**Trader sentiment for Shanghai’s July 4 lowest temperature centers on 25–26 °C as the most probable overnight minimum, reflecting current forecast guidance and the city’s typical early-July climatology.** Shanghai’s humid subtropical climate, combined with lingering moisture from the Meiyu frontal system, usually prevents sharp nocturnal cooling; average early-July lows fall in the 24–26 °C range when skies remain cloudy or humid air masses persist. Latest model consensus from sources such as AccuWeather, timeanddate, and BBC Weather points to July 4 lows near 25 °C (77 °F), with daytime highs in the low 30s °C and scattered thundershowers or overcast conditions that limit radiative cooling. These conditions align closely with the market’s leading outcomes—26 °C at 38.5 % and 25 °C at 20 %—while slightly cooler 24 °C (17.5 %) remains plausible if convection clears skies briefly after midnight. Warmer outcomes above 27 °C carry lower implied probability because sustained high humidity and cloud cover historically suppress such readings in this period. No significant cold-air advection or clearing high-pressure system is currently forecast, keeping the distribution tightly clustered around the mid-20s °C. Updated model runs and official guidance over the next 48 hours will provide the clearest signals for any shifts in these probabilities.