Report Industry Investment Rating No relevant content provided. Core Views of the Report - The report provides a comprehensive analysis of various financial derivatives and commodity futures, including market conditions, news, and operation suggestions for each category [1]. - Different sectors show diverse trends. For example, in the stock index futures market, major indices declined, while in the precious metals market, prices continued to rise due to weak US employment data and increased expectations of interest rate cuts [2][7]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: Major indices opened higher and then declined. The Shanghai Composite Index fell 1.16%, and most sectors adjusted. The four major stock index futures contracts also declined, and the basis of the main contracts decreased. It is recommended to wait and see [2][3][4]. - **Treasury Bond Futures**: The bond market sentiment improved as the stock market fell. Treasury bond futures rose across the board, and the yields of major interest - rate bonds generally declined. It is recommended to use interval operations and pay attention to the basis convergence strategy of the TL contract [5][6]. Precious Metals - Gold and silver prices continued to rise. Weak US employment data strengthened the expectation of interest rate cuts, and the decline in US Treasury yields increased the demand for precious metals. Gold reached a record high of $3559.02 per ounce, and silver closed at $41.19 per ounce. It is expected that gold may rise above $3600, and silver may quickly rise above $42, but caution is needed [7][8][9]. Container Shipping on European Routes - The spot price of container shipping continued to decline, and the futures market was expected to fluctuate. The 12 - 10 month - spread arbitrage strategy can be considered [10][11]. Commodity Futures Non - ferrous Metals - **Copper**: The center of copper price has risen due to the improvement of interest rate cut expectations. However, the upside space is limited, and it is expected to fluctuate. The main contract is recommended to operate in the range of 79000 - 81000 yuan/ton [12][13][16]. - **Alumina**: The market presents a pattern of "high supply, high inventory, and weak demand". The price is expected to fluctuate weakly, and it is recommended to consider short - selling at high prices in the medium term. The main contract is expected to operate in the range of 2900 - 3200 yuan/ton [17][18]. - **Aluminum**: The price is expected to fluctuate widely in the range of 20400 - 21000 yuan/ton. It is necessary to pay attention to the pressure level of 21000 yuan/ton and the actual start of peak - season demand [19][20][21]. - **Zinc**: The refined zinc output is higher than expected, and the domestic inventory continues to accumulate. The price is expected to fluctuate in the range of 21500 - 23000 yuan/ton [23][24][26]. - **Tin**: The supply remains tight, and the price fluctuates at a high level. It is recommended to wait and see, and the price is expected to fluctuate in the range of 265000 - 285000 yuan/ton [26][27][29]. - **Nickel**: The price is expected to adjust in the range of 118000 - 126000 yuan/ton. It is necessary to pay attention to macro - expectations and import/export conditions [29][30][31]. - **Stainless Steel**: The price is expected to fluctuate in the range of 12600 - 13400 yuan/ton. It is necessary to pay attention to raw material dynamics and the realization of peak - season demand [32][33][35]. - **Lithium Carbonate**: The market is in a tight - balance state. The price is expected to fluctuate widely after the price center moves down, and it is recommended to wait and see. The main contract is expected to operate in the range of 70000 - 75000 yuan/ton [36][37][38]. Ferrous Metals - **Steel**: The apparent demand for rebar declined, and the steel price maintained a weak downward trend. It is recommended to sell out - of - the - money put options and consider going long on the ratio of steel to iron ore [39][40]. - **Iron Ore**: The global shipment volume increased, and the 45 - port arrival volume rose. The price is expected to fluctuate in the range of 750 - 810 yuan/ton, and it is recommended to go long on iron ore and short on coking coal [41][42][43]. - **Coking Coal**: The price fluctuated weakly. It is recommended to hold short positions and go long on iron ore and short on coking coal [44][46]. - **Coke**: The seventh round of price increase by mainstream coking plants was implemented, but the eighth round was blocked. It is recommended to hold short positions and go long on iron ore and short on coke [47][48][49]. Agricultural Products - **Meal Products**: Sino - US trade has not made substantial progress, and the domestic bullish expectation remains unchanged. It is recommended to wait for the market to stabilize and then go long on the dips [50][52]. - **Hogs**: The supply - demand contradiction in the market is limited. It is recommended to operate cautiously and pay attention to the support levels of 13500 for the 11 - contract and 13800 for the 01 - contract [53][54]. - **Corn**: The short - term market will fluctuate and adjust, and the medium - term trend is weak. It is recommended to go short on the rallies [55][56].

Research Views Corn - Corn futures showed a weak performance on Tuesday, with the September contract's funds shifting to the January contract. The favorable weather during the growing season influenced market sentiment, and the spot market in the Northeast region had limited trading activity. The downstream feed enterprises mainly used their previous inventory and waited for the new grain to enter the market. Technically, the September contract rebounded to the previous trading range of 2320 - 2330, facing technical resistance. If the support at 2300 is ineffective, the price will continue to decline. The view is that the price will be weakly volatile [1]. Soybean Meal - CBOT soybeans closed lower on Tuesday due to favorable weather in the US, increasing the expectation of a bumper harvest. Brazilian grain exporters expected lower soybean and soybean meal exports in July. In the domestic market, soybean meal followed the external market and declined. The reduction of Argentine tariffs and overseas purchases by domestic feed enterprises dragged down the forward price of soybean meal. The strategy is to focus on intraday trading. The view is that the price will rise [1]. Edible Oils - BMD palm oil closed higher on Tuesday due to short - covering and bargain - hunting. Rapeseed in Canada also rose following the increase in US soybean oil. The market continued to focus on Indonesia's biodiesel and export policies. In the domestic market, soybean oil rose, rapeseed oil followed, and palm oil was relatively weak. The low price and high cost - effectiveness of soybean oil provided support. With the slight increase in the inventory of three major vegetable oils last week and the unclear international policies, the market will be volatile. The strategy is to focus on intraday trading. The view is that the price will be volatile [1]. Eggs - The main egg contract 2509 oscillated and closed flat on Tuesday. The spot price was stable. After the previous price adjustment, the short - term supply and demand became stable. Due to the hot weather, traders' willingness to stock up was low, and most of the egg prices in the sales areas were stable. In the short term, the fundamental situation was bearish, and the price will be volatile. Although the demand will increase in the peak season, considering the high inventory and cold - stored eggs, the price peak is likely to be lower than last year [1]. Pigs - The main pig contract 2509 rose 0.18% on Tuesday. The spot price of pigs declined in most regions. Some breeding enterprises increased their sales volume by reducing prices to meet their monthly sales plans. In the short term, the supply side will put pressure on the price, while policies will provide support. The view is that the price will be volatile [2]. Market Information - Last week, the production of rapeseed oil increased with the increase in rapeseed crushing volume, and the inventory continued to decline. As of the end of the 30th week of 2025, the inventory of imported rapeseed oil was 78.6 million tons, a decrease of 2.6 million tons from last week, a 3.21% decline. The contract volume was 11.6 million tons, a decrease of 1.2 million tons from last week, a 9.24% decline [3]. - The EU and Indonesia reached an agreement on the Comprehensive Economic Partnership Agreement (CEPA), with the EU agreeing to a zero - tariff policy for a certain quota of Indonesian palm oil imports, and a 3% tariff for imports exceeding the quota [3]. - The Chairman of the Indonesian Palm Oil Commission (IPOC) said that Indonesia's palm oil exports to India in 2025 will exceed 500 million tons, higher than 480 million tons in 2024. Indonesia also plans to export 100,000 germinated palm seeds to India to support its plan to expand the oil palm planting area [4]. - The e - trading center of Sinograin will organize a two - way bidding trading of domestic soybeans on August 1, 2025, with a trading volume of 40,302 tons [4]. Variety Spreads Contract Spreads - The report presents the 9 - 1 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs through charts [1][6][8][9][12]. Contract Basis - The report presents the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs through charts [14][18][24][26]. Research Team Members - Wang Na, the director of the agricultural product research department at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title multiple times and led the team to win many awards [28]. - Hou Xueling, a soybean analyst at Everbright Futures, has more than ten years of futures trading experience and has won the "Best Agricultural Product Analyst" title multiple times [28]. - Kong Hailan, a researcher on eggs and pigs at Everbright Futures Research Institute, has participated in many research projects and won awards [28].