Group 1 - The total amount of gold futures in Shanghai Futures Exchange is 33,462 kilograms, with an increase of 2,199 kilograms compared to the previous day [1][2] - The main gold futures contract opened at 772.70 CNY per gram, with a highest price of 775.8 CNY and a lowest price of 770.84 CNY, currently at 773.78 CNY, reflecting a rise of 0.42% [1] - Trading volume reached 206,379 contracts, with open interest increasing by 1,698 contracts to a total of 214,105 contracts [1] Group 2 - The market widely expects the Federal Reserve to maintain the benchmark interest rate between 4.25% and 4.50% in July, with a 97% probability of no change according to CME FedWatch tool [2] - Concerns have arisen regarding the traditional independence of the Federal Reserve due to pressure from former President Trump on Chairman Jerome Powell, although Trump seems to have abandoned the idea of attempting to remove Powell for now [2] - Ongoing negotiations between the U.S. and China regarding tariff ceasefire are set to continue, with a deadline in two weeks, as U.S. Treasury Secretary Scott Bessenet downplayed expectations of Trump rejecting any extension [2]

Core Viewpoint - The article discusses the recent adjustments made by commodity exchanges to cool down the market, specifically focusing on the increased transaction fees for glass, soda ash, and caustic soda futures, which have led to a notable decrease in trading volume and market activity [1][2]. Group 1: Fee Adjustments - The Zhengzhou Commodity Exchange announced an increase in transaction fees for various futures contracts effective from July 30, 2025, including a fee of 10 yuan per hand for glass futures and a fee of 0.04% of the transaction amount for soda ash futures [2]. - The transaction fee for caustic soda futures was set at 0.02% of the transaction amount for both regular and intraday positions [2]. Group 2: Market Reactions - Following the fee adjustments, there was a significant rebound in previously declining futures, with coking coal rising over 6%, glass increasing by over 4%, and both coking coal and soda ash seeing gains of over 3% [3]. - Despite the rebound, the overall trading volume in the futures market dropped significantly, with a 31.89% decrease to 38.76 million contracts and a 23.45% decrease in transaction value to 32.13 billion yuan, marking the lowest levels since July 21 [4]. Group 3: Capital Flow and Positioning - The glass and soda ash markets continued to experience capital outflows, with glass seeing a net outflow of 221 million yuan and soda ash 102 million yuan [4]. - Open interest in both glass and soda ash futures has been declining, with glass positions down by 26,700 contracts and soda ash by 41,500 contracts [4]. Group 4: Market Dynamics - The black series commodities showed mixed performance, with coking coal continuing to decline but at a reduced rate, while rebar and hot-rolled coil saw approximately 2% increases [6]. - The rebar futures contract closed at 3,347 yuan per ton, with a 1.98% increase and significant capital inflow, indicating a shift in investor focus towards rebar and hot-rolled coil [7].

Group 1 - The CME Bitcoin futures main contract increased by 0.27% compared to the previous day, reaching $119,000 [1] - The CME Ether futures main contract rose by 4.13%, closing at $3,745 [1]

Group 1 - The CME Bitcoin futures main contract rose by 2.81% compared to the previous New York close, slightly surpassing $120,000 [1] - The CME Ether futures main contract fell by 0.74%, closing at $3,711.50 [1]

Group 1 - The core point of the article is that the Chicago Mercantile Exchange (CME) Group and Nasdaq have extended the license for Nasdaq-100 futures until 2039 [1]

10年期美国国债收益率重挫逾6.5个基点，至4.356%。美国实际收益率(通过从名义利率中减去通胀预期 计算得出)也大跌6个基点，至1.946%。 Bannockburn Forex市场策略师Marc Chandler表示："我认为美元已在上周见顶。美元走势与利率密切相 关，而10年期美债收益率已下跌超过6个基点。" 白宫规定的8月1日关税截止日期迫在眉睫，这让投资者对美国与其三大贸易伙伴(包括欧盟、加拿大和 墨西哥)之间的贸易协议感到不安。 现货黄金价格周一(7月21日)暴涨逾1%，并触及五周高点，分析师指出，金价飙升的主要原因是美元与 美债收益率重挫，而投资者对8月1日关税谈判期限即将邻近感到不安。 FXStreet分析师Christian Borjon Valencia指出，由于贸易协议的不确定性，美元和美国国债收益率大幅下 跌，周一黄金价格上涨超过1%。 追踪美元兑一篮子六种货币表现的美元指数(DXY)下跌0.64%，至97.83。 美元指数走软，代表以美元计价的黄金对其他货币买家来说，变得相对划算。 摘要周二（7月22日）亚市盘中，现货黄金小幅回落，黄金价格退守3380美元关口，近期美元走弱、贸 易 ...

Core Insights - The Chicago Mercantile Exchange (CME) has updated its energy commodity trading volume report as of July 21 [1] Group 1 - The report provides insights into the trading activity of energy commodities on the CME [1]

Group 1 - The CME Bitcoin futures main contract fell by 0.48% to $117,000 compared to last Friday's close [1] - The CME Ether futures main contract increased by 5.66%, reaching $3,758.50, and later peaked at $3,865.50 [1]

Group 1 - The main contract for alumina reached the daily limit, with an increase of 8.99%, priced at 3405 yuan per ton [1]

Group 1 - The Dalian Commodity Exchange announced an optimization of the options settlement price calculation method, effective from July 22, 2025 [1] - The new method will utilize the SVI volatility model to fit the implied volatility curve of options contracts for settlement price calculation [1]