Domestic Futures

Last week, the top five gainers in the domestic futures main continuous contracts were LPG with a 12.49% increase (editor's note: the main contract has changed months), alumina with a 4.46% increase, Shanghai zinc with a 3.19% increase, Shanghai copper with a 3.15% increase, and international copper with a 3.06% increase.

The top five losers in the domestic futures main continuous contracts were urea with an 8.22% decrease, hot-rolled coil with a 7.84% decrease, soda ash with a 7.43% decrease, coke with a 7.15% decrease, and sugar with a 7.01% decrease (editor's note: the main contracts for urea and sugar have changed months).

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[CSRC approves the registration of bottle chip futures]

The China Securities Regulatory Commission (CSRC) announced on the 16th that recently, the CSRC has approved the registration of bottle chip futures on the Zhengzhou Commodity Exchange. The CSRC will supervise the Zhengzhou Commodity Exchange to ensure that the bottle chip futures are smoothly launched and operate stably.

[BHP's main union at the Escondida copper mine in Chile suspends the strike]

According to Xinhua Finance on the 17th, on August 16th local time, the main union at BHP's Escondida copper mine in Chile announced the suspension of the strike. BHP stated that an agreement was reached after resuming negotiations. Sources from the company and the union indicated that BHP offered workers a bonus of approximately $32,000 and an additional $2,000 in soft loans.

[Gold price breaks through $2,500 per ounce, with a year-to-date increase of 22%]

According to the 21st Century Economic Report on the 17th, the spot gold price broke through $2,500 per ounce overnight, setting a historical record. Boosted by hopes of an upcoming interest rate cut by the Federal Reserve and increased geopolitical frictions in the Middle East, the gold price surpassed the significant threshold of $2,500 per ounce for the first time. To date, gold has risen by $50 per ounce this year, with an increase of 22%, making it one of the most profitable investments of 2024. Bart Melek, Global Head of Commodity Strategy at TD Securities, pointed out that gold investors generally believe that the Federal Reserve will be aggressive in its interest rate cut policy, and many expect that gold prices will further rise to $2,700 within the next few quarters.Institutional Views

Energy and Chemical Futures

ShenYin & WanGuo Futures analyzed rubber on August 16, stating that it is expected that with the passage of time, the output of new rubber will continue to be released, and there will still be pressure on raw material prices in the later period. The domestic bonded area inventory continues to be slowly reduced, providing certain support to prices. The downstream full-steel tire operation is weakening on a month-on-month basis. Although Shanghai rubber has rebounded, it is expected that there will still be pressure on the continuous upward trend.

ZhongHui Futures analyzed crude oil on August 17, stating that the oil price squeezed out geopolitical premiums and experienced a certain correction. Since August 6, geopolitical conflicts have intensified, and oil prices have shown a continuous upward trend. Currently, the impact of geopolitical conflicts on oil prices has decreased. In August, the latest views and content of the EIA, OPEC, and IEA monthly reports are not much different from last month. At present, crude oil is in the transition period from the peak season to the off-season. Given the gradual decline in demand, and on the supply side, OPEC+ will expand production in October, it is believed that the center of gravity of oil prices tends to move downward.

Metal Futures

HengYin Futures analyzed hot-rolled coils on August 16, stating that the weak trend of futures prices has not changed, and the market atmosphere remains weak, with short-term fluctuations leaning towards the bearish side.

MinSheng Futures analyzed copper on August 16, stating that technically, Shanghai copper rebounded from a low position during the week, and it is recommended that investors mainly wait and see for the time being.

Agricultural Product Futures

HuaYuan Futures analyzed soybean meal on August 16, stating that although the main January contract of soybean meal has rebounded tentatively, it has given up most of the gains, and the rebound momentum is slightly hesitant. For the time being, it has not escaped the weak pattern, and attention should be paid to the short-term pressure performance near 3000-3030.

GuoYuan Futures analyzed cotton on August 17, stating a neutral to bearish outlook. Technically, Zheng cotton is in a downward channel, and the market is still on the left side; in terms of points, the January contract has not formed a clear support at 13,000 yuan; it is expected that in August, it will continue to follow the fluctuations of American cotton, and the January contract's rebound faces significant pressure at the 14,000 yuan threshold. After entering September, it will depend on whether there is an expected difference in the winter clothing preparation situation.Translation of the given text into English:

(Disclaimer: The content of the article is for reference only and does not constitute investment advice. Investors act at their own risk.)