Core Viewpoint - The article highlights a significant downturn in the futures market, particularly in the black and new energy metal sectors, driven by a cooling of market sentiment and substantial capital outflows [1][4]. Group 1: Market Performance - On July 29, the black series led the decline, with coking coal dropping over 10%, glass down more than 7%, lithium carbonate falling over 6%, and soda ash decreasing over 4% [2]. - Following the overnight declines, more commodities experienced a cascading drop, with coking coal and glass leading the way, coking coal falling over 12% and glass over 10% [3]. - By 10:30 AM, some commodities showed slight rebounds, but overall, the market sentiment remained pessimistic with significant capital outflows across various sectors [3][4]. Group 2: Capital Flow and Market Sentiment - The overall capital flow in the market has shown a continuous outflow trend, with a notable shift in sentiment as profit-taking by long positions began after last Friday's night session [4]. - On July 28, the total capital outflow in the commodity futures market reached 20.29 billion yuan, with the black chain seeing an outflow of 8.5 billion yuan and precious metals and coal sectors around 5 billion yuan each [4]. - The black sector and new energy metals were particularly sensitive to capital outflows, indicating a lack of significant improvement in supply-demand fundamentals without new industrial policies [4]. Group 3: Economic Indicators and Future Outlook - In the first half of the year, profits of industrial enterprises above designated size fell by 1.8% year-on-year, which is an improvement compared to a 2.8% decline in producer prices [5]. - Analysts suggest that future commodity prices may become more structured, with the overall push for PPI recovery being more critical than the height of the market [5]. - The rise of the US dollar has emerged as a significant variable affecting the commodity market, with the dollar index increasing by 1%, marking the largest single-day gain since May [6].