黄金市场同样上演独立行情。 现货黄金价格单日上涨1.61%，突破4193美元/盎司，白银更是飙升3.89%。 这背后是美联储降息预期与地缘政治不确定性的双 重推动。 美国基准原油最近两个合约的价差出现了一个关键变化：远月合约价格首次超过近月合约，形成所谓的"远月溢价"结构。 这一现象自2月以来首次出现，被 视为供应过剩的明确信号。 市场立刻作出反应，WTI原油期货单日暴跌4.2%，收于每桶58.49美元，创下6月以来最大跌幅。 OPEC在最新报告中承认，全球石油市场在第三季度已从供不应求转为供应过剩，每日供应量超过需求50万桶。 这一修正背后，是美国原油产量持续创下历 史新高，以及OPEC 为保份额而主动增产的双重压力。 美国能源信息署（EIA）进一步将2026年美国原油日产量预期上调至1358万桶，加剧了市场对库存累 积的担忧。 趋势跟踪基金的集中抛售放大了跌势。 CIBC高级能源交易员Rebecca Babin指出："市场缺乏利多催化剂，地缘政治风险缓和，宏观背景也无法提供支撑， 下行空间已被打开。 " 这种悲观情绪与同期铜、黄金的强势形成鲜明对比，折射出大宗商品市场内在的分化逻辑。 就在原油市场遭遇抛售 ...

Group 1: Commodity Market Overview - The commodity market is experiencing complex trends, with significant divergence in agricultural futures across different exchanges [1] - Oil prices are showing frequent fluctuations, indicating ongoing market attention to supply and demand dynamics [1] - Precious metals are also undergoing price adjustments, with investor sentiment oscillating between safe-haven demand and economic expectations [1] Group 2: Agricultural Futures Market - The Intercontinental Exchange (ICE) agricultural futures show mixed performance, with raw sugar futures down 1.75% to 16.28 cents/pound and cotton futures down 0.70% to 68.23 cents/pound on July 25 [3] - Cocoa futures increased by 2.62% to $8,337.00/ton, while coffee futures fell by 2.30% to 297.85 cents/pound [3] - The Chicago Board of Trade (CBOT) also saw price adjustments, with soybean futures down 0.24% to 1,021.75 cents/bushel, corn futures down 0.42% to 419.00 cents/bushel, and wheat futures down 0.42% to 539.25 cents/bushel on July 25 [3] Group 3: Oil Market Dynamics - WTI crude oil futures are showing a volatile trend, closing at $65.16/barrel on July 26, down 1.32%, with a weekly decline of approximately 1.35% [4] - Brent crude oil futures also fell by 1.07% to $68.44/barrel, with a weekly drop of 1.21% [4] - The price fluctuations indicate a cautious market sentiment, with WTI crude oil prices hovering around $65/barrel, remaining below the $70/barrel threshold, reflecting complex changes in supply and demand fundamentals [4]