Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - The soybean oil futures market is in a weak state, with intensified competition between international cost support and loose domestic supply - demand. Short - term market volatility is increased by US soybean产区 weather disturbances and the approaching tariff negotiation deadline on August 1st, but high domestic inventory and weak palm oil exports limit the upward momentum. In the medium term, soybean oil is expected to maintain a pattern of bottom - building through oscillations [10]. 3. Summary by Directory 3.1 Market Overall Performance - On July 22, 2025, the soybean oil futures market showed a downward trend. The main contract y2509 closed at 8,076 yuan/ton, down 48 yuan/ton or - 0.59% from the previous day. The trading volume was 297,000 lots, and the open interest was 521,000 lots. In the spot market, the average price of soybean oil in Jiangsu was 8,230 yuan/ton, down 30 yuan/ton from the previous day. The trading volume in the futures market shrank by 5.4% month - on - month, and the open interest decreased, indicating strong market wait - and - see sentiment. The spot market price also declined, with positive basis but light trading [3]. 3.2 Macro and Fundamental Analysis - Internationally, the soybean oil market is significantly affected by weather disturbances in US soybean - growing areas and the approaching tariff negotiation deadline. The US soybean good - to - excellent rate dropped to 68% due to continuous high - temperature pressure in the Midwest. Although rainfall in some areas has alleviated the drought, high - temperature risks remain in the next two weeks, supporting the cost side of the external market. With the August 1st tariff negotiation deadline approaching, the EU has prepared counter - measures, and the market is worried about trade frictions affecting the global soybean supply chain. - Domestically, the supply is loose, with continuous accumulation of soybean oil inventory and high pressure on oil mills to prompt delivery. Southern high - temperature weather suppresses catering consumption, and slow terminal pick - up of goods depresses the spot basis. The sentiment in the international oil market has cooled down. From July 1 - 20, Malaysian palm oil exports decreased by 3.5% - 7.3% month - on - month, while production increased by 6.19%, weakening the supply - demand situation and indirectly dragging down soybean oil. However, biodiesel policies still provide support, as the US biodiesel tax credit policy continues to limit the downside space of oils [8][9]. 3.3 Conclusion and Outlook - The soybean oil futures contract y2509 continues to be weak. In the short term, weather disturbances in US soybean - growing areas and the tariff negotiation deadline on August 1st increase market volatility and raise the risk premium of the external market. But high domestic inventory and weak palm oil exports limit the upward momentum. In the medium term, attention should be paid to the sustainability of weather speculation, the implementation of trade policies, and the resilience of biodiesel demand. It is expected that soybean oil will maintain a pattern of bottom - building through oscillations [10].

7月24日国内黄金市场动态：国内品牌金店金价出现下跌，跌幅不大，价格对比之前还是高了很多。其 中，周生生黄金跌的最多，下跌14元/克，报价1015元/克，比最高价金店低了1元/克。上海中国黄金不 涨不跌，报价981元/克，还是最低价金店。今日最高与最低金店间价差缩小至35元/克。 具体各大品牌金店最新价格见下表格： 今日金价 单位 变动幅度 涨跌 老庙黄金价格 1012 元/克 11 1016 元/克 7 跌 周大福黄金价格 跌 六福黄金价格 1016 元/克 7 跌 周六福黄金价格 996 元/克 7 跌 今日金店黄金价格一览（2025年7月24日） 金店报价 金至尊黄金价格 1016 元/克 7 跌 老凤祥黄金价格 1014 元/克 10 跌 潮宏基黄金价格 1015 元/克 1016 元/克 7 跌 周生生黄金价格 14 跌 菜百黄金价格 992 元/克 0 平 上海中国黄金价格 981 元/克 0 平 今日金店金价转跌，铂金价格继续下跌。还是周生生黄金，今日铂金饰品价格下跌11元/克，报价572 元/克。如果还想了解其他品牌铂金报价？欢迎留言告诉我们！我们将及时汇总更新，帮您掌握最新行 情。 今日黄金 ...

金十数据7月24日讯，Mediolanum International Funds固定收益主管Daniel Loughney预计欧洲央行周四将 按兵不动，并预计尽管欧洲央行的宽松周期已接近尾声，但未来六个月内可能还会有一到两次降息。他 指出："持续的关税谈判将损害出口表现，削弱短期增长潜力，并通过增加本地供给对通胀构成下行压 力。"Loughney认为，欧洲财政支出增加将部分抵消这一影响，但由于基建和供给导向的特性，这一过 程更为渐进且可能产生积极供给效应。 机构：欧洲央行今晚料暂停降息 未来半年内或恢复降息 ...

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 7 月 24 日星期四 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周三，早盘 A 股震荡起伏，午后冲高回落。截至收盘，上证指数涨 0.01%，报 3582.30 点。深成指跌 0.37%，创业板指跌 0.01%，沪深 300 涨 0.02%、上证 50 涨 0.32%，中证 500 跌 0.27%、中证 100 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The U.S. is accelerating tariff negotiations with major trading partners as August 1st approaches. There are developments in trade agreements between the U.S. and Japan, and potential agreements between the U.S. and the EU, while the third round of China - U.S. trade negotiations is set to take place [6]. - Different commodities in the futures market are expected to have various trends, such as gold and silver showing upward trends, copper being supported by inventory reduction, and many other commodities having different trends like short - term oscillations, wide - range fluctuations, etc. [11]. 3. Summaries by Related Catalogs 3.1 Metals 3.1.1 Precious Metals (Gold and Silver) - Gold is expected to oscillate upwards, and silver to break through and rise. Their trend intensities are both 1, indicating a moderately positive outlook [11][17][19]. - Gold and silver have specific price, trading volume, and inventory data. For example, the closing price of Shanghai Gold 2510 is 792.90 with a daily increase of 1.03%, and the closing price of Shanghai Silver 2510 is 9492 with a daily increase of 1.07% [15]. 3.1.2 Base Metals - **Copper**: Inventory reduction supports its price. The trend intensity is 1. There are updates on copper's price, trading volume, inventory, and news about trade agreements and new mine production [21][23]. - **Zinc**: It is expected to have short - term oscillations. The trend intensity is 0. Relevant price, trading volume, and inventory data are provided, along with news about potential EU - U.S. trade agreements [24]. - **Lead**: It is waiting for the fermentation of supply - demand contradictions, with prices oscillating. The trend intensity is 0, and there are data on price, trading volume, inventory, and news about the U.S. - Japan trade agreement and global lead market supply [27][28]. - **Tin**: The flood in Wa State has disturbed its price. The trend intensity is - 1, suggesting a slightly bearish outlook. There are updates on price, trading volume, inventory, and various macro and industry news [30][33]. - **Aluminum, Alumina, and Cast Aluminum Alloy**: Aluminum is expected to oscillate within a range, alumina to return to fundamentals, and cast aluminum alloy to continue oscillating. Their trend intensities are all 0. There are detailed production - related data and news about China - U.S. trade negotiations and Hainan Free Trade Port policies [35][36]. - **Nickel and Stainless Steel**: Nickel's macro - sentiment boosts expectations, but reality limits its elasticity; stainless steel is marginally dominated by macro - sentiment, and its fundamentals determine elasticity. Their trend intensities are both 0, and there are data on price, trading volume, and industry news about nickel production and policies in Indonesia [37][41]. 3.2 Energy and Chemicals 3.2.1 Energy - **Coking Coal and Coke**: Coke's second - round price increase has been implemented, and it is expected to oscillate strongly; coking coal's supply policy expectations strengthen constraints, and it is also expected to oscillate strongly. Their trend intensities are both 1, with detailed price, trading volume, and inventory data [60][61][63]. - **Power Coal**: Its daily consumption is recovering, and it is expected to oscillate and stabilize. The trend intensity is 0, with price data from ports and production areas and information on open - interest changes [65][67][68]. 3.2.2 Chemicals - **Carbonate Lithium**: There are large differences between long and short positions, and its trend may have wide - range oscillations. The trend intensity is 0, with data on price, trading volume, and news about price increases and EU policies [42][44]. - **Industrial Silicon and Polysilicon**: Industrial silicon requires attention to upstream resumption of production progress, and polysilicon's industry conference is held, with attention to market fluctuations. The trend intensity of industrial silicon is 0, and that of polysilicon is 1 [45][46][48]. - **Other Chemicals**: Many other chemicals such as PVC, fuel oil, etc. have different expected trends, including short - term weakness, oscillations, etc. [13]. 3.3 Building Materials and Minerals - **Iron Ore**: Supported by macro - expectations, it is expected to oscillate strongly. The trend intensity is 0, with price, trading volume, and inventory data, as well as news about large - scale infrastructure projects [49][50]. - **Rebar and Hot - Rolled Coil**: They are expected to have wide - range oscillations. Their trend intensities are both 0, with price, trading volume, and inventory data, and news about power consumption, steel industry policies, and production and inventory changes [52][53][55]. - **Silicon Ferrosilicon and Manganese Silicate**: They are expected to have wide - range oscillations. Their trend intensities are both 0, with price, trading volume, and inventory data, and news about price changes in the spot market [57][59]. 3.4 Others - **Log**: It is expected to oscillate repeatedly, but no detailed data or news are provided [69].

美国白宫副幕僚长丹·斯卡维诺在X（原推特）上发布的特朗普和赤泽亮正会谈的照片 美国白宫总统办公室，特朗普向坐在对面的赤泽亮正连声提问，"是否从波音公司采购？"赤泽亮正回答 说"会"。特朗普还当场用笔将白板上写的日本投资支援额从"4000亿美元"改为"5000亿美元"。"急于达 成协议的不是日本，而是美国"…… "总统的日程空着，总统想进行谈判"，在协议前一天的7月21日晚，在华盛顿近郊的美国商务部长卢特 尼克的私宅。坐在卢特尼克对面的日本经济财政兼再生相赤泽亮正被如此告知。 与卢特尼克的会谈持续到晚上11点左右，达到2个多小时，成为设想第二天与美国总统特朗普面对面谈 判的预演。日本政府相关人士透露，赤泽亮正在羽田机场起飞时并未设想与特朗普会面。 日美两国政府就为期近100天的关税谈判达成协议。在成为谈判最后时限的8月1日之前，支持基础出现 动摇的美国总统特朗普为了取得成果，一口气加快了达成妥协的步伐。此举意在将日美协议作为与欧盟 （EU）等剩余地区和国家谈判的立足点。 特朗普称"想进行谈判" 22日下午，在美国白宫的总统办公室。特朗普把卢特尼克带来的写有日本提议内容的大白板放在桌上， 向坐在对面的赤泽亮正连声 ...

Market Performance - US stock market experienced a significant rally with all three major indices closing higher, including the Dow Jones Industrial Average rising over 500 points, a gain of 1.14% [1] - The Nasdaq increased by 0.61%, while the S&P 500 rose by 0.78% [1][2] Automotive Sector - Automotive stocks surged, with Toyota and Honda both increasing over 13%, and General Motors rising more than 8% [2][3] - Specific stock performances include: - Toyota: 13.65% increase - Honda: 13.07% increase - General Motors: 8.73% increase [3] Chinese Stocks - Most Chinese stocks saw gains, with BYD's ADR up over 4%, Pinduoduo rising by 3%, and Alibaba, Tencent, and Xiaomi all increasing by over 1% [3][4] - Specific stock performances include: - BYD: 4.48% increase - Pinduoduo: 3.00% increase - Alibaba: 1.59% increase [4] Trade Agreements - Progress in tariff negotiations between the US and Japan, focusing on semiconductor design and manufacturing, natural gas, and new shipbuilding [4] - Japan committed to increasing its import of US rice by 75% and purchasing $8 billion worth of US goods, including corn, soybeans, and sustainable aviation fuel [4] - The US and EU are nearing an agreement that may reduce tariffs on certain products, including a potential decrease in the current 25% auto tariff to 15% [5]

Group 1: Gold Market Analysis - Gold prices experienced a significant drop, trading around $3390.53 per ounce after reaching a high of $3433.37, the highest since June 16, with a closing price of $3431.59, marking a 1% increase [2] - The decline in the US dollar, which fell 0.3% to 97.545, contributed to the rise in gold prices, supported by global trade uncertainties and a decrease in US Treasury yields [2] - The upcoming tariff negotiations and the Federal Reserve meeting at the end of the month are critical variables for gold price movements, with potential for a pullback if negotiations yield positive results [2][3] Group 2: Technical Analysis of Gold - Gold has shown a strong upward trend, with three consecutive days of gains, indicating robust short-term momentum [3] - The market is currently in an overbought state, suggesting a need for price correction, but the lack of orderly trading may suppress short-term demand [3][5] - Key resistance levels are identified at $3410-$3420, while support levels are at $3370-$3360, indicating a complex trading environment [5] Group 3: Oil Market Analysis - Brent crude oil prices rebounded to around $69 per barrel, while WTI crude hovered around $66, following positive developments in trade negotiations [6] - The optimism surrounding new tariff agreements has improved market sentiment, although concerns about global economic slowdown continue to weigh on oil demand [6] - The current rebound in oil prices reflects short-term trading sentiment rather than a substantial recovery in demand, with ongoing pressures from weak global consumption and geopolitical risks [6] Group 4: Technical Analysis of Oil - The mid-term outlook for oil remains upward, with the potential to test $78, although short-term momentum indicators suggest a weakening bullish trend [7] - Short-term price movements are expected to be volatile, with resistance levels at $67.5-$68.5 and support levels at $63.5-$62.5 [7]

巴西财长Haddad：美国一直在与其他国家进行多轮关税谈判，轮到巴西了。 ...

美国总统特朗普：正与欧盟进行严肃谈判。如果他们同意对美国企业开放，我们将允许他们支付较低的 关税 ...