Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report's Core View - On July 22, 2025, the domestic commodity futures market witnessed a significant event as the main contracts of glass, soda ash, and coking coal reached their daily limit up, attracting extensive market attention. In the short - term, these varieties may maintain their strength [3]. - The A - share market's three major indices opened higher and closed with a mid -阳线. The coal market was further stimulated by the "anti - involution" in the coal industry, and the main uptrend of the market continued to move upwards in a volatile manner [7][8]. - Although gold has adjusted due to the Fed's decision not to cut interest rates, the long - term upward trend remains unchanged. Currently, it has adjusted to an important support level, and it is advisable to buy on dips [11][12]. - Iron ore has reached a new high, and the uptrend continues due to an improved macro - environment, increased risk appetite, high molten iron production, and a positive feedback repair in the industrial chain [15][16]. - Glass has seen continuous rallies, with its recent trend driven by news and sentiment. The supply side has not experienced significant losses and cold repairs, and the fundamentals have not changed significantly [19][20]. - The new US renewable fuel policy has increased the use of soybean oil in biodiesel production, which is beneficial for the early performance of the Malaysian crude palm oil futures. However, weak exports from Malaysia may limit the upward momentum [23]. 3. Summary by Related Catalogs Hotspot Focus - Glass: Last week, the weekly domestic production increased slightly, inventory decreased for four consecutive weeks, the profit of different production processes is being repaired, the spot sales rate in mainstream areas reached 100% or more, and the average price rose by 10 yuan/ton to 1190 yuan/ton [3]. - Soda ash: The inventory is at a historical high, and the fundamental situation is poor. This increase is mainly driven by glass and short - covering [3]. - Coking coal: Supply is affected by mine accidents and policy regulations. When supply shortages coincide with increased demand from the downstream steel industry, prices tend to rise. The Ministry of Industry and Information Technology's announcement of a ten - industry stable growth plan has boosted market sentiment and attracted a large amount of capital, driving prices to the daily limit [3]. Technical Analysis - Stock Index Futures - The coal "anti - involution" has further stimulated the market, and the main uptrend of the market continues to move upwards in a volatile manner [7]. Technical Analysis - Gold - The Fed's decision not to cut interest rates has reduced the expectation of rate cuts this year, causing gold to adjust. However, the long - term upward trend remains unchanged, and it is currently at an important support level, suitable for buying on dips [11][12]. Technical Analysis - Iron Ore - Technically, it reached a new high today, and the uptrend continues. The improved macro - environment, increased risk appetite, high molten iron production, and positive feedback repair in the industrial chain support the upward movement [15][16]. Technical Analysis - Glass - The supply side has not experienced significant losses and cold repairs, and the fundamentals have not changed significantly. The recent trend is driven by news and sentiment, and the continuous rallies indicate a continuation of the uptrend [19][20]. Technical Analysis - Palm Oil - The new US renewable fuel policy has increased the use of soybean oil in biodiesel production, which is beneficial for the early performance of the Malaysian crude palm oil futures. However, weak exports from Malaysia may limit the upward momentum [23].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The market sentiment is positive due to the decline in US Treasury yields and expectations of Fed rate - cuts, along with the upcoming release of growth - stabilization plans for key industries in China. However, the rebound of copper prices is expected to be limited by factors such as the approaching US copper tariff implementation time and the current off - season for downstream demand [1]. - Aluminum prices continue to rise driven by the strong sentiment in the black - series commodities market, but the increase may be mainly a follow - up movement considering the potential inventory accumulation in the context of the off - season and weak export demand [3]. - Lead prices are expected to be weak as the supply of lead ingots remains relatively loose, and the consumption expectation is suppressed by anti - dumping tariffs [4]. - Zinc prices are expected to be bearish in the medium - to - long term due to the abundant supply of zinc ore and increasing inventory, but may show a short - term oscillating and strengthening trend influenced by factors such as the bullish market sentiment and potential structural risks [6]. - Tin's overall fundamentals are weak due to the strengthened expectation of Myanmar's tin mine复产 and weak demand, and short - term observation is recommended [7]. - Nickel prices are expected to decline further as the demand is weak, and the surplus situation is difficult to reverse. Observation is recommended in the short term [8]. - For lithium carbonate, although the fundamental benefits are limited, the price may be affected by market sentiment, and short - term observation is recommended [10]. - Alumina prices may be strong in the short term due to policy expectations and low warehouse receipts, but the over - capacity pattern may be difficult to change this year, and short - term observation is recommended [13]. - Stainless steel prices may rise slightly in the short term due to the positive policy and improved supply - side expectations [15]. - Cast aluminum alloy prices may rise slightly under the influence of a warm macro - environment, but continuous price increases are difficult due to the large futures - spot price difference [17]. 3. Summary by Metal Copper - Market prices: LME copper rose 0.74% to $9867/ton, and SHFE copper closed at 79770 yuan/ton [1]. - Inventory: LME inventory decreased by 100 to 122075 tons, and domestic electrolytic copper social inventory decreased by 25000 tons [1]. - Price outlook: The rebound of copper prices is expected to be limited, with the SHFE copper main contract running in the range of 78800 - 80200 yuan/ton and LME copper 3M in the range of 9720 - 9950 dollars/ton [1]. Aluminum - Market prices: LME aluminum rose 0.42% to $2652/ton, and SHFE aluminum closed at 20925 yuan/ton [3]. - Inventory: Domestic three - place aluminum ingot inventory increased by 0.55 to 34.9 tons [3]. - Price outlook: Aluminum prices may continue to rise, with the domestic main contract running in the range of 20800 - 21050 yuan/ton and LME aluminum 3M in the range of 2630 - 2680 dollars/ton [3]. Lead - Market prices: SHFE lead index fell 0.35% to 16922 yuan/ton, and LME lead 3S fell to $2002/ton [4]. - Inventory: Domestic social inventory decreased slightly to 6.58 tons [4]. - Price outlook: Lead prices are expected to be weak [4]. Zinc - Market prices: SHFE zinc index rose 0.10% to 22928 yuan/ton, and LME zinc 3S remained at $2845/ton [6]. - Inventory: Domestic social inventory decreased slightly to 9.27 tons [6]. - Price outlook: Zinc prices are bearish in the medium - to - long term but may strengthen in the short term [6]. Tin - Market situation: Supply is under pressure in the short term, and demand is weak. The price is expected to oscillate, with the domestic tin price running in the range of 250000 - 280000 yuan/ton and LME tin in the range of 31000 - 35000 dollars/ton [7]. Nickel - Market situation: Nickel ore prices are expected to decline, and the industry chain price center may move down. Short - term observation is recommended, with the SHFE nickel main contract running in the range of 115000 - 128000 yuan/ton and LME nickel 3M in the range of 14500 - 16500 dollars/ton [8]. Lithium Carbonate - Market prices: The MMLC index rose 2.91% to 70832 yuan, and the LC2509 contract rose 2.24% to 72880 yuan [10]. - Price outlook: Observation is recommended, with the LC2509 contract running in the range of 71300 - 74800 yuan/ton [11]. Alumina - Market prices: The alumina index rose 3.69% to 3481 yuan/ton [13]. - Price outlook: Short - term observation is recommended, with the domestic main contract AO2509 running in the range of 3100 - 3600 yuan/ton [13]. Stainless Steel - Market prices: The stainless steel main contract rose 1.41% to 12905 yuan/ton [15]. - Inventory: Social inventory decreased by 1.69% to 114.78 tons [15]. - Price outlook: Prices may rise slightly in the short term [15]. Cast Aluminum Alloy - Market situation: Downstream is in the off - season, and prices may rise slightly but continuous increase is difficult. The domestic mainstream ADC12 average price was about 19910 yuan/ton [17].