Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current copper mine supply remains tight, and although demand has slightly improved with the decline in copper prices, there is still significant uncertainty overall considering seasonal trends and the macro - environment. In the short term, due to the implementation of the tariff policy, copper prices are expected to remain under pressure [5]. Summary by Related Catalogs 1. Supply and Demand - The processing fee remains in the negative range. The machine - operating rate of the enameled wire industry rose 1.47 percentage points to 81% week - on - week, and new order volume increased by 4.01 percentage points. It is expected to rise slightly to 81.07% next week. The copper cable enterprise operating rate was 71.52%, up 3.7 week - on - week. The weekly operating rate of refined copper rod enterprises also rose to 67.00%, up 3.26 percentage points week - on - week [4]. 2. Macro - environment - The US will impose a 50% tariff on imported copper starting from August 1, 2025. Before August, copper that can reach the port will continue to flow to the US, and after August, the US demand for imported copper is expected to decrease significantly, making the copper supply in non - US markets more abundant. Last week, LME copper stocks increased by 11,000 tons to 108,700 tons, and COMEX copper stocks increased by 9,200 tons to 209,600 tons [4]. 3. Market Review - Last week, the main contract of Shanghai copper showed a weak and volatile trend. The US dollar index continued to rise, and the closing price on Friday was 78,430 yuan/ton, about - 1.6% lower than the previous week. Affected by the tariff policy, the price of LME copper was also under pressure, but the price of CME copper increased by 10% [6].

Report Title - The report is titled "Caida Futures | Precious Metals Weekly Report 2025-07-14" [1] Report Industry Investment Rating - No information provided Core Viewpoints - Last week, gold and silver prices oscillated higher, with gold reaching 778 yuan per gram and silver hitting 9,232 yuan per kilogram, a record high [3] - The June Fed monetary policy minutes showed internal disagreements on inflation and rate cuts, and it's unclear when a rate cut will occur [4] - A Trump administration official hinted that Fed Chair Powell might "consider resigning." If he leaves and a more Trump - compliant chair takes over, there could be aggressive rate cuts, stimulating Bitcoin and gold prices [6][7] - On July 12, Trump threatened to impose 30% tariffs on EU and Mexican imports starting August 1. This will increase US inflation and make rate - cut conditions less favorable, but it will support gold prices, which will maintain an oscillating upward trend [9] - Silver has a stronger upward momentum, hitting a new high due to its strong industrial attributes and increasing demand from the photovoltaic, mobile phone, and new - energy vehicle industries. In the short term, silver price growth may outpace gold [9] Summary by Related Content Fed Policy - The June Fed monetary policy minutes reflected differences among officials on the impact of US tariff policies on inflation, leading to disagreements on the rate outlook [4] - Fed Governor Christopher Waller thought a rate cut might be considered later this month as tariff - induced inflation is temporary, but more officials want more data and time to assess the impact of tariffs on inflation [4] Powell's Potential Resignation - A Trump administration official suggested Powell might "consider resigning" due to the pressure of the Fed headquarters renovation project. If he leaves, a more Trump - friendly chair could lead to aggressive rate cuts, benefiting Bitcoin and gold [6][7] Trump's Tariff Threat - On July 12, Trump threatened to impose 30% tariffs on EU and Mexican imports starting August 1. The EU said it would retaliate if necessary [9] - Trump's tariff policy will increase US living costs and inflation, and his demand for rate cuts while waging a tariff war creates a contradiction [9] - The uncertainty of the tariff war and the increasing expectation of a Fed rate cut will support gold prices, which will oscillate upward. Silver has a stronger upward trend [9] Gold and Silver Market - Gold prices showed a rebound after a dip, with moving averages forming a golden cross again. The long - term upward channel provided support, and the price will maintain an oscillating upward trend [9] - Silver hit a new high due to strong industrial demand. The gold - silver ratio has decreased from 1:94 at the end of May to 1:84, and in the short term, silver price growth may be higher than that of gold [9]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The A-share market showed an upward trend last week, reaching a new high on Friday driven by the financial sector with moderate trading volume. However, short-term adjustment risks are accumulating, and the possibility of repeated oscillations is increasing as the index enters the volume accumulation area of last October [3]. - Looking ahead to next week, the endogenous growth momentum of domestic demand is insufficient, and external demand is vulnerable to tariff impacts. Therefore, favorable policies to stabilize economic demand and market expectations are needed in the second half of the year, which is the main logic for the current stock index rebound [4][5]. - The profit expectations of non-financial sectors are approaching the bottom, investors' patience has improved but confidence still needs to be restored. Specific policies to counter involution and boost domestic demand are expected, and the market is just waiting for a catalytic factor [5]. 3. Summaries According to Related Contents Market Performance - Last week, the performance of the four stock index futures varieties was differentiated. CSI 500 and CSI 1000 fluctuated and consolidated, while SSE 50 and CSI 300 oscillated and rebounded. The basis of all four stock index futures varieties turned into a futures discount mode, and the inter - period spread of futures strengthened [3]. - In the A-share market last week, the steel and glass industries remained stable, and the banking industry showed an obvious breakthrough path. The steel industry had a 3 - day increase of 4.78%, and the banking industry had a 3 - day increase of 2.36% [3]. Market Outlook - The market's mid - term capital direction remains unchanged, but the rotation speed of sectors may increase next week [3]. - Although the index has broken through the short - term pressure line, it is difficult to break through the volume accumulation area of last October without a large amount of funds, and the possibility of repeated oscillations is increasing [3].

财达期货｜焦煤焦炭周报 2025-07-07 反内卷政策提振黑色板块，期价震荡运行 【期现行情】 上周焦煤 2509 合约周五收于 839.5，周跌幅 0.94%，现货市场主流地区报价偏 强运行。 研究员 姓名：申伟光 上周焦炭 2509 合约周五收于 1433，周涨幅 0.81%，现货市场主流地区报价暂 稳运行。 从 业 资 格 号 ： 【基本面分析】 F03088716 投 资 咨 询 号 ： 焦煤： 供应端：上周全国 523 家炼焦煤矿山核定产能利用率 83.8%，环比上升 1.3%。 全国 110 家洗煤厂开工率 59.72%，环比上升 0.62%；日均产量 50.59 万吨，环比增 加 0.44 万吨。上周，因 6 月份安全环保检查增多影响的主产区煤矿逐渐恢复生产， 炼焦煤矿山核定产能利用率及洗煤厂开工率有所提升，但产地安监形势仍然严峻， 整体开工率未出现明显提升。库存方面，随着市场有所好转，下游采购积极性有所 提高，洗煤厂生产积极性提高，洗煤厂原煤及精煤库存延续去库。 需求端：上周，钢厂高炉开工率依然维持高位，原料煤需求有支撑。上周钢材 库存环比小幅下降，表需上升，焦煤市场情绪回升，焦钢企业的补库 ...

财达期货｜螺纹钢、铁矿石 周报 财达期货｜螺纹钢、铁矿石 周报 2025-07-07 短期受钢厂减产消息提振，螺矿盘面延续反弹走势 研究员 姓名：薛国鹏 Z0017173 请务必阅读正文之后的免责条款部分 第 1 页 共 10 页 维持 F3073406 【螺纹钢】 期货方面：本周螺纹 10 合约在头多主力增仓驱动下维持小幅反弹走势。截 止周五，螺纹 10 合约收于 3072 元/吨，环比上周上涨 77.0 元， 周涨幅 2.57%。 从 业 资 格 号 ： 投 资 咨 询 号 ： 现货方面：本周螺纹主流地区价格普遍出现明显上调，整体成交小幅转好。 截止周五，全国螺纹平均报价上调 65 元至 3263 元/吨；其中上 海地区螺纹价格上调 90 元至 3170 元/吨；杭州地区螺纹价格上 调 90 元至 3220 元/吨；北京地区螺纹价格上调 20 元至 3170 元 /吨；天津地区螺纹价格上调 10 元至 3170 元/吨；广州地区螺 纹价格上调 100 元至 3250 元/吨。 基 本 面：供给方面：全国 247 家钢厂高炉开工率 83.46%，环比减少 0.36%， 同比增加 0.65%；高炉炼铁产能利用 ...

财达期货｜贵金属周报 2025-07-07 非农数据短期影响不改黄金向上趋势 上周金价下探后回升，外盘收盘于每盎司 3346 美元，沪金收 盘于每克 777 元。 从业资格号： 美国劳工部上周四公布数据显示，在截至 6 月 28 日当周，经 季节调整后的初请失业金人数下降 4000 人至 23.3 万人，创下自 5 月中旬以来的六周新低，低于经济学家预测的 24 万人。然而截至 6 月 21 日当周的续请失业金总人数仍维持在 196.4 万人的高位， 这是自 2021 年秋季以来的最高水平。 更让人关注的是美国 6 月非农数据的超预期。美国 6 月非农 就业人数意外增长 14.7 万，这不仅高于 5 月的 14.4 万新增岗位， 也大幅超越经济学家普遍预测的 11 万，显示美国劳动力市场成功 抵御了特朗普政府贸易和移民政策带来的不确定性。同时失业率降 至 4.1%，低于预估的 4.3%，显示出劳动力市场的稳健复苏。这一 数据不仅缓解了市场对经济放缓的担忧，也暂时打消了投资者对美 联储可能提前降息的预期。 CME "美联储观察" 数据显示，非农数据公布后，美联储 7 月维持利率不变的概率升至93.3%，降息25 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Short - term copper prices are expected to run weakly. Although supply tightness supports copper prices due to concerns about Trump's tariff policy implementation and low processing fees, high prices suppress downstream demand, and previous positive factors are weakening, resulting in upward pressure on copper prices [4]. 3. Summary by Related Catalogs 3.1行情回顾 Last week, the main contract of Shanghai copper first rose and then fell. In the first half of the week, it continued the previous week's upward trend. After the release of strong US employment data on Thursday and Trump's passage of the "big and beautiful" bill, the US dollar index rose, and copper prices fell from a high on Friday. The closing price on Friday was 79,730 yuan/ton, a decrease of about - 0.2% compared with the previous week [5]. 3.2 Supply and Demand - Processing fees remain in the negative range. After the copper price exceeded 80,000 yuan/ton, many refined copper rod enterprises reduced production or stopped production to reduce inventory, causing the weekly operating rate of refined copper rod enterprises to drop to 63.74%, a decrease of 10.27% from the previous period and 9.74% lower than expected. The operating rate of copper cable enterprises dropped to 67.81%, a decrease of 2.37% from the previous period and 13.55% from the same period last year [3]. - Affected by the traditional off - season and high copper prices, new orders weakened, and enterprises mainly relied on previous orders. The finished product inventory decreased by 2.33% to 19,670 tons. Except for the relatively stable power industry, demand in other industries was generally suppressed by high copper prices [3]. - As some enterprises' finished product inventories have reached a low level, the operating rate is expected to rise to 71.56% driven by resumption of production. As of July 3, the copper inventory in the country's mainstream areas increased by 0.57 million tons to 13.18 million tons compared with Monday and increased by 0.17 million tons compared with the previous Thursday [3]. 3.3 Macro - economy - The US Department of Labor announced on Thursday that non - farm payrolls increased by 147,000 in June, which led to a significant decline in the Fed's interest - rate cut expectations and a rise in the US dollar. The US House of Representatives passed Trump's bill to significantly cut taxes and increase government spending, which may increase inflationary pressure, putting upward pressure on copper prices [3]. - Trump stated that countries will pay reciprocal tariffs starting from August 1, with tariff rates possibly ranging from 10% to 20% or from 60% to 70% [3].

财达期货｜生猪、玉米周报 2025-07-07 财达期货｜生猪玉米周报 生猪价格涨幅明显，玉米盘面大幅下挫 研究员 姓名：田金莲 F3046737 投资咨询号： Z0015545 生猪 上周生猪期货震荡偏强，LH2509 合约报收 14305 元/吨，较前 周结算价上涨 2.25%。 从业资格号： 现货方面，全国外三元生猪市场价为 15.29 元/公斤，环比上 涨 0.76 元/公斤。利润方面，截至 7 月 4 日，自繁自养生猪养殖利 润为 119.72 元/头，环比增加 69.47 元/头；外购仔猪养殖利润为 -26.26 元/头，环比增加 105.45 元/头；猪粮比价为 6.23，周环比 增加 0.21。 财达期货｜生猪玉米周报 玉米 上周玉米期货偏弱运行，C2509 合约报收 2353 元/吨，较前周结算价下跌 1.05%。 上周全国生猪现货价格涨幅明显，并突破 15 元/公斤。月底月 初阶段集团厂出栏缩量明显，加之局部降雨天气影响，市场生猪实 际供应减少，屠宰企业收购难度增加，带动生猪价格持续上涨。目 前来看，养殖端多控量挺价操作，市场整体猪源供应较为有限，生 猪出栏节奏放缓，形成阶段性供应偏紧格局 ...

Report Overview - The report is a weekly analysis of the hog and corn markets by Caida Futures, dated May 12, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The hog price is expected to remain weakly stable, with supply likely to increase and consumption support insufficient [5] - The corn market may experience a short - term high - level adjustment, with limited upside space and weakening upward momentum [7] Summary by Category Hog Market - **Futures and Spot Prices**: Last week, the hog futures contract LH2509 closed at 13,925 yuan/ton, up 0.07% from the previous week. The national average price of external ternary live hogs was 14.92 yuan/kg, down 0.02 yuan/kg week - on - week [5] - **Profit Situation**: As of May 9, the self - breeding and self - raising profit was 84.33 yuan/head, down 0.72 yuan/head week - on - week; the profit from purchasing piglets was 58.46 yuan/head, up 9.93 yuan/head week - on - week. The pig - grain ratio was 6.44, down 0.15 week - on - week [5] - **Market Analysis**: The hog spot price continued to fluctuate narrowly. After the holiday, the supply of standard hogs from small farmers was limited, and the large - scale farms did not increase their slaughter volume. However, the downstream demand declined. The market supply - demand game continued. The sentiment of resistance to selling at a low price among farmers remained, but the enthusiasm for secondary fattening decreased, and the consumption support was insufficient. The supply is expected to increase in the future [5] Corn Market - **Futures and Spot Prices**: Last week, the corn futures contract C2507 closed at 2,375 yuan/ton, up 0.42% from the previous week. The national average spot price of corn was 2,363.53 yuan/ton, up 50 yuan/ton week - on - week [6] - **Industrial Consumption**: From May 1 to May 7, 2025, 149 major corn deep - processing enterprises consumed 1.2197 million tons of corn, down 21,500 tons from the previous week. The processing volume of corn starch enterprises was 636,700 tons, up 11,900 tons from the previous week, and the weekly output of corn starch was 325,500 tons. The operating rate of the DDGS industry was 41.22%, down 4.12% from the previous week, and the weekly production of DDGS was 83,880 tons, down 9.10% [6] - **Inventory Situation**: As of May 7, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 4.946 million tons, with a decrease of 5.18%. As of May 9, the total corn inventory in the four northern ports was about 4.25 million tons, and the corn inventory in the Guangdong port was 1.53 million tons [7] - **Market Analysis**: The corn spot market was strong. In the Northeast, the remaining grain at the grass - roots level was almost exhausted, and the auction of the China National Grain Reserves Corporation had obvious premium. In the North China, the arrival volume of corn at the deep - processing plants was low, and the purchase price increased significantly. The operating rate of the corn starch industry continued to rise, but the high price of raw materials might limit the production enthusiasm. The operating rate of the alcohol industry continued to decline. Short - term positive factors have been realized, and the rising space of corn will be limited by the need to clear warehouses for new wheat [7]