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JPMorgan's latest warning reveals big news: by 2026, the commodity market will shift from a synchronized rally to a divergence, and this time, it's truly different.

Simply put—gold, copper, and aluminum are becoming core assets, but zinc and oil are not so lucky and will enter a downtrend. It sounds like a prediction, but it's actually a reconfiguration of the global resource pricing system.

Gold aims to reach $5,055 per ounce. What's behind this? Central banks are aggressively buying. China has been purchasing for 13 consecutive months, and countries worldwide have added over 700 tons—an impressive scale. The US dollar's credibility is being diluted, geopolitical risks have become the norm, and gold has become the only "counterparty risk-free" reserve asset. This migration has only just begun, and it could last 5-10 years.

Copper prices have the chance to break above $12,000 per ton. The supply side faces fundamental issues—the start-up of new mines takes about 10 years—yet demand is exploding, driven by AI, power grids, and energy storage projects. The "industrial gold" bottom is continuously rising, and this logic holds.

In comparison, aluminum has short-term upside potential but faces long-term pressure. Zinc and oil are in a worse situation, with oversupply issues unable to be resolved. Brent crude may fall to $58.

Final words: In this market cycle, only those who see clearly will be rewarded. What’s your judgment?