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[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.