【Xingqi Research: Weekly Strategy】High Oil Prices Drive Tightening Trade Surge, Chemicals Strengthen While Precious Metals and Base Metals Weaken

Market Outlook and Core Strategies

The Iran-U.S. conflict and Strait of Hormuz closure have entered their third week. International oil prices remain high and difficult to fall, with inflation risks significantly increasing. Major economies’ monetary authorities are signaling a hawkish stance. Before substantial easing signals appear in geopolitical narratives, the market may continue to favor tightening trades, with asset performance diverging. Chemicals and ferrous metals, which follow supply disruption and cost-based pricing logic, remain relatively strong, while precious metals and Shanghai copper, more affected by tightening expectations, are likely to weaken.

Edited on: March 22, 2026

The above content is from Industrial Futures Investment Consulting Department’s weekly strategy report “High Oil Prices Fuel Tightening Trades, Chemicals Remain Strong, Precious and Non-Ferrous Metals Weaken.”

For the full report, please contact your respective account manager or log in to the Industrial Futures mobile app.

Author’s Commitment

I hold a futures trading consulting qualification or equivalent professional competence granted by the China Futures Association. I guarantee that all data used in this report come from compliant sources. The analysis logic is based on my professional understanding. This report accurately reflects my research views, aiming to be independent, objective, and fair. The conclusions are not influenced or dictated by any third party. I have not received, nor will I receive, any form of compensation directly or indirectly related to the specific recommendations or opinions in this report. This report also does not involve any conflicts of interest.

Disclaimer

This is not a futures trading consulting service. The views and information contained herein are for reference only and do not constitute investment advice to anyone. Industrial Futures does not consider subscribing to or receiving this report as establishing a client relationship. All information is sourced from public data. Industrial Futures makes no guarantees regarding the accuracy or completeness of this information, nor does it guarantee that the information and recommendations will not change. We strive for objectivity and fairness, but the views, conclusions, and suggestions in this document are for reference only. Any investment decisions made based on this report are unrelated to Industrial Futures and the author. All rights to the content belong to Industrial Futures. Without written permission, no organization or individual may reproduce, copy, or publish in any form. When citing or publishing, please specify Industrial Futures as the source and avoid misquoting, truncating, or modifying the content. If the report involves industry analysis or listed companies, it aims to compare and demonstrate futures market characteristics and potential risks, not to recommend or endorse any industry or company. It does not constitute advice or suggestions for any actions. No part of this report should be regarded as a commitment or statement by Industrial Futures. Under any circumstances, Industrial Futures is not responsible for any actions or inactions taken by any party based on this report.

Markets are risky; invest cautiously!

Industrial Futures Research Team Introduction

Massive information, precise analysis, all on Sina Finance APP