1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - Industrial silicon futures are currently in a wide - range oscillation. The 2509 contract is expected to trade between 7,800 and 10,000 yuan. [6][7] - Lithium carbonate futures are also in a wide - range oscillation. The 2509 contract is expected to trade between 63,000 and 80,000 yuan. [31][32] 3. Summary According to the Catalog Industrial Silicon Futures 3.1 Mid - term Market Analysis - Industrial silicon futures are in a wide - range oscillation. Last week, spot prices showed mixed movements. As of August 1, the price of 421 in Xinjiang was 9,300 yuan/ton, in Yunnan was 10,300 yuan/ton, and in Sichuan was 10,100 yuan/ton. The AI intelligent investment consultation report shows that the daily price is in a downward channel, and there is no obvious long - or short - bias among the main players. The 2509 contract is expected to trade between 7,800 and 10,000 yuan. [6][7] 3.2 Variety Trading Strategies - Last week's strategy: Consider buying in small quantities on dips during the stabilization and recovery of industrial silicon prices. [10] - This week's strategy: Consider grid trading within the range. [11] 3.3 Relevant Data - As of April 19, 2024, the SHFE cathode copper inventory was 300,045 tons, an increase of 322 tons from the previous week, and it is at a relatively high level compared to the past five years. [13] - As of April 19, 2024, the LME copper inventory was 122,125 tons, with a cancelled warrant ratio of 25.73%. It is at a relatively low level compared to the past five years. [17] Lithium Carbonate Futures 3.1 Mid - term Market Analysis - Lithium carbonate futures are in a wide - range oscillation. Last week, spot prices declined. As of August 1, the average price of battery - grade lithium carbonate was 69,000 yuan/ton, and that of industrial - grade was 68,300 yuan/ton. The AI variety diagnosis report shows that the daily price is in an upward channel, and the main players show a strong bullish sentiment. The 2509 contract is expected to trade between 63,000 and 80,000 yuan. [31][32] 3.2 Variety Trading Strategies - Last week's strategy: Consider buying in small quantities on dips during the stabilization and recovery of lithium carbonate prices. [35] - This week's strategy: Consider buying in small quantities when the price of lithium carbonate retraces to the 63,000 - 65,000 yuan range. [36] 3.3 Relevant Data - As of April 19, 2024, the SHFE electrolytic aluminum inventory was 228,537 tons, a decrease of 3,228 tons from the previous week, and it is at a relatively low level compared to the past five years. [39] - As of April 19, 2024, the LME aluminum inventory was 504,000 tons, with a cancelled warrant ratio of 66.03%. It is at a relatively low level compared to the past five years. [41]

Group 1 - The core viewpoint of the articles highlights a significant increase in gold prices due to negative employment data in the U.S., which has raised concerns about the economy and increased expectations for a Federal Reserve interest rate cut [1] - The December 2025 gold futures price rose by $67.1, closing at $3,415.70 per ounce, reflecting a 2% increase [1] - The U.S. unemployment rate rose by 0.1 percentage points to 4.2% in July, with non-farm payrolls increasing by only 73,000, significantly below the expected increase of approximately 100,000 [1] Group 2 - The silver futures price for September delivery increased by $0.38, closing at $37.09 per ounce, marking a 1.07% rise [2] - The probability of a 25 basis point rate cut by the Federal Reserve in September surged from 37.7% to 75.5% following the employment report [1]

Group 1 - The Intercontinental Exchange (ICE) Arabica coffee futures have decreased by nearly 3%, reaching a price of $2.8780 per pound [1]

工业硅期货的合约月份是连续的。 工业硅期货在实际运行中也已形成了主力合约逐月轮换的机制，配合滚动交割制度，使得期货价格曲线 更具连续性，便于企业进行月度库存管理、滚动保值和基差贸易。 根据广州期货交易所（广期所）的规则，工业硅期货合约月份覆盖了全年12个月份，即1月至12月每月 均有合约挂牌交易。 这种"月月挂牌"的设计，与铜、铝等有色金属期货一致，主要考虑到工业硅是连续生产、全年购销的工 业原材料，产业链上下游企业每月都有套期保值需求。因此，交易所没有采用传统农产品中常见的"1、 5、9"跨季度合约布局，而是实现了逐月连续、无缝衔接的合约结构。 此外，自2024年6月起，广期所采用"摘一挂一"原则，即每月新增一个合约，例如2024年5月新增 SI2501、SI2502等合约，后续月份合约依次类推。这种滚动挂牌方式确保了合约月份的连续性。 ...

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on July 31, with fluctuations in various commodity prices [1] Group 1: Commodity Performance - Raw sugar futures decreased by 0.61%, closing at 16.35 cents per pound [1] - Cotton futures fell by 0.41%, ending at 67.22 cents per pound [1] - Cocoa futures increased by 3.26%, reaching $8,459.00 per ton [1] - Coffee futures rose by 0.48%, closing at 294.80 cents per pound [1]

（文章来源：第一财经） 上海期货交易所发布7月成交概况显示，7月上期所全品种成交量2.29亿手，成交金额19.57万亿元。其 中，上海国际能源交易中心7月全品种成交量 0.15亿手，成交金额2.78万亿元。 ...

Group 1 - The CME Bitcoin futures main contract fell by 0.38% to just below $118,000, and at 03:06, it dropped below $116,000 [1] - The CME Ether futures main contract increased by 0.15%, reaching $3,795, and previously hit $3,701 at 03:06 [1]

Group 1 - The Intercontinental Exchange (ICE) reported a nearly 5% increase in Robusta coffee futures, reaching $3,449 per ton [1]

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].