7月国内期市成交量突破10亿手，支持实体经济效果明显！

Core Insights - The futures market in China experienced significant growth in July, with a trading volume of 1.059 billion contracts and a turnover of 71.31 trillion yuan, marking year-on-year increases of 48.89% and 36.03% respectively [1] - Cumulative trading volume from January to July reached 5.135 billion contracts and a turnover of 411.04 trillion yuan, both showing year-on-year growth of approximately 23% [1] - The total open interest in the futures market at the end of July increased by 3.98% compared to the previous month [1] Trading Volume and Value by Exchange - The Shanghai Futures Exchange (SHFE) saw a year-on-year increase in trading volume and turnover of 13.23% and 2.19% respectively in July [1] - The Zhengzhou Commodity Exchange (ZCE) reported a significant increase in trading volume and turnover of 58.46% and 23.26% respectively [1] - The Dalian Commodity Exchange (DCE) experienced growth of 33.24% in trading volume and 33.18% in turnover [1] - The China Financial Futures Exchange (CFFEX) had a notable increase in trading volume and turnover of 35.11% and 64.79% respectively [1] - The Guangxi Futures Exchange (GFE) reported extraordinary growth with trading volume and turnover increasing by 513.26% and 597.73% respectively [1] Leading Futures Products - The top three futures products by turnover on the SHFE were gold, silver, and crude oil [1] - The leading products on the ZCE included soda ash, glass, and caustic soda [1] - The DCE's top products were coking coal, palm oil, and soybean meal [1] - The GFE's leading products were polysilicon, lithium carbonate, and industrial silicon [1] Market Activity and Trends - The overall activity in the futures market increased, with significant contributions from various sectors, particularly black metals and building materials, which saw trading volume growth of 97.6% and turnover growth of 94.6% month-on-month [3] - The non-ferrous metals sector also showed strong performance with trading volume and turnover increasing by 70.5% and 52.8% respectively [3] - The energy and chemical sectors reported month-on-month trading volume growth of 21.7% and 22.1%, with turnover growth of 8.5% and 23.8% respectively [3] - Agricultural products, particularly feed and soft commodities, also contributed positively with trading volume growth of 21.8% and 32.8% respectively [3] - The financial futures market followed the recovery of the A-shares, with trading volume and turnover increasing by 36.9% and 38.2% respectively [3] Price Trends and Future Outlook - The price levels in the domestic commodity futures market generally increased in July, influenced by the "anti-involution" policy which reshaped supply and demand expectations [4] - Analysts expect that the "anti-involution" policy and the anticipated interest rate cuts by the Federal Reserve in September will continue to drive the commodity market [4] - The trading volume in August is projected to remain high, estimated between 900 million to 1 billion contracts, with turnover around 60 trillion yuan [4]