense, and the market's pricing of the candidate Fed chairman may be repeated, especially the movement of Kevin Warsh needs attention [3]. Copper - Short - term, Medium - term and Intraday Views: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly. The reference view is to wait and see [1]. - Core Logic: Last night, the copper price dived following the precious metals. The main contract price of Shanghai copper fell more than 2000 yuan per ton, once breaking below the 100,000 - yuan mark, and the open interest of Shanghai copper continued to decline. The copper price trend is similar to that of silver. On Wednesday, the US non - farm data exceeded expectations, the silver price dived significantly, and the copper price followed and weakened. Since February, the copper price has shown a pattern of reducing positions and oscillating. The pre - holiday industrial pattern of near - term weakness and long - term strength remains. Coupled with the approaching Spring Festival, the willingness of funds to settle positions has increased, and the driving force for the copper price is insufficient. It follows the trend of precious metals but shows resistance to decline. Technically, attention should be paid to the long - short game at the 100,000 - yuan mark. During the Spring Festival holiday, pay attention to the remarks of US President Trump and the actions of the Federal Reserve, which may affect macro - expectations, and also pay attention to the inventory accumulation situation during the domestic holiday [4].