China’s commodity futures market presented obvious structural divergence on September 24, with energy sectors staging a strong rebound while precious metals and industrial products retreated slightly, becoming the core feature of current commodity trading. Market data shows that the main crude oil contract rose by over 4%, fuel oil and natural rubber increased by more than 3%, and chemical products including styrene and liquefied gas followed the upward trend, driving a phased recovery in the energy industrial chain.

In contrast, safe-haven and industrial metal sectors weakened significantly. Silver, platinum and palladium futures dropped by over 2%, while coking coal, polysilicon and lithium carbonate fell by more than 1%, reflecting intensified long-short game. The divergent market is caused by short-term supply-demand mismatch and market sentiment. Crude oil prices had corrected continuously to a reasonable valuation range earlier, and seasonal energy demand growth ahead of winter further boosted the rebound of energy commodities.

Precious metals are under pressure mainly due to rising expectations of hawkish overseas monetary policies and climbing U.S. Treasury yields, which suppress the valuation of safe-haven assets. Industry insiders predict that commodities will continue the structural trend in the fourth quarter. Energy products will gain support from seasonal demand and geopolitical supply and demand, while new energy and industrial metals may maintain weak volatility due to expanding production capacity and off-season demand. Industrial enterprises need to flexibly hedge price risks and seize periodic market opportunities.