Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For gold, the short-term view is bullish, the medium-term view is oscillatory, and the intraday view is oscillatory and bullish. The core logic is that the macro atmosphere weakens and the demand for hedging rises. The macro level shows a weak US dollar index, which is beneficial to the gold price. There is significant technical pressure at the 4380 US dollars level for New York gold and the 980 yuan level for Shanghai gold. After the China-US summit in Busan at the end of October, the market risk appetite has continued to rise, and the gold price has shown a high-level oscillatory trend [1][3]. - For copper, the short-term view is oscillatory, the medium-term view is bullish, and the intraday view is oscillatory and bullish. The core logic is that the macro environment is loose and there is a reduction in mine supply. The US dollar is falling, which is beneficial to non-ferrous metals. The spot discount is weakening, and the 1 - 2 month spread is also continuously weakening, showing a pattern where the near - term is weak and the far - term is strong [1][4]. Summary by Related Catalog Gold - Short - term: Bullish [1] - Medium - term: Oscillatory [1] - Intraday: Oscillatory and bullish [1] - Core Logic: The macro atmosphere weakens, the demand for hedging rises. The US dollar index is weak, which is beneficial to the gold price. There is technical pressure at 4380 US dollars for New York gold and 980 yuan for Shanghai gold. After the China - US summit in Busan, the market risk appetite has risen, and the gold price is oscillating at a high level. Technically, pay attention to the resistance at the 4400 US dollars level [3]. Copper - Short - term: Oscillatory [1] - Medium - term: Bullish [1] - Intraday: Oscillatory and bullish [1] - Core Logic: The macro environment is loose and there is a reduction in mine supply. The US dollar is falling, which benefits non - ferrous metals. The spot discount is weakening, and the 1 - 2 month spread is also weakening, presenting a near - weak and far - strong pattern. Technically, pay attention to the long - short game at the 93,000 yuan level [4].

【机构观点】 【基本面消息】 数据显示，12月18日上海黄金现货价格报价975.00元/克，相较于期货主力价格（980.50元/克）贴水5.5 元/克。 美国据悉准备在普京拒绝和平协议的情况下对俄实施新一轮制裁。 美联储理事沃勒周三表示，鉴于市场担忧就业市场疲软，美联储仍有降息空间。沃勒表示："我仍然认 为，我们可能距离中性利率还有50到100个基点的差距。"这意味着美联储仍有降息空间。沃勒表示，鉴 于目前的经济前景，"没有必要急于降息"，在通胀可能趋于温和的经济环境下，"我们可以稳步地将利 率降至中性水平"。 【黄金期货最新行情】 | 12月18日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 980.50 | 0.33% | 241116 | 196752 | 打开APP，查看更多高清行情>> 宝城期货：市场的风险偏好持续回升 金价呈现高位震荡态势 昨夜金价偏强运行，纽约金一度站上4380美元，沪金站上980元关口。宏观层面，自上周五以来，风险 偏好均下降明显，这表现在美股高位持续下挫，因此避 ...

今日周四(12月18日)亚盘时段，伦敦银目前交投于66.33一线上方，今日开盘于66.21美元/盎司，截至发 稿，伦敦银暂报66.54美元/盎司，上涨0.55%，最高触及66.58美元/盎司，最低下探65.54美元/盎司，目 前来看，伦敦银盘内短线偏向震荡走势。 美国总统特朗普与美联储主席有力候选人发出鸽派信号，一定程度上加强了明年降息可能性，美元随之 受到压力，而白银是以美元计价的商品，美元的颓势提振白银价格。 另外，地缘方面美国的强硬表态引发市场对白银的避险买盘。特朗普总统下令封锁受制裁的进出委内瑞 拉油轮，在美军增强该地区军事部署的背景下，进一步向委内瑞拉施压。据知情人士透露，若普京总统 拒绝与乌克兰达成和平协议，美国正准备对俄罗斯能源行业实施新一轮制裁，以加大对莫斯科的压力。 【最新伦敦银行情解析】 【要闻速递】 特朗普在周四早上的全国讲话中表示，下一任美联储主席将是一个"非常"相信降低利率的人。他进一步 指出，他将很快宣布现任美联储主席杰罗姆.鲍威尔的继任者。 美联储理事克里斯托弗.沃勒周三支持进一步降息，以使中央银行的政策回归中性，彭博社报导。然 而，沃勒也警告说，在高通胀的情况下没有必要急于行动 ...

美联储理事克里斯托弗·沃勒近期表态强化了这一预期。他明确指出，鉴于就业增长转弱和通胀风险下 降，"美联储仍有进一步降息的空间"。这与亚特兰大联储总裁博斯蒂克的鹰派观点形成鲜明对比，内部 政策分歧反而放大市场对宽松政策的想象。 黄金作为零孳息资产，在利率下行周期中吸引力显著上升——降息将直接降低持有黄金的机会成本，驱 动资金从债市与其他资产流向金市。 关键节点预警：本周延迟公布的美国11月CPI与PCE通胀数据，若结果低于预期，可能成为 金价突破4400美元关口的导火索。 地缘政治紧张升级放大避险需求 除了经济基本面，骤然升温的地缘政治风险为贵金属涨势再添"一把火"。美国总统特朗普周二下令封锁 所有进出委内瑞拉的受制裁油轮，进一步升级对马杜罗政府的施压。据美国记者塔克·卡尔森援引国会 消息，特朗普或在美国东部时间12月17日晚九点的全国讲话中正式对委内瑞拉宣战。 这一潜在军事行动风险瞬间点燃全球避险情绪。历史经验显示，地缘冲突尤其是涉及能源大国的危机， 往往引发黄金短期内急涨。市场波动率预期上升，推动投资者加速涌入黄金、白银等传统避险资产。 股市疲软也为金价提供间接支撑。周三，受人工智能融资忧虑拖累科技股，美股 ...

Core Viewpoint - Zhaojin Mining (1818.HK) experienced a rapid increase in stock price, rising over 5%, with a total market value of HKD 108.9 billion, driven by rising spot gold prices and geopolitical tensions [1] Group 1: Market Conditions - Spot gold prices surged significantly on December 17, indicating a weakening U.S. labor market, which strengthens the possibility of interest rate cuts by the Federal Reserve [1] - Increased tensions between the U.S. and Venezuela, including President Trump's order to "block" all sanctioned oil tankers entering or leaving Venezuela, have heightened demand for safe-haven assets [1] Group 2: Company Developments - Zhaojin Mining's overseas key mining project, the 33.28MWp/37.50MWh solar-storage project at the Abidjan Gold Mine in Côte d'Ivoire, has been successfully completed and connected to the grid [1] - The successful operation of this project alleviates power supply constraints, providing strong support for the company's production expansion and cost reduction efforts, marking a significant milestone in the company's global integrated operational support system [1]

Core Viewpoint - Zhaojin Mining (1818.HK) experienced a rapid increase in stock price, rising over 5%, with a market capitalization of HKD 108.9 billion, driven by rising gold prices and geopolitical tensions [1] Group 1: Market Conditions - Spot gold prices surged significantly on December 17, indicating a weakening U.S. labor market, which strengthens the likelihood of interest rate cuts by the Federal Reserve [1] - Increased tensions between the U.S. and Venezuela, including President Trump's order to "block" all sanctioned oil tankers entering or leaving Venezuela, have heightened demand for safe-haven assets [1] Group 2: Company Developments - Zhaojin Mining's overseas key mining project, the 33.28MWp/37.50MWh solar-storage project at the Abidjan Gold Mine in Côte d'Ivoire, has been successfully completed and connected to the grid [1] - The successful operation of this project alleviates the power bottleneck that has constrained the company's stable and efficient operations, providing strong support for production expansion and cost reduction [1] - This marks the first successful practical implementation of the company's global integrated operational support system [1]

Group 1 - The core viewpoint of the news highlights the significant rise in the stock price of Zhaojin Mining (1818.HK), which increased by over 5%, with a market capitalization of HKD 108.9 billion, driven by the surge in spot gold prices due to signs of a weakening U.S. labor market and escalating tensions between the U.S. and Venezuela [1] - The successful completion of the 33.28MWp/37.50MWh solar-storage project at the Abidjan gold mine in Côte d'Ivoire marks a significant achievement for Zhaojin Mining, addressing power supply constraints and enhancing operational efficiency, thereby supporting the company's global integrated operational framework [1] Group 2 - The rise in gold prices is attributed to the potential for interest rate cuts by the Federal Reserve, influenced by a softening job market in the U.S. [1] - The U.S. government's actions to "blockade" all sanctioned oil tankers entering or leaving Venezuela have increased demand for safe-haven assets like gold [1]

Core Viewpoint - The precious metals market is experiencing mixed trends, with gold prices declining while platinum and palladium are rising, influenced by economic data and geopolitical tensions [1][2]. Group 1: Precious Metals Performance - Spot gold has fallen below the $4,330 mark, currently trading at $4,330 [1]. - Spot silver has decreased by 1.00%, now at $65.53 per ounce [1]. - Spot platinum has surpassed $1,950, currently at $1,950.13, with a daily increase of 2.63% [1]. - Spot palladium is trading above $1,670 [1]. - COMEX gold futures are reported at $4,362.10 per ounce, down 0.27% [1]. - COMEX silver has dropped below $66, declining over 1.00% [1]. - Platinum futures have increased by 5.00%, now at 541.05 yuan per gram [1]. - Palladium futures have risen by 6.00%, reaching a peak of 474.40 yuan per gram [1]. Group 2: Market Influences - Weak U.S. employment data has raised expectations for a Federal Reserve rate cut, contributing to a surge in precious metals [2]. - Silver prices soared nearly 4%, breaking the $66 per ounce barrier and reaching a historical high of $66.86 [2]. - Analysts suggest that funds are rotating from gold into silver, platinum, and palladium, with a short-term target of $70 for silver [2]. - The U.S. unemployment rate rose to 4.6%, the highest since September 2021, despite stronger-than-expected job growth, indicating a softening labor market [2]. - Geopolitical tensions, particularly related to Venezuela, have heightened demand for safe-haven assets [2]. - The market is closely monitoring upcoming U.S. CPI and PCE inflation data for further insights into Federal Reserve policy direction [2].

Report Overview - The report is the precious metals and non - ferrous metals morning report of Baocheng Futures on December 18, 2025, covering gold and copper [1]. Industry Investment Rating - No investment ratings for the industry are provided in the report. Core Viewpoints - Gold is expected to be strong in the short - term and show a short - line upward trend, while it will be in a volatile state in the medium - term. Copper is expected to be strong in the long - term and volatile in the short - term, with a strong performance in the medium - term [1]. Summary by Variety Gold - **Price Performance**: Last night, the price of gold was strong. New York gold once reached $4380, and Shanghai gold reached the 980 - yuan mark [3]. - **Market Analysis**: Since last Friday, risk appetite has decreased significantly, as shown by the continuous decline of the U.S. stock market at a high level. This has increased the demand for hedging and pushed up the price of gold. Since the China - U.S. summit in Busan at the end of October, the market risk appetite has continued to recover, and the price of gold has been in a high - level volatile state [3]. - **Technical Analysis**: In the short - term, attention can be paid to the high - level pressure at the end of October [3]. - **Viewpoint**: Short - term: bullish; Medium - term: volatile; Intraday: volatile and bullish [1][3]. Copper - **Price Performance**: Last night, the price of copper rose first and then fell. LME copper once reached the $11,800 mark, and Shanghai copper once touched 93,500 yuan [4]. - **Market Analysis**: At the macro level, the short - term decline in market liquidity and risk appetite has put pressure on the copper price, but copper is relatively resistant to decline due to its financial attributes. At the industrial level, the spot is at a discount, and the 1 - 2 month spread is weakening, showing a pattern of near - term weakness and long - term strength, indicating that the domestic spot circulation is not tight [4]. - **Technical Analysis**: In the short - term, continuous attention can be paid to the support of the 5 - day moving average [4]. - **Viewpoint**: Short - term: volatile; Medium - term: bullish; Intraday: volatile and bullish; Long - term: bullish [1][4].

Group 1 - The core point of the article highlights the performance of domestic futures contracts on December 18, 2025, with most contracts showing gains, particularly coking coal rising nearly 5% and silver, coking coal, and glass increasing over 3% [2][6] - The report indicates that the macroeconomic environment continues to support precious metals, with the US dollar index rising [8] - Federal Reserve's survey shows that businesses expect a 4% increase in prices next year due to tariff pressures, reinforcing long-term inflation expectations [8] Group 2 - Federal Reserve Governor Waller noted that interest rates remain 50-100 basis points above neutral levels and emphasized that there is still room for rate cuts, solidifying a dovish outlook [4][8] - Geopolitical uncertainties, particularly regarding discussions between the US and Russia on the Ukraine issue, continue to drive demand for safe-haven assets [4][8] - Policy statements from the central banks of Japan and Thailand also contribute to a relatively accommodative financial environment [4][8]