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宏观策略(黄金)
美国6月CPI远低于预期
金价反弹超过1%重回4000美金上方,美国6月CPI超预期走弱,市场加息预期下降,推动贵金属反弹,6月通胀降温主要受益于能源价格大幅下跌,7月又会反弹。

宏观策略(国债期货)
6月中国进出口增速超市场预期
央行买断式逆回购大幅净投放,午后债市情绪明显好转,不过税期资金利率也难以大幅下行,买断式逆回购放量对债市的利多影响比较有限。

宏观策略(外汇期货(美元指数))
沃什重申抗通胀和对央行改革决心
最新的美国6月通胀数据不及预期,核心CPI环比增速为0,很明显通胀压力放缓,美元指数回落。

黑色金属(动力煤)
7月14日北港市场动力煤价格暂稳运行
煤价企稳等待反弹。前期进口煤大量到港,且日耗增速始终负增长,港口煤炭库存较高,需求反弹后制约上方高度。

农产品(棉花)
AGRICOOP:印度棉种植面积为795.4万公顷
抛储政策落地,未公布抛储总量和截止日期。抛储前期对市场打压作用料有限,但随着抛储时间的持续,对市场施加的压力逐步增强。抛储有利于近远月价差走弱和内外价差收窄。

有色金属(铜)
北方铜业:预计2026年半年度净利润同比增长
宏观抑制较前期边际减弱,且基本面支撑阶段增强,预计铜价将震荡偏强运行,策略上建议由观望转逢低布局多单。

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