Global Macro Trade Ideas Radar: Our Most Compelling Trade Ideas

研报英文原文证据摘录

Global Macro Trade Ideas Radar: Our Most Compelling Trade Ideas

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21 Jul 2026 11:20:11 ET │ 17 pages

Global Macro Trade Ideas Radar

Our Most Compelling Trade Ideas

CITI'S TAKE

Luis E Costa, CFA AC

Our analysts sift through their trade idea portfolios to bring you their most +44-20-7986-9757

compelling tactical trade ideas – that are also liquid and leverageable – and luis.costa@citi.com

highlight them in this monthly report.

Adam Pickett AC

Upcoming Coffee Supplies Outweigh El Niño Concerns for Now — Coffee prices +44-20-7500-5777

have rallied sharply due to speculative short-covering and growing concerns about adam.pickett@citi.com

El Niño. We remain bearish on large upcoming supplies from Brazil's advancing AC Jason Williams

harvest and increased producer selling in Vietnam and buy a put spread. Meanwhile +1-212-723-1837

in U.S. rates, with the Fed on hold and awaiting more inflation and Jobs data, we jason1.williams@citi.com

open a CMS cap ladder to position for a constrained curve steepening by year-end.

Mike Chang AC

Figure 1. Summary of Trade Ideas (for full details, see inside of note) +1-212-816-8718

mike.chang@citi.com

Asset Analyst Trade Idea Inception

Commo Arkady Buy a put spread with March’27 expiry (KCH7 Comdty), 16-Jul-26 Faraz Syed AC

dities Gevorkyan $2.5/lb and $2.25/lb corresponding contracts, and cost +61-2-8225-4943

faraz.syed@citi.com of $9.3 per structure. Target/stop = $20/$6. (-$1.10)

Rates Mike Buy $300mm 6m 10s/2s ATMF CMS caps, sell $300mm 26-Jun-26 Arkady Gevorkyan AC

Chang each of 11bp OTM and 22bp OTM 6m 10s/2s CMS caps at +1-212-723-1051

net zero cost. Target/stop = $330k/-$200k. (-$54k) arkady.gevorkyan@citi.com

Rates Faraz Syed Receive AUD 1y2s5s10s at 9bps, target at -11bps and 8-Jun-26 With thanks to

stop loss at 16bps.