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2026-07-15 Wednesday

2026-07-19

20:48:13

[Caixin Futures: Edible Oils Show Slightly Stronger Trend, Soybean Meal and Corn Show Weakness, Live Hogs Sell on Rallies, Eggs Buy on Dips] ⑴ Edible Oils: Geopolitical conflicts in the Middle East pushed international oil prices higher, leading to a slightly stronger trend in edible oil futures. Palm oil, soybean oil, and rapeseed oil futures contracts all closed slightly higher. Spot prices rose: Guangdong 24-degree palm oil rose 40 yuan to 9170 yuan/ton, soybean oil rose 10 yuan to 8820 yuan/ton, and Jiangsu genetically modified rapeseed oil rose 30 yuan to 10510 yuan/ton. Rapeseed oil spot prices have recently shown strength and a firm basis, providing strong support. However, influenced by the volatility in Canadian rapeseed futures, the upward breakout has been weak. Domestic soybean oil fundamentals are weak. The peak season for soybean arrivals has not yet passed, with imports reaching 13.5472 million tons in June. Cumulative imports from January to June increased by 1.5% year-on-year. Domestic crushing volume is nearly 10 million tons, leading to continued inventory accumulation. Palm oil is entering its seasonal off-season, with reduced demand and sluggish spot transactions. These fundamental factors continue to suppress the rebound in futures prices. Overall, while the short-term center of gravity for edible oils has risen, there is a lack of substantial positive factors to drive a sustained increase. A range-bound trading strategy is recommended. (2) Soybean Meal: Improved US soybean export expectations coupled with unfavorable weather in producing areas have led to higher US soybean futures prices and increased import costs. Domestic soybean oil and soybean meal futures have followed suit, but spot prices are still in a phase of inventory accumulation, resulting in significant supply pressure. Downstream demand is flat, and there is low enthusiasm for building inventory. The supply-demand imbalance remains unchanged, and the spot basis remains weak. It is recommended to remain on the sidelines and avoid chasing high prices. (3) Corn: The fundamental loose situation remains unchanged. Traders in producing areas are selling according to market conditions. New-season wheat and imported grains are increasing overall supply pressure. Downstream users are mostly maintaining a just-in-time purchasing strategy. Under the background of strong supply and weak demand, prices are expected to remain weak and volatile in the short term. A short-selling strategy on rallies is recommended. (4) Live Pigs: The second breeding season has recently cooled down, leading to weaker spot prices. The futures market correction validates previous logic. A short-selling strategy on rallies is recommended. In the medium to long term, breeding profits may see some recovery, but the scope is limited. On a month-on-month basis, due to the decline in sow inventory 10 months ago, the theoretical supply in the second half of the year will decrease, but the magnitude will be limited. Coupled with the peak consumption season in the second half of the year and policy-guided reduction in production, breeding profits may see a phased recovery. (5) Eggs: Recently, the overall trend has remained strong. Hot weather has lowered egg production rates, and farmers are reluctant to sell, resulting in a slight decrease in supply. The peak demand season is from July to September, with smooth sales at the terminal level. Demand may further increase after mid-to-late July. Given the weak supply and strong demand, inventory has decreased, and egg prices may remain strong. It is recommended to buy on dips.

20:48:11

[Caixin Futures: Continued Geopolitical Tensions Push Crude Oil, Fuel Oil, and Asphalt Higher] ⑴ Crude Oil: The US continues bombing Iran, stating that the Strait of Hormuz remains open to all countries except Iran but will charge a 20% fee on transiting goods, effectively reimposing a blockade on Iran; Iran maintains the Strait remains closed. The sharp rise in international oil prices has driven up chemical prices. With geopolitical tensions unlikely to ease significantly in the short term, chemical prices may remain bullish. ⑵ Fuel Oil: Renewed geopolitical tensions have driven a rebound in fuel oil prices. The market had previously been restrained in pricing in response to a significant escalation of the situation, but with the US imposing a 20% fee on transiting goods through the Strait of Hormuz, short-term supply constraints have increased significantly, suggesting a bullish outlook in the short term. ⑶ Asphalt: Today, the price of 70# heavy-grade asphalt in Shandong is 4355 yuan/ton, up 25 yuan from the previous day. Increased supply pressure is expected, but industry confidence has not fully recovered. The rebound in international oil prices has injected upward momentum into asphalt prices. This week, the capacity utilization rate of domestic asphalt refineries will increase by 3.9 percentage points to 20.3%. As of July 13, the inventory of 54 sample asphalt plants in China was 749,000 tons, an increase of 0.5% compared to July 9 and a decrease of 7.0% year-on-year; the inventory of 104 social warehouses was 990,000 tons, a decrease of 1.5% compared to July 9 and a decrease of 45.7% year-on-year. Overall, the market is in a weak supply and demand situation with low inventory levels. The escalating tensions between the US and Iran are the main trading logic at present, and short-term fluctuations with a slight upward bias are expected. (4) Glass: The overall trading in the Shahe market was average, with some small-plate prices softening. Industry players are cautiously observing the market. Last week, float glass inventory was 76 million weight boxes, a decrease of 59,000 weight boxes (-0.08%) week-on-week and an increase of 13.26% year-on-year. Glass technology upgrades will raise industry costs, keeping supply low, but demand expectations remain weak. Medium-term supply and demand pressures remain, and low-level fluctuations are expected. (5) Soda Ash: The market trend is stabilizing, with prices fluctuating narrowly at the bottom. Plant operations are stable with no maintenance shutdowns, and daily output remains around 105,000 tons. Downstream demand is generally on an as-needed basis, with weak overall sentiment and insufficient driving force. On Monday, total soda ash manufacturer inventory was 1.7501 million tons, an increase of 3,100 tons (+0.18%) from last Thursday; total social inventory remained around 490,000 tons. Futures-spot basis offers: Hebei warehouse delivery 09-20, Shahe delivered to flat to 09+10, Inner Mongolia plant delivery 09-270 to 300, Hubei warehouse delivery 09-35, Shandong plant delivery 09+10. High supply and weak demand are unlikely to change in the medium term, and low-level fluctuations are expected. (6) Methanol: Today, the spot price in Taicang is 2690 yuan/ton, -32 yuan; the price in the northern Inner Mongolia region is 2205 yuan/ton, +7.5 yuan. US-Iran relations are escalating, with the US imposing a 20% charge on transit cargo, and Iran announcing the re-closure of the Strait of Hormuz. This week, methanol port inventory was 401,500 tons, a decrease of 45,200 tons from the previous period; sample production enterprise inventory was 380,900 tons, a decrease of 10,900 tons from the previous period. Geopolitical risks have escalated again. While the market reaction was relatively restrained initially, with the US blocking the Taiwan Strait and increasing transit fees, expectations of supply contraction are rising, and methanol is expected to fluctuate with a slightly upward bias.

20:46:13

[Caixin Futures: Non-ferrous metals sector fluctuates, precious metals' upside limited, lithium carbonate continues to weaken] ⑴ Shanghai Copper: US June CPI fell 0.4% month-on-month, the largest monthly decline in four years. Overall inflation data was better than expected, macro sentiment improved marginally, but geopolitical disturbances persist. On the supply side, the long-term mining supply remains tight, and refined copper supply remains low; on the demand side, purchases are mainly for immediate needs. Be wary of changes in macro sentiment and pay attention to the subsequent Fed interest rate path. In the short term, copper prices are expected to fluctuate. ⑵ Shanghai Aluminum: Domestic destocking is progressing rapidly, and the expected commissioning of new overseas aluminum production capacity creates a medium- to long-term supply downside. With mixed bullish and bearish factors and continuous macroeconomic disturbances, aluminum prices are expected to fluctuate in the near term. ⑶ Shanghai Zinc: The tight global zinc mine supply situation remains unchanged, and the continued low processing fees at home and abroad provide bottom support. However, the off-season characteristics of consumption are significant on the demand side. Under the mixed bullish and bearish factors, zinc prices are expected to fluctuate in the short term. (4) Precious Metals: Better-than-expected US June CPI data improved macro sentiment marginally, but geopolitical disturbances persist, limiting upside potential for precious metals. The market still bets on one more rate hike each from the ECB and the Bank of England this year, with prices expected to fluctuate in the short term. (5) Lithium Carbonate: The main contract closed up 2.19% at 149,240 yuan/ton, with the market continuing to weaken due to expectations of ample future supply and pressure from warehouse receipts. Domestic production in July saw a slight overall decline, with lithium extraction from salt lakes entering its peak production period. While raw material supply from lithium mica companies recovered, the increase was limited. Zimbabwean lithium mines resumed shipments, and the raw material shortage before new material arrived at ports led some smelting companies to reduce operating rates. Warehouse receipts decreased by 483 tons to 42,420 tons, and the spot price of battery-grade lithium carbonate fell by 1,750 yuan to 152,200 yuan/ton.

20:46:12

[Caixin Futures: Steel Prices Fluctuate at Low Levels Amidst Raw Material Supply Disruptions and Macroeconomic Expectations] ⑴ Steel: Exports remained resilient, investment continued to be weak in June, and the market had some expectations for the Politburo meeting at the end of the month, leading to some improvement in demand expectations. Both long and short positions in the top 20 rebar futures contracts decreased significantly, with short positions decreasing more; both long and short positions in the hot-rolled coil futures contracts decreased, with long positions decreasing slightly more, and overall funds continued to flow out. Technically, the rebar futures contract rebounded after a reduction in open interest, with the 40-day moving average acting as resistance above and the support level moving up to around 3085 yuan/ton below. In terms of valuation, steel mill profits continued to be under pressure, with the futures price approaching the off-peak electricity cost of electric arc furnaces in East China, and the previous undervaluation has been somewhat corrected. Supply disruptions on the raw material side raised expectations of cost support, and the market awaited positive macroeconomic news, but the weak reality still limited the rebound potential. ⑵ Iron Ore: The failure of labor negotiations between BHP and management limited delivery of some FMG products, coupled with the seasonal decline in shipments after the June fiscal year's sales push, provided some support to the futures market in the short term due to supply disruptions. The September contract continued its rebound after a reduction in open interest, with the upper resistance level shifting to around 770 yuan/ton, while the lower support level remains around 750 yuan/ton. Both long and short positions decreased among the top 20 holders, with a larger reduction in short positions, indicating a weakening willingness to actively suppress prices. Supply disruptions have not completely subsided, but given the overall decline in demand, the upward momentum of the market is expected to be limited. (3) Coking Coal: Safety inspections at production sites remain stringent, and the pace of production resumption in Shanxi coal mines is slow; pig iron production has fallen from its highs, coupled with rising expectations of coking coal price reductions. Downstream buyers are maintaining just-in-time purchases, and intermediaries are gradually lowering prices to move inventory. Short-term coal prices may continue to fluctuate weakly. The top 20 holders for the September contract increased long positions and decreased short positions, with a generally bullish change in open interest. Technically, the September coking coal contract rebounded after an increase in open interest and a decline, with the upper resistance level around 1290-1300 yuan/ton and the lower support level shifting to 1253-1260 yuan/ton. The renewed conflict between the US and Iran has driven up crude oil prices, and the energy premium sentiment has provided some support to the market. The market is caught in a tug-of-war between supply contraction and weak demand, with limited upside and downside potential. Operationally, it is recommended to maintain a buy-on-dips strategy based on support levels. (4) Coking Coal: Coal prices continue to weaken, coking plant profits have slightly recovered, and output is expected to remain stable with a slight increase. Pig iron production has been confirmed to have peaked, and further declines are expected, with demand-driven forces gradually weakening. The futures main contract is trading at a significant discount to the spot price, and valuations are relatively low. Steel mill losses continue to widen, making the implementation of the tenth round of price increases significantly more difficult, and expectations of price reductions are rising, leading to an overall downward shift in market valuations. However, the basis has already largely priced in the expectation of spot price reductions, so further downside potential for futures may be relatively limited. (5) Manganese Silicon: The fundamentals remain weak and stable. Manganese ore port inventories continue to accumulate, demand is weak, plant operating rates remain low, and plant inventories are increasing, driving the overall market downward. The September contract failed to break through the 40-day moving average. The support level to watch is the 20-day moving average, while the resistance level to watch is around 5940. Both long and short positions among the top 20 holders have decreased, with the reduction in positions being quite significant.

20:40:21

US Machinery Manufacturing PPI in June

Previous : 197.40 Forecast : -

Published Value 198.20

Previous

20:34:24

U.S. July New York Fed Manufacturing Prices Paid Index

Previous : 61 Forecast : -

Published Value 52.30

Previous

20:34:22

US July New York Fed Manufacturing Expectations Index for the Next 6 Months

Previous : 30.10 Forecast : -

Published Value 27.90

Previous

20:34:21

Canadian manufacturing inventories month-on-month in June

Previous : 0.50 Forecast : -

Published Value 0.50

Previous

20:34:18

Canada's June manufacturing backlog of orders month-on-month

Previous : 1.30 Forecast : -

Published Value 6.70

Previous

20:33:26

Canada's June manufacturing inventory-to-shipment ratio

Previous : 1.62 Forecast : -

Published Value 1.30

Previous

20:33:24

Canada's June manufacturing new orders month-on-month rate

Previous : 2.10 Forecast : -

Published Value 9.50

Previous

20:33:23

Canadian wholesale inventories month-on-month rate in June

Previous : 1.10 Forecast : 0.20

Published Value -2.30

Previous

20:33:22

US July New York Fed Manufacturing Employment Index

Previous : 9.60 Forecast : -

Published Value 11.40

Previous

20:33:20

US July New York Fed Manufacturing New Orders Index

Previous : 3.50 Forecast : -

Published Value 22.20

Previous

20:33:18

U.S. July New York Fed Manufacturing Prices Index

Previous : 31.40 Forecast : -

Published Value 27.60

Previous

20:33:15

US June final demand PPI annual rate excluding food, energy and trade

Previous : 5.10% Forecast : -

Published Value 5.10%

Previous

20:33:14

Canadian wholesale sales month-on-month rate in June

Previous : 0.60% Forecast : -0.70%

Canadian Dollar

Published Value 0%

Previous

20:33:12

US June PPI year-on-year rate

Previous : 6.50% Forecast : 6.20%

Published Value 5.50%

Previous

20:32:19

US June Core PPI Annual Rate

Previous : 4.90% Forecast : 5.20%

Published Value 4.70%

Previous

20:32:17

US June Core PPI Monthly Rate

Previous : 0.40% Forecast : 0.40%

Published Value 0.20%

Previous

20:32:16

US June PPI (excluding food, energy, and trade) month-on-month rate

Previous : 0.80% Forecast : -

Published Value 0.10%

Previous

20:32:13

US June PPI month-on-month rate

Previous : 1.10% Forecast : 0%

Published Value -0.30%

Previous

20:32:12

US July New York Fed Manufacturing Index

Previous : 5.70 Forecast : 8.80

US Dollar
Gold, Silver, Oil

Published Value 15.60

Previous

20:20:11

[US Sugar Export Quota to Mexico Raised to 550,000 Tons, Remaining Quota Pending; Supply Uncertainty Remains Before Northern Hemisphere Crushing Season] ⑴ After reducing its current sugar export quota to a historic low of 180,000 tons, the US, through negotiations with the Mexican government and industry representatives, has raised the quota for the next cycle to 550,000 tons, with the possibility of further expansion to 1 million tons in the future remaining. ⑵ The former president of the Mexican National Sugar and Wine Industry Association stated that only about 550,000 tons of the 1 million-ton quota announced by the federal government have been confirmed so far, with the remaining quota planned to be announced in February next year, at which time the total will reach the million-ton level. ⑶ The source pointed out that the negotiations lasted for more than half a year, with Mexican federal officials playing a positive role in the consultations. They also emphasized the need to closely monitor changes in US sugar consumption, production, and imports from now until February next year, as the crushing season in neighboring countries begins in September. (4) The U.S. does not want sugar from other international markets to be transshipped into the U.S. via Mexico. Therefore, Mexico has raised sugar import tariffs in response. According to a July report, the U.S. expects Mexico to produce about 5.38 million tons of sugar and warned that U.S. imports will rise to more than 1 million tons. The pace of subsequent quota adjustments and the actual production situation will be key variables in the market.

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XAU

4016.36

40.10

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XAG

55.884

0.395

(0.71%)

CONC

81.77

3.49

(4.46%)

OILC

88.08

3.22

(3.80%)

USD

100.759

0.039

(0.04%)

EURUSD

1.1438

-0.0004

(-0.03%)

GBPUSD

1.3455

-0.0022

(-0.17%)

USDCNH

6.7769

0.0044

(0.06%)