Variety Views - On July 24, A-share's three major indexes hit new highs this year, with the Shanghai Composite Index up 0.65% to 3605.73, the Shenzhen Component Index up 1.21% to 11193.06, and the ChiNext Index up 1.50% to 2345.37. The trading volume of the two markets was 1844.7 billion yuan, a slight decrease of 1.99 billion yuan from the previous day [1]. - The CSI 300 Index was strong on July 24, closing at 4149.04, up 29.27 [1]. - On July 24, the coke weighted index oscillated strongly, closing at 1750.3, up 37.2 [1]. - On July 24, the coking coal weighted index remained strong, closing at 1227.0 yuan, up 87.3 [2]. Factors Affecting Futures Prices Coke and Coking Coal - Coke: The price of coking coal has been raised, and the second - round price increase of coke spot has been implemented. The weekly start - up rate of coke enterprises has slightly declined, and supply has shrunk. In terms of demand, steel mills' profits are okay in the off - season, and pig iron production has rebounded from a high level. There is support from supply and demand, and coke enterprises' inventory has decreased [3]. - Coking coal: Some coal mines in production areas have limited output due to underground reasons, and some coal mines that were shut down have resumed production. High - frequency data shows that the upstream start - up rate has declined week - on - week, and domestic supply has shrunk. The China - Mongolia border port has resumed customs clearance. After the previous closure and improved market transactions, the port inventory has decreased, and the spot price of Mongolian coal has been raised. Although the start - up of coke enterprises has slightly declined, the increase in steel mills' pig iron production supports real demand [3]. Zhengzhou Sugar - Affected by the U.S. sugar's bottom - fishing and rebound on Wednesday, the Zhengzhou sugar 2509 contract oscillated higher on Thursday. Due to the effect of funds, it continued to rise at night. A commodity research report shows that the estimated sugarcane output in Brazil in the 2025/26 crushing season has been adjusted down to 661 million tons (606 million tons from the central and southern regions), reflecting a decline in sugarcane yield per unit and a significant drop in output in the second half of June [3]. Rubber - Recently, heavy rainfall in Southeast Asian producing areas has affected rubber tapping, reducing raw material supply and continuously raising spot prices. Affected by this, Shanghai rubber oscillated higher on Thursday. To avoid weather risks, short - sellers closed their positions, pushing Shanghai rubber to continue to oscillate upward at night. In June 2025, EU passenger car sales decreased by 7.3% year - on - year to 1.01 million vehicles, indicating challenges for automobile manufacturers in the global economic environment. In the first half of 2025, cumulative EU passenger car sales decreased by 1.9% year - on - year to 5.58 million vehicles [4]. Palm Oil - On July 24, palm oil continued to oscillate higher, hitting new highs. The highest price was 9106, the lowest was 8938, and it closed at 9104, up 1.22% from the previous day. According to GAPKI data, affected by a surge in exports, Indonesia's palm oil inventory in May decreased by 4.27% month - on - month to 2.9 million tons. In May, Indonesia's exports of palm oil and refined products reached 2.66 million tons, a nearly 50% increase from April and a 35.64% increase year - on - year, mainly driven by demand from India and China. The output of crude palm oil in May was 4.17 million tons, lower than 4.48 million tons in April but a 7.2% increase year - on - year [4][6]. Shanghai Copper - The price of Shanghai copper may continue to oscillate at a high level. Macroscopically, the possible tariff agreement between the U.S. and Europe has suppressed risk - aversion sentiment. LME copper closed up after a strong oscillation overnight, which has a positive impact on Shanghai copper. However, the reduced probability of an interest - rate cut in September will put some pressure on copper prices. Fundamentally, global copper miners' rush to transport to the U.S. supports the price, and the continuous decline of LME inventory also supports the price. But the cautious downstream transactions in China and the approaching end of long - term orders, along with the possible increase in spot supply, will limit the upward space of the price. Technically, on July 24, the short - term indicators of the Shanghai copper main contract were bullish, with the 5 - day moving average crossing above the 10 - day and 20 - day moving averages, the MACD forming a golden cross above the 0 - axis, and the KDJ also forming a golden cross, indicating upward momentum in the short term [6]. Iron Ore - On July 24, the iron ore 2509 main contract closed down 0.55% at 811 yuan. The shipment of Australian and Brazilian iron ore decreased slightly this period, and the arrival volume dropped significantly. Pig iron production stopped falling and rebounded to a high level. The policy expectations of anti - involution and important meetings have boosted market sentiment, but the recent large increase in iron ore prices may lead to high - level oscillation in the short term [7]. Asphalt - On July 24, the asphalt 2509 main contract closed down 0.28% at 3602 yuan. The start - up rate of asphalt plants continued to decrease this period, the planned output of local refineries in August decreased, supply shrank, inventory decreased, refinery shipments increased slightly, and downstream demand improved. The short - term price will mainly oscillate [7]. Cotton - On Thursday night, the Zhengzhou cotton main contract closed at 14225 yuan/ton. On July 25, the minimum basis price of Xinjiang designated delivery (supervision) warehouses in the National Cotton Trading Market was 430 yuan/ton, and the cotton inventory decreased by 45 lots compared with the previous trading day [7]. Logs - On July 24, the 2509 contract of logs opened at 824, with the lowest at 818.5, the highest at 835, and closed at 827.5, with a reduction of 604 lots. The pressure at high levels in the market increased. Attention should be paid to the support at 800 - 820 and the pressure at 850. The spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 740 yuan/cubic meter, unchanged from the previous day, and that in Jiangsu was 760 yuan/cubic meter, up 10 yuan/cubic meter from the previous day. There is no major contradiction in the supply - demand relationship, and spot transactions are weak. Attention should be paid to the support of spot - end prices, import data, and macro - expectations for the spot market [7][8]. Steel - On July 24, rb2510 closed at 3294 yuan/ton, and hc2510 closed at 3456 yuan/ton. The demand for steel in the off - season has strong resilience, and steel mills' profits remain at a relatively high level, so the overall output has limited room to decline. For rebar, steel mills' profits are at a relatively high level in the past two years, and their production enthusiasm is high, so the output may increase in the short term. In terms of inventory, after the price rebound, the middle and lower reaches have a certain willingness to replenish stocks, and the inventory accumulation in the off - season is lower than expected. In terms of demand, steel demand maintains resilience. With the continuous fermentation of anti - involution and the news of coking coal mine shutdown, steel prices have continued to rise, further stimulating speculative demand [8]. Alumina - On July 24, ao2509 closed at 3427 yuan/ton. On the supply side, the weekly output of alumina rebounded slightly to 1.708 million tons this week, the operating capacity rose to 89.07 million tons/year, and the start - up rate also rebounded to 80.74%. The national installed capacity decreased from 110.82 million tons/year to 110.32 million tons/year, which may be related to the "capacity reduction" signal. Under the logic of the deviation between the fundamentals and the market, it is necessary to be vigilant about whether the market's high expectations for policies are overdrawn. Once the policy implementation rhythm or intensity falls short of expectations, combined with the continuous resumption of production and the re - easing of supply and demand, the price may still decline from a high level [8][10]. Shanghai Aluminum - On July 24, al2509 closed at 20760 yuan/ton. Macroscopically, overseas tariffs have been confirmed and are lower than expected, reducing uncertain risks and being beneficial to the recovery of overseas demand. China's "anti - involution" policies have driven up industrial metals, and the long - term tone of "promoting consumption and stabilizing growth" remains unchanged. Fundamentally, under the release of supply increment and the suppression of the consumption off - season, the inventory accumulation expectation is still strong. In addition, the market's sentiment towards policies such as "anti - involution" and "high - quality development" has cooled recently, and the market has fallen after rising. The short - term aluminum price will mainly decline from a high level. Future attention should be paid to inventory and capital sentiment changes [10].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views - The price of finished products is expected to move in a volatile and weak manner, with the focus shifting downward [1][2] - The price of aluminum ingots is expected to be relatively strong in the short - term, and attention should be paid to macro - sentiment and downstream starts [3] Group 3: Summary by Related Content Finished Products - During the Spring Festival, short - process construction steel enterprises in Yunnan and Guizhou regions are expected to affect the total output of construction steel by 74.1 tons, and 6 short - process steel mills in Anhui will also have production cuts, with a daily output reduction of about 1.62 tons for some [1][2] - From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities decreased by 40.3% month - on - month and increased by 43.2% year - on - year [2] - The price of finished products continued to decline yesterday, reaching a new low. In the context of weak supply and demand, the market sentiment is pessimistic, and winter storage is sluggish, so the price support is weak [2] Aluminum - From January to June, China's cumulative import of bauxite increased by 34% year - on - year. With some enterprises starting maintenance in late July, the operating capacity of alumina may decline, while the demand in the southwest region will increase due to the commissioning of some electrolytic aluminum capacity replacement projects. However, the supply of alumina is still relatively loose overall [2] - As of July 21, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 49.80 tons, with fluctuations. The reduction of aluminum rod production at the end of the month led to an increase in ingot production, and the increase in supply was the core driver of inventory accumulation in the off - season [2] - Macro risks are increasing, and short - term policy boosts the metal price. The short - term aluminum price is expected to be relatively strong in the range, and attention should be paid to the inventory - consumption trend [3]