1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The soybean meal futures are expected to continue oscillating. The domestic oil mills maintain a high operating rate, with a high - level soybean crushing volume, but the downstream demand is weak, leading to continuous accumulation of soybean meal inventory. Meanwhile, the good weather in US soybean - producing areas strengthens the expectation of a loose supply, but there are also supporting factors such as the continuous strengthening of Brazilian premiums and the key price level of US soybeans. Also, the uncertainty of US trade tariff policies causes concerns about the soybean supply in the fourth quarter [6]. - The soybean oil futures are in a stage of wide - range oscillation. The concentrated arrival of soybeans and high - level oil mill crushing volume, combined with the seasonal off - season of terminal consumption and weak downstream purchasing demand, result in continuous accumulation of soybean oil inventory. However, there is support from the US biodiesel policy expectation, palm oil market, and cost - side factors due to the strengthening of Brazilian soybean discounts [29]. 3. Summary by Directory 3.1 Soybean Meal Futures 3.1.1 Mid - line Market Analysis - Mid - line trend: The main soybean meal contract is in a sideways oscillation stage. - Trend judgment logic: In the 27th week, the actual soybean crushing volume of oil mills was 2.3322 million tons, with an operating rate of 65.56%. The soybean meal inventory was 822,400 tons, an increase of 130,800 tons or 18.91% from the previous week. The high operating rate of domestic oil mills, high - level soybean crushing volume, weak downstream demand, good weather in US soybean - producing areas, strengthening of Brazilian premiums, the key price level of US soybeans, and the uncertainty of US trade tariff policies all affect the market. - Strategy suggestion: It is recommended to wait and see [6]. 3.1.2 Variety Trading Strategy - Last week's strategy review: The overall trend of soybean meal futures prices was sideways, with slightly more long - side funds. The M2509 contract was expected to continue oscillating in the range of 2880 - 3080. - This week's strategy suggestion: The overall trend of soybean meal futures prices is sideways, with strongly short - side funds. The M2509 contract is expected to continue oscillating in the range of 2880 - 3080 [9][10]. 3.1.3 Variety Diagnosis - The variety diagnosis shows that the main funds are strongly short - side, with a multi - short flow of - 95.5. The fund energy is - 62.3, indicating a relatively large outflow of funds. The multi - short divergence is 99.7, suggesting a high risk of market reversal [14]. 3.1.4 Related Data - The data sources include Wind, Mysteel, and the Great Wall Futures Trading Consultation Department. The related data involve weekly production, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio of soybean meal [18][20][23]. 3.2 Soybean Oil Futures 3.2.1 Mid - line Market Analysis - Mid - line trend: The main soybean oil contract is in a wide - range oscillation stage. - Trend judgment logic: In the 27th week, the actual soybean oil production of 125 oil mills was 443,100 tons, a decrease of 29,600 tons from the previous week. The commercial inventory of soybean oil in key national regions was 1.0197 million tons, an increase of 64,500 tons from the previous week. The concentrated arrival of soybeans, high - level oil mill crushing volume, seasonal off - season of terminal consumption, and weak downstream purchasing demand lead to inventory accumulation. There is also support from the US biodiesel policy expectation, palm oil market, and cost - side factors. - Strategy suggestion: It is recommended to wait and see [29]. 3.2.2 Variety Trading Strategy - Last week's strategy review: The overall trend of soybean oil futures prices was sideways, with slightly short - side funds. The Y2509 contract was expected to continue wide - range oscillation in the range of 7800 - 8100 in the short term. - This week's strategy suggestion: The overall trend of soybean oil futures prices is sideways, with relatively short - side funds. The Y2509 contract is expected to maintain wide - range oscillation in the range of 7800 - 8100 in the short term [32]. 3.2.3 Related Data - The data sources include Wind, Mysteel, and the Great Wall Futures Trading Consultation Department. The related data involve weekly production, weekly inventory, basis, trading volume, weekly arrival volume, weekly inventory, weekly crushing volume, weekly operating rate, and weekly port inventory of soybean oil and soybeans [41][42][46]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views - Industrial silicon futures are currently in the process of bottom - building with oscillations. Last week, the spot price of industrial silicon rose slightly. The AI intelligent investment consultation report shows that the daily price is in an upward channel, and the main force has a relatively obvious bullish attitude. The price of industrial silicon 2509 futures fluctuates between 7500 - 9100, and it is recommended to buy a small amount on dips [6][7]. - Lithium carbonate futures are currently in the process of finding the bottom with oscillations. Last week, the spot price of lithium carbonate increased. The AI variety diagnosis report shows that the daily line of lithium carbonate futures is basically in an upward channel, and the main force shows a strong bullish sentiment. The price of lithium carbonate 2509 futures fluctuates between 57000 - 67000, and it is recommended to buy a small amount on dips [34][35]. 3. Summary by Directory Industrial Silicon Futures - **Mid - line Market Analysis** - Trend: In the process of bottom - building with oscillations. As of July 11, the 421 price in Xinjiang was 8650 yuan/ton, in Yunnan was 9900 yuan/ton, and in Sichuan was 9450 yuan/ton. The AI report shows the daily price in an upward channel, and the main force is bullish [6]. - Strategy: The price of industrial silicon 2509 futures fluctuates between 7500 - 9100, and it is recommended to buy a small amount on dips [7]. - **Variety Trading Strategy** - Last week's strategy: The price of industrial silicon was in a bottom - finding and oscillating state, and it was advisable to consider buying a small amount on dips during the decline [10]. - This week's strategy: The price of industrial silicon is in a bottom - building and oscillating state, and it is advisable to consider buying a small amount on dips during the decline [11]. - **Related Data Situation** - As of April 19, 2024, the SHFE cathode copper inventory was 300,045 tons, an increase of 322 tons from the previous week, and it was at a relatively high level compared to the past five years [13]. - As of April 19, 2024, the LME copper inventory was 122,125 tons, and the proportion of cancelled warrants was 25.73%. It was at a relatively low level compared to the past five years [17]. Lithium Carbonate Futures - **Mid - line Market Analysis** - Trend: In the process of finding the bottom with oscillations. As of July 11, the average price of battery - grade lithium carbonate was 62900 yuan/ton, and that of industrial - grade lithium carbonate was 61500 yuan/ton. The AI report shows the daily line in an upward channel, and the main force is bullish [34][35]. - Strategy: The price of lithium carbonate 2509 futures fluctuates between 57000 - 67000, and it is recommended to buy a small amount on dips [35]. - **Variety Trading Strategy** - Last week's strategy: The price of lithium carbonate was in a bottom - finding and oscillating state, and it was advisable to consider buying a small amount on dips during the decline [38]. - This week's strategy: The price of lithium carbonate is in a bottom - finding and oscillating state, and it is advisable to consider buying a small amount on dips during the decline [39]. - **Related Data Situation** - As of April 19, 2024, the SHFE electrolytic aluminum inventory was 228,537 tons, a decrease of 3,228 tons from the previous week, and it was at a relatively low level compared to the past five years [42]. - As of April 19, 2024, the LME aluminum inventory was 504,000 tons, and the proportion of cancelled warrants was 66.03%. It was at a relatively low level compared to the past five years [43]

Group 1: Industrial Silicon Futures Report Industry Investment Rating Not provided Core View Both industrial silicon and lithium carbonate futures are currently in the process of bottom - hunting oscillations, and it is recommended to buy a small amount on dips [6][29] Summary by Directory 1. Mid - term Market Analysis - Mid - term trend: Industrial silicon futures are in the process of bottom - hunting oscillations [6] - Trend judgment logic: Last week, the spot market price of industrial silicon mainly increased slightly. As of July 3, the price of 421 in Xinjiang was 8450 yuan/ton, in Yunnan was 9900 yuan/ton, and in Sichuan was 9600 yuan/ton. The AI intelligent investment consultation variety diagnosis report of Great Wall Futures shows that the daily line of industrial silicon price is in an upward channel [6] - Mid - term strategy suggestion: The price fluctuation range of industrial silicon 2509 futures is 7000 - 8600, and it is recommended to buy a small amount on dips [7] 2. Variety Trading Strategy - Last week's strategy review: The industrial silicon price showed a slightly stronger oscillating trend, and it was advisable to consider buying call options [10] - This week's strategy suggestion: The industrial silicon price is in a bottom - hunting oscillating operation, and it is advisable to consider buying a small amount on dips during the correction [10] 3. Relevant Data Situation - As of April 19, 2024, the cathode copper inventory of the Shanghai Futures Exchange was 300,045 tons, an increase of 322 tons from the previous week. From a seasonal perspective, the current inventory is at a relatively high level compared to the past five years [12] - As of April 19, 2024, the LME copper inventory was 122,125 tons, and the proportion of cancelled warrants was 25.73%. From a seasonal perspective, the current inventory is at a relatively low level compared to the past five years [16] Group 2: Lithium Carbonate Futures Report Industry Investment Rating Not provided Core View Both industrial silicon and lithium carbonate futures are currently in the process of bottom - hunting oscillations, and it is recommended to buy a small amount on dips [6][29] Summary by Directory 1. Mid - term Market Analysis - Mid - term trend: Lithium carbonate futures are in the process of bottom - hunting oscillations [29] - Trend judgment logic: Last week, the spot price of lithium carbonate increased. As of July 3, the average price of battery - grade lithium carbonate was 61,900 yuan/ton, and the average price of industrial - grade lithium carbonate was 60,400 yuan/ton. The market has sufficient available supply, and downstream enterprises mainly have rigid replenishment demand. Technically, the AI variety diagnosis report of Great Wall Futures shows that the daily line of lithium carbonate futures is basically in an upward channel [30] - Mid - term strategy suggestion: The price fluctuation range of lithium carbonate 2509 futures is 57,000 - 67,000, and it is recommended to buy a small amount on dips [30] 2. Variety Trading Strategy - Last week's strategy review: The price of lithium carbonate showed a slightly stronger oscillating trend, and it was advisable to consider buying call options [33] - This week's strategy suggestion: The price of lithium carbonate is in a bottom - hunting oscillating operation, and it is advisable to consider buying a small amount on dips during the correction [34] 3. Relevant Data Situation - As of April 19, 2024, the electrolytic aluminum inventory of the Shanghai Futures Exchange was 228,537 tons, a decrease of 3,228 tons from the previous week. From a seasonal perspective, the current inventory is at a relatively low level compared to the past five years [36] - As of April 19, 2024, the LME aluminum inventory was 504,000 tons, and the proportion of cancelled warrants was 66.03%. From a seasonal perspective, the current inventory is at a relatively low level compared to the past five years [38]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The soda ash futures market is in a weak oscillation phase, and the glass futures market is also in an oscillatory trend. Due to the weak fundamentals of both industries, including high inventory, high production capacity, and subdued downstream demand, it is recommended to adopt a wait - and - see approach for both soda ash and glass futures [6][30]. 3. Summary by Directory Soda Ash Futures - **Mid - term Market Analysis** - The soda ash futures are in a weak oscillation. Last week, the market oscillated. On July 2nd, it rebounded due to policy and sentiment but dropped the next day. The industry's fundamentals are weak with high inventory and capacity, and the downstream glass industry's production cut expectations suppress demand. The overall supply is ample, and the price is pressured by the glass industry. It is expected to maintain an oscillatory pattern, and it is advisable to wait and see [6]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The soda ash industry's high operating rate led to unchanged supply, while downstream glass demand was low. Without capacity adjustment or demand recovery, the futures price may oscillate weakly. The expected operating range for soda ash 2509 was 1150 - 1300, and it was recommended to stay on the sidelines [9]. - **This Week's Strategy Suggestion**: The industry fundamentals remain weak. The price is expected to oscillate in the short - term, with the expected operating range for soda ash 2509 being 1150 - 1300. It is recommended to wait and see [10]. - **Related Data Situation** - The report lists data such as China's weekly soda ash operating rate, production, light and heavy - quality inventory, basis, and ammonia - soda production cost in North China [11][15][18]. - The main capital indicators show that the long - short flow is - 77.1 (more bearish), the capital energy is 78.3 (significant capital inflow), and the long - short divergence is 92.7 (high risk of market reversal) [22]. Glass Futures - **Mid - term Market Analysis** - The glass market is in an oscillatory trend. Last week, the float glass price oscillated. The industry's operating rate was over 75%, and the production was 110.34 tons, a slight increase. Although the price in some areas rose slightly, the overall market focused on inventory reduction. High inventory pressure persists, and the supply - demand relationship has not improved significantly. It is expected that the price will oscillate with limited rebound space, and it is recommended to stay on the sidelines [30]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The domestic 5mm float glass market was regionally differentiated. The futures price rose slightly due to sentiment but was restricted by high inventory and weak demand. It was expected to continue oscillating, with the expected operating range for glass 2509 being 950 - 1150, and it was recommended to stay on the sidelines [33]. - **This Week's Strategy Suggestion**: The float glass price oscillated last week. The market's core is still inventory reduction. High inventory pressure continues, and the supply - demand relationship has not improved significantly. It is expected to oscillate in the short - term, with the expected operating range for glass 2509 being 950 - 1150. It is recommended to wait and see [34]. - **Related Data Situation** - The report lists data such as China's weekly float glass production, operating rate, production cost and gross profit of the float process using natural gas as fuel, basis, and ending inventory [35][40][42]. - The main capital indicators show that the long - short flow is - 98.8 (more bearish), the capital energy is 40.1 (slight capital inflow), and the long - short divergence is 97.5 (high risk of market reversal) [46].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The mid - term trend of electrolytic aluminum is a large - range oscillation. New orders are suitable for short - term trading in a high - level oscillation market. The future week's fluctuation range of the Shanghai Aluminum 2508 contract is expected to be between 20300 - 20800 yuan/ton, and short - term trading is recommended. Spot enterprises can consider moderately allocating virtual futures inventories at low prices [5][8]. - Domestically, supportive policies continue to be implemented, but the electrolytic aluminum production is approaching the bottleneck with limited incremental output this year. Overseas, there is high macro - uncertainty. The global primary aluminum production growth rate in 2025 is expected to be only 1.9%. The export of aluminum products in the second half of the year has great uncertainties [5][9]. - Affected by the off - season, aluminum processing enterprises generally have weak new orders, and the operating rate is under pressure. It is expected that the weekly operating rate of downstream aluminum processing will continue to decline slightly next week [10][24][25]. - The aluminum price is expected to oscillate at a high level in the short term. The price of the aluminum rod market next week is expected to oscillate between 20000 - 20800 yuan/ton [11]. Summary by Relevant Catalogs Mid - term Market Analysis - **Trend Judgment**: The mid - term trend presents a large - range oscillation. Domestic supportive policies continue to be implemented, production is approaching the bottleneck with limited incremental output this year, but overseas macro - uncertainty is high. New orders are suitable for short - term trading in a high - level oscillation market [5]. Variety Trading Strategy - **Last Week's Strategy Review**: The fluctuation range of the Shanghai Aluminum 2508 contract in the future week was expected to be between 20300 - 20900 yuan/ton [7]. - **This Week's Strategy Suggestion**: The fluctuation range of the Shanghai Aluminum 2508 contract in the future week is expected to be between 20300 - 20800 yuan/ton, and short - term trading is recommended. Spot enterprises can consider moderately allocating virtual futures inventories at low prices [8]. Overall Viewpoint - **Aluminum Bauxite Market**: In June, China's aluminum bauxite production decreased by 3.2% month - on - month and increased by 4.1% year - on - year. Recently, domestic production has declined due to inspections and is expected to recover after the inspections end. In July, the arrival of imported aluminum bauxite in China is expected to remain high, but the impact of the rainy season in Guinea is expected to gradually emerge [9]. - **Alumina Market**: As of July 3, China's alumina production capacity was 110.82 million tons, the operating capacity was 88.63 million tons, and the weekly national operating rate was 79.97%, a decrease of 0.31% from last week. In the second half of the year, both domestic and overseas supply and demand will be in an oversupply situation, but the degree of oversupply has narrowed compared with the first quarter [9]. - **Electrolytic Aluminum Production**: As of the end of June 2025, China's electrolytic aluminum operating capacity was about 43.82 million tons, and the production in June increased by 1.57% year - on - year. The resumption of production in Yunnan, Sichuan and other places is nearing completion, and new production capacity is difficult to release due to environmental protection policies and energy consumption dual - control. Overseas production is limited by high energy costs, and the overall capacity utilization rate is high. The global primary aluminum production growth rate in 2025 is expected to be only 1.9% [9]. - **Import and Export**: Currently, the theoretical loss of electrolytic aluminum imports is about 1350 yuan/ton. The export of aluminum products in the second half of the year has great uncertainties. It may maintain a certain resilience or even perform better than expected, but it may also face significant downward pressure [9]. - **Demand**: The national profile operating rate decreased by 0.5 percentage points to 49.5% this week. Affected by the off - season, aluminum processing enterprises generally have weak new orders and the operating rate is under pressure [10]. - **Inventory**: The inventory of electrolytic aluminum ingots in domestic mainstream consumption areas increased by about 3% compared with the previous week and decreased by about 39% compared with the same period last year. It is expected that the inventory will continue to accumulate next week. The inventory of aluminum rods increased by about 9% compared with last week and was about 9% higher than the same period last year. The LME electrolytic aluminum inventory has increased slightly in the past two weeks [10][14][15]. - **Profit**: Currently, the average cash cost of China's alumina industry is about 2600 yuan/ton, and the profit is about 500 yuan/ton. The average production cost of domestic electrolytic aluminum is about 17400 yuan/ton, and the theoretical profit is about 3300 yuan/ton, which is at a relatively high level [11]. - **Market Expectation**: Domestically, favorable policies continue to be strengthened, and the direction of promoting consumption remains unchanged. Overseas, the macro - situation is mixed with risks. It is expected that the aluminum price will oscillate at a high level in the short term, and the price of the aluminum rod market next week will oscillate between 20000 - 20800 yuan/ton [11]. Important Industrial Link Price Changes - The prices of domestic aluminum ore remain stable, and the spot trading in the imported ore market is light. The price of动力煤is expected to remain strong in the short term. The spot price of alumina has increased slightly, and the price of the aluminum rod market next week is expected to oscillate between 2900 - 3050 yuan/ton [12]. Important Industrial Link Inventory Changes - The port inventory of imported aluminum bauxite has decreased slightly. The alumina inventory has remained relatively stable. The inventory of electrolytic aluminum ingots in domestic mainstream consumption areas is expected to continue to accumulate, and the inventory of aluminum rods has increased significantly. The LME aluminum inventory has continued to accumulate [14][15][16]. Supply and Demand Situation - **Profit**: The average cash cost of the domestic alumina industry is about 2600 yuan/ton, and the profit is about 500 yuan/ton. The production cost of electrolytic aluminum is about 17400 yuan/ton, and the theoretical profit is about 3300 yuan/ton [18]. - **Operating Rate**: The operating rate of the aluminum processing industry decreased by 0.1 percentage points to 58.7% this week. Affected by factors such as high aluminum prices, insufficient profits, and weak downstream demand, it is expected that the weekly operating rate of downstream aluminum processing will continue to decline slightly next week [24][25]. Futures - Spot Structure - The current price structure of Shanghai Aluminum is still in a relatively strong pattern, but the market has low expectations for the upward space of the aluminum price in the second half of the year [29]. Spread Structure - The spread between aluminum ingots and ADC12 this week is about - 1260 yuan/ton, which is lower than last week. The current spread between primary aluminum and alloy is at a relatively high level in recent years, which may drag down the electrolytic aluminum price [35][36]. Market Capital Situation - The net long position of the LME aluminum variety has continued to rise slightly in the past 8 weeks. The short - selling camp has reduced positions in the past month, and the long - buying camp has increased positions in the latest period. The market is expected to oscillate strongly in the near future [37].

Report Overview - The report is a weekly report on gold and silver futures from July 7th to July 11th, 2025, covering market analysis, trading strategies, and relevant data for both metals [1][2] Gold Futures 1. Report Industry Investment Rating - Not provided 2. Core View - The overall trend of Shanghai gold futures is in an upward channel, possibly at the end of the trend. Short - term fluctuations are driven by the dollar and Fed policy expectations, while long - term factors like de - dollarization, fiscal deficits, and central bank gold purchases support the price. It is recommended to wait and see [7][8] 3. Summary by Directory 3.1 Mid - term Market Analysis - **Trend Judgment**: The overall trend of Shanghai gold futures is upward, possibly at the end of the trend [7] - **Judgment Logic**: Last week, the gold price was mainly influenced by the dollar and Fed policy expectations. Dollar weakness and rising rate - cut expectations drove the price up in the first half of the week, while better - than - expected non - farm data led to a price drop in the second half. Geopolitical risks and inflation data provided intermittent support. In the long run, de - dollarization, fiscal deficits, and central bank gold purchases (95% of central banks plan to increase holdings in 2025) support the price, but short - term data fluctuations and position adjustments should be watched [7] - **Strategy Suggestion**: It is recommended to wait and see [8] 3.2 Variety Trading Strategy - **Last Week's Strategy Review**: The short - term trend of the gold main contract 2510 was bearish, with support at 754 - 760 and resistance at 784 - 790 [11] - **This Week's Strategy Suggestion**: The short - term trend of the gold main contract 2510 remains bearish, with support at 754 - 760 and resistance at 784 - 790 [12] 3.3 Relevant Data Situation - The report presents data on Shanghai gold and COMEX gold price trends, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, the dollar index, the US dollar against the offshore RMB, the gold - silver ratio, Shanghai gold basis, and gold internal - external price differences through charts [19][21][23] Silver Futures 1. Report Industry Investment Rating - Not provided 2. Core View - The overall trend of Shanghai silver futures is sideways, currently at the beginning of the trend. Although short - term fluctuations are intensifying, silver shows an upward - moving central tendency due to its "safe - haven + industrial" dual attributes. It is recommended to wait and see [31] 3. Summary by Directory 3.1 Mid - term Market Analysis - **Trend Judgment**: The overall trend of Shanghai silver futures is sideways, currently at the beginning of the trend [31] - **Judgment Logic**: Last week, silver prices fluctuated upward. Bullish factors included weakened dollar credit, Fed rate - cut expectations, resilient industrial demand, and technical breakthroughs. Bearish factors were better - than - expected non - farm data delaying rate cuts and high silver inventories (global visible inventory of 15,523 tons). Despite short - term volatility, the upward - moving central tendency remains unchanged [31] - **Strategy Suggestion**: It is recommended to wait and see [31] 3.2 Variety Trading Strategy - **Last Week's Strategy Review**: The silver contract 2510 was expected to be strong, with support at 8400 - 8500 and resistance at 8900 - 9000 [33] - **This Week's Strategy Suggestion**: The silver contract 2510 is still expected to be strong, with support at 8400 - 8500 and resistance at 8900 - 9000 [33] 3.3 Relevant Data Situation - The report shows data on Shanghai silver and COMEX silver price trends, SLV silver ETF holdings, COMEX silver inventory, Shanghai silver basis, and silver internal - external price differences through charts [39][41][43]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The futures of rebar and iron ore have entered the red energy ladder or phase area, indicating a certain upward trend. Steel and iron ore spot enterprises are advised to consider multi - party hedging strategies [7][32]. 3. Summary by Catalog Rebar Futures - **Mid - line Market Analysis** - The main contract of rebar futures has entered the second week of the red energy ladder area. The weekly output of rebar is 2.21 million tons, the apparent consumption is 2.24 million tons, the inventory of major steel mills is 1.8 million tons, and the social inventory is 5.63 million tons. The daily - level price of rebar futures is in an upward channel. Steel spot enterprises can consider a 60% multi - party hedging plan [7]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The main contract of rebar futures entered the first week of the red energy ladder area [10]. - **This Week's Strategy Recommendation**: The main contract of rebar futures is in the second week of the red energy ladder area in the mid - line trend. Steel spot enterprises can consider implementing a 60% multi - party hedging strategy step by step [11][12]. - **Related Data Situation** - The report mentions "Related data situation" multiple times but does not provide specific data content except for the data in the mid - line market analysis [13][16][18]. Iron Ore Futures - **Mid - line Market Analysis** - The main contract of iron ore futures has entered the first week of the mid - line red energy phase area. The global shipping volume of iron ore last week was 33.57 million tons, the arrival volume at 45 major ports in China was 23.63 million tons, the inventory of steel enterprises was 89.18 million tons, and the inventory at major domestic ports was 138.78 million tons. Iron ore is running in the red phase area. Spot enterprises can consider implementing a multi - party hedging strategy step by step [32]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The daily - level of iron ore futures was in the sideways consolidation stage [35]. - **This Week's Strategy Recommendation**: Spot enterprises can consider implementing a multi - party hedging strategy step by step [35]. - **Related Data Situation** - The report mentions "Related data situation" multiple times but does not provide specific data content except for the data in the mid - line market analysis [36][38][40].

2025.07.07-07.11 豆粕、豆油 期货品种周报 Contents 01 中线行情分析 02 品种交易策略 03 相关数据情况 01 P A R T 豆粕期货 目录 中线趋势来看，豆粕主力处于横盘震荡整理的阶段。 中线趋势判断 1 品种交易策略 n 上周策略回顾 豆粕期价整体趋势横盘阶段,资金方面较为偏空。M2509或维 持宽幅震荡运行，预计运行区间：2880-3080。 n 本周策略建议 豆粕期价整体趋势横盘阶段,资金方面略微偏多。M2509或延续 震荡运行，预计运行区间：2880-3080。 趋势判断逻辑 据Mysteel数据：第26周油厂大豆实际压榨量248.78万吨，开机率69.93%； 大豆库存665.87万吨，较上周增加27.88万吨，增幅4.37%。豆粕库存 69.16万吨，较上周增加18.27万吨，增幅35.90%。国内大豆库存高企， 油厂维持高开机率压榨，推动豆粕供应持续增加。下游饲料企业需求继 续增长动力不足，豆粕延续累库。然而巴西大豆贴水价格坚挺形成成本 支撑，叠加中美贸易不确定性。综合来看，豆粕期货延续震荡运行。 2 建议观望。 3 中线策略建议 中线行情分析 品种诊断情况 ...

Overall Information - Report Title: Weekly Report on Soybean Meal and Soybean Oil Futures [2] - Report Period: June 30 - July 4, 2025 [1] 1. Soybean Meal Futures 1.1 Report Industry Investment Rating - Not provided 1.2 Core View - The soybean meal futures will continue to trade in a wide - range oscillation. The current supply is ample with high imports and high mill operation rates, but there are uncertainties from the strengthening Brazilian soybean premium and Sino - US trade relations. It is recommended to wait and see [7]. 1.3 Summary by Directory 1.3.1 Mid - line Market Analysis - Mid - line trend: The soybean meal main contract is in a wide - range oscillation phase. In the 25th week, the actual soybean crushing volume of oil mills was 2.3842 million tons with an operation rate of 67.02%. Soybean inventory was 6.3799 million tons, up 383,900 tons (6.40%) from last week. Soybean meal inventory was 508,900 tons, up 98,900 tons (24.12%) from last week. With high imports and high operation rates, supply is abundant, but there are uncertainties from Brazilian premiums and Sino - US trade. The recommended strategy is to wait and see [7]. 1.3.2 Variety Trading Strategy - Last week's strategy review: The soybean meal futures price was in a sideways trend overall, with bearish funds. The M2509 contract was expected to trade in the range of 2900 - 3120 in the short - term, and range trading was recommended [10]. - This week's strategy suggestion: The soybean meal futures price is in a sideways trend overall, with bearish funds. The M2509 contract may continue to trade in a wide - range oscillation, with an expected trading range of 2880 - 3080 [11]. 1.3.3 Related Data Situation - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. Data sources are Wind, Mysteel, and Great Wall Futures Trading Consultation Department [18][20][24] 2. Soybean Oil Futures 2.1 Report Industry Investment Rating - Not provided 2.2 Core View - The soybean oil futures price is in a high - level oscillation phase. High domestic soybean arrivals boost mill crushing, while weak summer consumption and falling crude oil prices due to the easing Middle - East situation suppress prices. However, there are uncertainties from US biodiesel policies and the key growth period of US soybeans. It is recommended to wait and see [31]. 2.3 Summary by Directory 2.3.1 Mid - line Market Analysis - Mid - line trend: The soybean oil main contract is in a high - level oscillation phase. In the 25th week, the actual output of 125 oil mills was 453,000 tons, up 23,800 tons from last week. The commercial inventory of soybean oil in key regions was 886,300 tons, up 39,300 tons from last week. High soybean arrivals, weak summer consumption, and falling crude oil prices suppress prices, but there are uncertainties from US policies and US soybean growth. The recommended strategy is to wait and see [31]. 2.3.2 Variety Trading Strategy - Last week's strategy review: The soybean oil futures price was in an upward channel overall, with bullish funds. Due to the escalation of geopolitical conflicts, the price was expected to be oscillating strongly in the short - term, and it was recommended to wait and see [34]. - This week's strategy suggestion: The soybean oil futures price is in an upward channel overall, with slightly bullish funds. The Y2509 contract may maintain a wide - range oscillation in the short - term, with an expected trading range of 7800 - 8100 [35]. 2.3.3 Related Data Situation - Data includes soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrivals, weekly inventory, weekly crushing volume, weekly operation rate, and weekly port inventory. Data sources are Wind, Mysteel, and Great Wall Futures Trading Consultation Department [44][47][49]

Group 1: General Information - Report title: Gold, Silver Futures Variety Weekly Report [2] - Report period: June 30 - July 4, 2025 [1] Group 2: Gold Futures 1. Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai Gold futures is in an upward channel, and it may be at the end of the trend [7] - Trend judgment logic: Last week, gold was affected by geopolitical conflicts, Fed policy divergence, tariff policy nodes, and weak economic data, showing a volatile downward trend. Future gold prices need to focus on the Fed's policy shift timing, the sustainability of global central bank gold purchases, and the inflation path. Geopolitical black - swan events are the biggest upside risk factor [7] - Mid - term strategy: It is recommended to wait and see [8] 2. Variety Trading Strategy - Last week's strategy review: It was expected that the main gold contract 2508 would fluctuate at a high level in the short term. It was recommended to wait and see. The lower support was 766 - 775, and the upper pressure was 800 - 808 [11] - This week's strategy suggestion: The main gold contract 2510 is short - biased in the short term. The lower support is 754 - 760, and the upper pressure is 784 - 790 [12] 3. Relevant Data - The report provides data on Shanghai Gold futures and COMEX gold price trends, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference [19][21][23] Group 3: Silver Futures 1. Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai Silver futures is in a sideways movement, and it may be close to the end of the trend [33] - Trend judgment logic: Last week, silver showed a volatile trend affected by supply - demand fundamentals, Fed policy expectations, and geopolitical risks. Future positive factors for silver prices include strengthened Fed rate - cut expectations, global liquidity easing, and a weaker US dollar. The decline in the gold - silver ratio attracts capital inflows, and geopolitical risks increase hedging demand, with an annual supply gap of 3659 tons. Potential pressures are the high US Treasury yields increasing holding costs and weak manufacturing suppressing industrial demand [33] - Mid - term strategy: It is recommended to wait and see [34] 2. Variety Trading Strategy - Last week's strategy review: It was expected that the silver contract 2510 would run strongly. The lower support interval was 8400 - 8500, and the upper pressure was 8900 - 9000 [36] - This week's strategy suggestion: It is expected that the silver contract 2508 will run strongly. The lower support interval is 8300 - 8500, and the upper pressure is 8900 - 9000 [36] 3. Relevant Data - The report provides data on Shanghai Silver futures and COMEX silver price trends, SLV silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and silver internal - external price difference [43][45][47]