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CICC Wealth Futures: Support from the traditional peak shipping season cycle is showing some easing, and the latest quoted upward-adjustment trend from shipping companies is slowing.

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The European shipping freight futures market is showing a corrective trend. Yesterday, the August 08 contract saw an intraday high opening followed by a low close. Contracts continued to diverge in their movements, with a clear trend of near-month strength and far-month weakness. In terms of fundamentals, the positive support from the traditional peak shipping season has loosened; the latest rate-announcement push by shipping companies has slowed, and some carriers’ July quotes have fallen. Currently, global container shipping capacity continues to increase, while expectations for the full resumption of navigation on the Red Sea and the Hormuz routes are heating up. Negative factors on the shipping supply side are gradually taking effect, having a significant impact on shipping prices. Weak economic data from the Eurozone and slow demand growth have also increased concerns that actual incremental cargo booking may be insufficient. It is recommended to stay on the sidelines at this stage and watch for changes in the price spread between the near and far months. (CICC Futures)
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