1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Gold is expected to be strong in the short - term and show a short - term upward trend due to the impact of the yen's interest rate hike and the recovery of market liquidity [1][3] - Copper is expected to have a long - term upward trend, driven by macro - level factors such as the warming macro - environment after the yen's interest rate hike, along with mine - end production cuts [1][4] 3. Summary by Related Categories 3.1 Gold - **Short - term view**: Strong [1] - **Medium - term view**: Oscillating [1] - **Intraday view**: Oscillating and tending to be strong [1] - **Reference view**: Bullish in the short - term [1][3] - **Core logic**: After the yen's interest rate hike, short - term market liquidity has recovered. Since the China - US summit in Busan at the end of October, market risk appetite has continuously increased, and gold prices have been in a high - level oscillation. Recently, gold prices have broken through upwards [1][3] - **Price performance**: New York gold has reached above $4400 and is approaching $4500, and Shanghai gold has exceeded the 1000 - yuan mark and broken through the high at the end of October [3] 3.2 Copper - **Short - term view**: Strong [1] - **Medium - term view**: Strong [1] - **Intraday view**: Strong [1] - **Reference view**: Bullish in the long - term [1][4] - **Core logic**: At the macro level, the macro - environment has improved after the yen's interest rate hike, leading to a general rise in non - ferrous metals. At the industrial level, high copper prices have suppressed consumption, with the basis and monthly spreads continuously weakening, and the futures price pattern showing near - term weakness and long - term strength. Short - term macro factors have pushed up copper prices, with high capital attention [4] - **Price performance**: Shanghai copper has shown a strong oscillation, with the position volume continuously increasing. At night, it slightly declined from the high, and the position volume slightly decreased. LME copper faces strong resistance at the $12,000 mark [4]

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].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold is expected to be strong in the short - term and may maintain a strong run due to increased market risk - aversion as the macro - environment weakens. In the medium - term, it will be in a volatile state, and in the long - term, it has shown a high - level volatile trend since late October. [1][3] - Copper is expected to be strong in the long - term. Although it is under pressure in the short - term due to decreased market risk preference and liquidity, it is supported by downstream replenishment demand and low LME inventories. [1][4] 3. Summary by Related Catalogs Gold - **Short - term**: The short - term view is bullish. After the macro - environment took a turn for the worse since last Friday, overseas stocks and commodities generally declined, and the short - term liquidity of gold decreased significantly. The impact of the interest - rate meeting has been fully digested, and the market's risk - aversion demand has risen rapidly, so the price of gold may maintain a strong run. [1][3] - **Medium - term**: The medium - term view is volatile. Since late October when Sino - US relations eased, the price of gold has been in a high - level volatile state, and attention can be paid to the technical pressure at the $4400 mark. [3] - **Intraday**: The intraday view is volatile and bullish. Yesterday, the price of gold in the Asian session fluctuated downward and then rose and fell back at night. The US non - farm payroll data last night was mixed, and the short - term fluctuation of gold was not obvious. [3] Copper - **Short - term**: The short - term view is volatile. Yesterday, the price of copper in the Asian session decreased with reduced positions, dropping nearly 2000 yuan/ton from the high. The market risk preference and liquidity decreased, putting pressure on the copper price. However, it is relatively resistant in the non - ferrous sector due to its strong financial attributes. [1][4] - **Medium - term**: The medium - term view is bullish. As the copper price drops, the downstream replenishment willingness in the industry increases, and the low LME inventories strongly support the copper price. [1][4] - **Intraday**: The intraday view is volatile and bullish. The long - short game has intensified, and the copper price shows a pattern of being strong overseas and weak in China. Attention can be paid to the support of the 10 - day moving average. [4]

Group 1: Report Investment Ratings - There is no information about the report industry investment rating in the provided content Group 2: Core Viewpoints - Gold is expected to be strong in the short - term, with a core logic of a weakening macro atmosphere and rising risk - aversion demand [1][3] - Copper is expected to be strong in the long - term, due to a macro - easing environment, mine - end production cuts, and the implementation of interest rate cuts [1][4] Group 3: Summary by Variety Gold (AU) - Short - term view: Strong; Medium - term view: Oscillating; Intraday view: Oscillating and tending to be strong; Overall reference view: Strong in the short - line. The price has been rising since last week, reaching near the $4400 mark on Monday night. After a dovish Fed meeting, the short - term market risk preference and liquidity increased, but on Friday night, the macro atmosphere worsened. The short - term impact of the meeting has been digested, and risk - aversion demand has risen rapidly, so the price may remain strong. Tonight's US non - farm data may affect short - term trends, and the $4400 mark is a technical resistance in the medium - to - long - term [1][3] Copper (CU) - Short - term view: Oscillating; Medium - term view: Strong; Intraday view: Oscillating and tending to be strong; Overall reference view: Strong in the long - line. After the Asian session yesterday, LME copper soared close to $11,900, and SHFE copper opened higher at night, approaching the 94,000 yuan mark. Then the price fell back, and the long - position closing intention was strong. The non - ferrous sector declined, but copper was resilient due to its strong financial properties. The sharp drop last Friday stimulated downstream replenishment demand, and the spot premium in Guangdong increased, indicating actual demand resilience. The short - term price volatility is large, and both sides tend to close positions. Tonight's US non - farm employment data may affect short - term trends, and the 5 - day moving average can be monitored [1][4]

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Report's Core View - For gold, the short - term view is weak, the medium - term view is oscillatory, and the intraday view is weakly oscillatory. It is recommended to take a wait - and - see approach due to rising interest - rate cut expectations and the easing of the Russia - Ukraine situation [1]. - For copper, the short - term, medium - term, and intraday views are all strong. It is recommended to take a long - term bullish view because of the macro - economic easing and mine - end production cuts [1]. 3) Summary by Related Catalogs Gold - **Price Performance**: Yesterday, the gold price oscillated and weakened. New York gold approached the $4200 mark, and Shanghai gold approached the 950 - yuan mark [3]. - **Driving Force**: Since late November, the upward momentum of the gold price has mainly come from the continuous rise in the market's expectation of a Fed interest - rate cut and the decline of the US dollar index from a high level. The short - term market has fully priced in the Fed's interest - rate cut expectation, and the recovery of market risk appetite has put pressure on the gold price. As the Fed's December interest - rate meeting approaches, the short - term market has become more cautious, and gold price fluctuations have decreased, waiting for the meeting results [3]. Copper - **Price Performance**: Yesterday, the copper price first rose and then fell. The main futures price once reached the 93,000 - yuan mark. At night, the positions of Shanghai copper slightly decreased, and the willingness of long - position holders to take profits increased [4]. - **Driving Force**: Since late November, the market's expectation of a Fed interest - rate cut in December has risen, creating a macro - economic easing trading atmosphere and strengthening the financial attribute of copper. Copper is in an industrial background of supply contraction. The resonance of macro - economic and industrial positive factors has pushed the copper price to break through the 90,000 - yuan mark. In terms of funds, both the positions of Shanghai copper in China and London copper overseas have increased significantly, and the attention of funds has risen rapidly. In the short and medium terms, the macro - economic factors drive the copper price up, and the attention of funds is high, with strong upward momentum. However, due to the large short - term increase in the copper price and the uncertainty of the Fed's interest - rate meeting, the number of long - position holders taking profits may increase [4].

Report Summary 1. Report Industry Investment Rating - No investment rating for the industry is provided in the report. 2. Report's Core View - For gold, the short - term is偏弱, the medium - term is震荡, and the intraday is震荡偏弱, with a view of观望 due to rising interest - rate cut expectations and easing of the Russia - Ukraine situation [1]. - For copper, the short - term, medium - term, and intraday are all强势, with a view of长线看强 because of macro - economic easing and mine - end production cuts [1]. 3. Summary by Variety Gold (AU) - **Price Performance**: Last week, gold prices showed high - level volatility, and Shanghai gold faced resistance at the 960 level [3]. - **Driving Factors**: Since late November, the upward momentum of gold prices mainly comes from the continuous rise in expectations of the Fed's interest - rate cuts and the decline of the US dollar index. However, short - term market pricing of Fed's interest - rate cut expectations is relatively sufficient, and the recovery of market risk appetite puts pressure on gold prices. The decline of the gold - silver ratio and the gold - copper ratio reflects the recovery of risk appetite [3]. - **Recommendation**: Maintain a wait - and - see attitude and keep an eye on the Fed's December interest - rate meeting [3]. Copper (CU) - **Price Performance**: Last week, the price of the main contract of Shanghai copper exceeded 90,000 yuan/ton, and the price of LME copper reached over 11,000 US dollars/ton, both hitting record highs [4]. - **Driving Factors**: The sharp rise is driven by supply contraction, macro - economic expectations, and financial capital. The root cause is the "mine shortage" upstream. Many major global copper mines have significantly reduced production this year due to accidents and shutdowns, leading to a shortage of copper concentrate supply. Since late November, the expectation of the Fed's December interest - rate cut has created a macro - economic easing trading atmosphere and strengthened the financial attributes of copper. The price difference between COMEX and LME has led traders to transport a large amount of global inventory to the US, increasing the expectation of spot inventory shortage in non - US regions. The market has a strong consensus on a bullish outlook, and funds have flowed in significantly [4]. - **Recommendation**: Take a long - term bullish view and pay attention to the Fed's December interest - rate meeting [4].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - For gold, the short - term and mid - term views are both "oscillation", the intraday view is "oscillation with a slight upward bias", and the reference view is "wait - and - see". The core logic is that the Fed has turned hawkish, reducing the expectation of interest rate cuts [1][3]. - For copper, the short - term view is "oscillation", the mid - term view is "strong", the intraday view is "oscillation with a slight upward bias", and the reference view is "long - term bullish". The core logic is macro - level easing and mine - end production cuts [1][4]. 3. Summary by Related Catalogs Gold - **Price Movement**: Since Tuesday this week, the gold price has rebounded after hitting a low. New York gold rebounded after falling below $4000 and reached the $4100 mark last night. Shanghai gold once rebounded above 940 last night [3]. - **Driving Factors**: The recent decline in precious metals was mainly due to hawkish remarks from multiple Fed officials, which reduced the market's expectation of interest rate cuts. However, the downward revision of the interest - rate - cut expectation was largely due to the market's previous optimistic expectations, and its sustainability is not strong, and it will return to being data - driven. The market sentiment has improved significantly, and the market's sentiment of reduced interest - rate - cut expectation has been released, leading to short - term emotional repair [3]. - **Key Data**: Pay attention to the US non - farm payrolls data for September to be released on Thursday this week and subsequent economic data, which will directly affect the market's expectation of Fed policies and determine the short - term trend of precious metals [3]. - **Long - term Impact**: After the APEC meeting between Chinese and US leaders at the end of October, market risk appetite has increased. If there is significant progress in the Russia - Ukraine situation, the gold price may continue to be under pressure [3]. - **Technical Analysis**: Pay attention to the support at the $4000 mark below and the resistance at $4200 above [3]. Copper - **Price Movement**: Shanghai copper showed a slightly upward oscillation yesterday, and the main contract price stood above the 86,000 mark [4]. - **Driving Factors**: At the macro level, the market has warmed up, precious metals have rebounded significantly, and non - ferrous metals have also shown a rebound trend. The short - term market sentiment towards the Fed's hawkish stance has been released, and the market may experience emotional repair. In the industry, spot trading has also improved [4]. - **Technical Analysis**: Pay attention to the support at the 86,000 mark [4].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - For gold, due to the Fed turning hawkish, the gold price has declined in the short - term. It is recommended to take a wait - and - see approach as the downward revision of the interest - rate cut expectation may not be sustainable and subsequent economic data will be crucial for its short - term trend [1][3]. - For copper, although there is short - term volatility due to the Fed's hawkish stance and technical pressure at historical highs, in the long - run, it is expected to be strong as macro - economic easing and supply contraction are likely to support the copper price [1][4]. 3. Summary by Related Catalogs Gold - **Price Trends**: The New York gold hit the bottom and rebounded at the $4000 mark. The gold price is expected to be in a short - term shock, medium - term shock, and intraday shock - weak pattern [3]. - **Driving Factors**: Fed officials' hawkish remarks have led to a decline in the market's interest - rate cut expectation. As of November 18, the market's expectation of a December interest - rate cut has dropped below 50%, compared to over 70% in early November. The focus should be on the September US non - farm payroll data to be released this Thursday and subsequent economic data, which will determine the short - term trend of precious metals. Technically, the $4000 mark support should be monitored [3]. Copper - **Price Trends**: The copper price rebounded last night. The main contract price of Shanghai copper once recovered the 86,000 mark and then declined, with a slight increase in open interest. It is expected to be in a short - term shock, medium - term strong, and intraday shock - strong pattern [4]. - **Driving Factors**: The market's expectation of a December 2025 interest - rate cut has dropped below 50%. The London copper is at a near - 5 - year high and faces strong technical pressure. In the medium - to - long - term, macro - economic easing and supply contraction are expected to support the copper price. Technically, the long - short battle at the 86,000 mark should be monitored [4].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - For gold, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively, with a reference view of "wait - and - see". The core logic is that the Fed turning hawkish has led to a short - term decline in gold prices [1][3]. - For copper, the short - term, medium - term, and intraday views are "strong", "strong", and "oscillation with a slight upward bias" respectively, with a reference view of "long - term bullish". The core logic is that macro - economic easing and supply contraction expectations will support copper prices in the long run [1][4]. Group 3: Summary by Variety Gold (AU) - Last week, gold prices first rose and then fell. The rise was due to the restoration of market liquidity after the US government "re - opened", with New York gold rebounding above $4200 and Shanghai gold above 960 yuan. The sharp decline on Friday was mainly due to the Fed turning hawkish. In the short term, gold prices have fallen after rising, and long - position holders have a strong willingness to close positions. Continuously monitor the support at the $4000 level for New York gold [3]. Copper (CU) - Last week, copper prices also first rose and then fell, similar to the trend of gold prices. The rise was due to the US Senate reaching an agreement to end the federal government "shutdown", which increased market risk appetite and restored market liquidity. The decline was due to the Fed turning hawkish and the decrease in market expectations of interest rate cuts. Additionally, LME copper is at a near - 5 - year high and faces strong technical pressure. In the long - term, macro - economic easing and supply contraction expectations will support copper prices. In the short term, monitor the resistance at the $11,000 level for LME copper [4].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Gold is expected to be strong in the short - term, with a short - term view of being bullish, due to the decline of the US dollar index and the recovery of gold prices. Copper is expected to be strong in the long - term, supported by macro - economic easing and mine production cuts [1]. 3. Summary by Relevant Catalogs Gold - **Price Performance**: Last night, the gold price rose and then fell, with New York gold falling below $4200. Recently, precious metals have regained their upward momentum, with silver performing strongly and the gold - silver ratio continuously declining. Non - ferrous metals have also generally risen [3]. - **Driving Logic**: The likely reason for the rise is the recovery of market liquidity after the news that the US government reopened. The US dollar index also gave support to the gold price as it fell back after reaching the 100 mark. The short - term focus is on the resistance at the $4200 level [3]. - **Viewpoint**: Short - term view is strong, mid - term view is oscillating, and intraday view is oscillating and bullish [1][3]. Copper - **Price Performance**: Last night, the copper price rose and then fell, with LME copper once reaching $11,000. However, copper's performance was relatively weak compared to other non - ferrous metals, possibly due to its large previous gains and being at a near 5 - year high [4]. - **Driving Logic**: Macro - economically, the US Senate's agreement to end the federal government shutdown has led to an increase in market risk appetite and a recovery in market liquidity, resulting in a general rise in non - ferrous metals. In the medium - to - long term, macro - economic easing and supply contraction expectations are likely to continue to support the copper price. The short - term focus is on the resistance at the $11,000 level of LME copper [4]. - **Viewpoint**: Long - term view is strong, mid - term view is strong, and intraday view is oscillating and bullish [1][4].