CITIC Securities: Macro disturbances intensify, commodities continue to differentiate

The research report from CITIC Securities points out that in June 2026, the US and Iran began negotiations and signed a contract, causing a sharp drop in oil prices. However, the conflict will have a longer-term impact on inflation, exacerbating macroeconomic disruptions. Whether the Fed raises interest rates will have a significant impact on gold and other precious metals. Looking ahead to the third quarter, prices of bulk commodities will continue to diverge. Overall, we are optimistic about copper, lithium carbonate, electrolytic aluminum, coal, and other commodities that are clearly supported by demand.