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On July 3, Citi stated that it expects aluminum prices to bottom out within the next month, followed by a gradual recovery to a range of $3,300 to $3,500 per ton between September and December. The bank's assessment is based on multiple factors, including a dovish shift in Federal Reserve policy, declining real interest rates, improved demand outlook, and a continued decrease in inventory based on consumption metrics. Recently, the decline in aluminum prices primarily reflects weaker-than-expected demand, a slowdown in visible inventory depletion, easing geopolitical risks, concentrated liquidation of speculative and physical positions, and rising market expectations for increased future supply. Over the past month, aluminum prices have dropped about 20% from approximately $4,450 per ton, shaking the upward trend that had lasted for more than a year. However, Citi believes that it is currently not suitable to short aluminum prices, as the market was already in a supply deficit state before the recent shocks, and new supply is unlikely to catch up with demand growth in time. The bank also noted that concerns about a rapid return of supply from the Middle East may be exaggerated.

CBOT corn futures fell by 0.34% to $4.4075 per bushel. CBOT wheat futures rose by 0.04% to $6.0025 per bushel. CBOT soybean futures dropped 0.22% to $11.4675 per bushel, soybean meal futures decreased 0.10%, and soybean oil futures increased 0.21%.

Golden Ten Data, July 3 — According to CNBC, the recent rally in technology stocks has slowed, leading traders to become less confident about the market's outlook. The volatility gap between the Nasdaq 100 Index and the S&P 500 Index has widened to its highest level since the 2008 financial crisis. The main reason for this is a significant increase in investors’ willingness to buy Nasdaq put options, indicating growing worries about a potential correction in technology stocks, especially in the AI sector. On Thursday, the semiconductor ETF (SMH) fell by more than 5%, further reflecting a weakening momentum in previously popular tech stocks. Nevertheless, although enthusiasm for market call options has declined, it still remains at a relatively high level. Analysts believe that while the market is usually calmer during the summer, volatility in technology stocks is expected to remain higher than the broader market.