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[Caixin Futures: US CPI Falls More Than Expected, Non-ferrous and Precious Metals Remain in Volatile Pattern] ⑴ Shanghai copper fluctuated. The previously released US June CPI showed a 0.4% month-on-month decline, improving macro sentiment marginally, but geopolitical disturbances persist. Supply remains tight at the mining end, while refined copper supply remains low, with demand primarily driven by immediate needs. Copper prices are expected to remain volatile in the short term, with further guidance from US CPI data and the Fed's interest rate path expected. ⑵ Shanghai aluminum fluctuated. Macro sentiment improved marginally due to the 0.4% month-on-month decline in US June CPI, but geopolitical disturbances persist. Domestic destocking is progressing rapidly, while the expected commissioning of new overseas aluminum production capacity creates a medium- to long-term supply downside. With these mixed factors, aluminum prices are expected to fluctuate in the near term. ⑶ Shanghai zinc fluctuated. The 0.4% month-on-month decline in US June CPI provided a marginal boost, but geopolitical factors continue to exert downward pressure. The global zinc mine supply remains tight, with persistently low zinc concentrate processing fees providing support. However, demand is characterized by the off-season, and the mixed signals suggest that zinc prices may remain volatile in the short term. (4) Precious metals traded in a volatile manner. On the macro front, the US June CPI fell 0.4% month-on-month, the largest monthly decline in four years, and overall inflation data was better than market expectations, leading to a marginal improvement in macro sentiment. However, geopolitical disturbances limited the upside potential for precious metals, and the market still bets that the European Central Bank and the Bank of England will each raise interest rates once more this year. Short-term prices are expected to fluctuate. (5) Lithium carbonate prices fell in a volatile manner, with the main contract closing up 0.07% at 151,600 yuan per ton. The market continued to weaken due to expectations of ample future supply and pressure from warehouse receipts. In the afternoon, inventory reduction data provided support, and short sellers actively reduced their positions, leading to a rebound in prices. (6) On the supply side, domestic production in July saw a slight overall decline. Lithium extraction from salt lakes entered its peak production period, and while raw material supply to lithium mica producers recovered, the increase was limited. Zimbabwean lithium mines resumed shipments, and the raw material shortage before new materials arrived at ports led some smelting companies to reduce their operating rates. In the spot market, warehouse receipts decreased by 1,189 tons to 41,231 tons; the average spot price of battery-grade lithium carbonate fell by 1,000 yuan to 151,200 yuan per ton.