宝城期货贵金属有色早报（2026年3月3日）-20260303

Group 1: Report Industry Investment Ratings - No relevant content Group 2: Core Views of the Report - Gold 2604 is strong in the short - term, oscillating in the medium - term, and strong intraday, with a short - term bullish view due to short - term safe - haven demand pushing up the gold price [1] - Copper 2604 is oscillating in the short - term, strong in the medium - term, and slightly strong intraday, with a long - term bullish view because of the recovery of domestic liquidity and the rise of industrial support [1] Group 3: Summary by Variety Gold (AU) - Intraday view is bullish, medium - term view is oscillating, and the reference view is short - term bullish. The core logic is that the continuous tension in the Middle East geopolitical situation supports the gold price, but the market has partially priced in the US - Iran negotiation issue, so the increase is limited. The rising US dollar index suppresses precious metals, and there is a co - existence of profit - taking and bottom - fishing. Overall, the gold price may continue the slightly strong oscillating pattern in the short - term [3] Copper (CU) - Intraday view is slightly strong, medium - term view is oscillating, and the reference view is long - term bullish. The core logic is that the market's risk - aversion sentiment has increased, and the non - ferrous sector was slightly strong yesterday, but copper's performance was average. Global copper inventories are continuously accumulating, suppressing the copper price. The main logic of the copper market lies in its own supply and the expectation of marginal demand. Currently, Shanghai copper has been oscillating in the range of 100,000 - 105,000 for a long time, lacking a clear directional driver in the short - term [4]