On May 26, 2026, China’s bulk commodity market witnessed obvious structural differentiation, with industrial metal futures leading the gains while energy futures corrected downward. The main alumina futures contract surged 5% intraday to close at 2853 yuan per ton, marking the largest single-day increase in nearly three months. Meanwhile, the main silver futures contract rose more than 2%, driving a significant improvement in overall market trading activity. The strong rally of industrial metals is supported by multiple fundamental factors. First, domestic downstream demand has continued to recover steadily. The accelerated construction progress of new energy infrastructure, high-end equipment manufacturing and photovoltaic industries has greatly boosted the market demand for industrial raw materials such as alumina and silver. Second, the overall inventory of industrial metals in the domestic market remains at a relatively low level, with insufficient circulating goods, forming an obvious supply and demand gap that effectively supports price increases. In sharp contrast, domestic energy futures performed weakly. The main Shanghai crude oil futures contract fell 4% intraday, affected by the sharp decline in international crude oil prices. The shift of global energy market sentiment and the easing of Middle East geopolitical tensions have led to a comprehensive correction of oil prices, dragging down domestic energy commodity prices. Industry analysts said that the differentiated trend of commodities reflects the current characteristics of China’s economic recovery. The strong demand for manufacturing raw materials highlights the vitality of the real economy, while the fall in energy prices helps reduce industrial production costs. In the follow-up market, industrial metal prices will continue to fluctuate strongly under the support of low inventory and strong demand, while energy prices will maintain a volatile adjustment trend with the evolution of global geopolitics. In the long run, the continuous expansion of new energy and advanced manufacturing industries will form long-term support for industrial metal prices, bringing stable development opportunities for domestic metal processing and upstream mining enterprises.