Today, China’s bulk commodity markets saw a clear adjustment. The benchmark gold futures contract on the Shanghai exchange fell more than 2% intraday, with prices dropping back to 935.84 yuan per gram. At the same time, the benchmark lithium carbonate futures contract also suffered a sharp selloff, plunging more than 8% intraday. For the first time since February, it fell below the 130,000 level, setting a new low since February 6.
From a macro perspective, gold had been holding in a high-price range for a period of time. The sharp short-term pullback mainly reflects profit-taking demand from some long positions near key resistance levels. As lithium carbonate is a core upstream raw material in the new energy sector, its direct break below a key support level indicates that the market is re-pricing the supply-demand fundamentals and downstream production outlook. Overall, sentiment in bulk commodities is leaning toward caution.
This synchronized retracement in bulk commodities, to a certain extent, alleviates concerns about upward inflation pressure in the short term. It also prompts some hedging and speculative funds to reassess the value-for-money of various assets. When both traditional safe-haven assets and industrial raw materials cool down simultaneously, it often means macro liquidity preference is undergoing a temporary reshuffle and rebalancing.
For the crypto market, while outflows from traditional precious metals and bulk commodities have not yet clearly translated into a direct rotation into crypto, they also suggest that the safe-haven sentiment in the macro market is diverging. $BTC ’s overall trend is still largely driven by expectations for macro liquidity. Whether it can attract some of the capital seeking higher volatility and higher responsiveness later on depends on how risk appetite recovers across the broader market.
#黄金 #大宗商品 #Crypto market
From a macro perspective, gold had been holding in a high-price range for a period of time. The sharp short-term pullback mainly reflects profit-taking demand from some long positions near key resistance levels. As lithium carbonate is a core upstream raw material in the new energy sector, its direct break below a key support level indicates that the market is re-pricing the supply-demand fundamentals and downstream production outlook. Overall, sentiment in bulk commodities is leaning toward caution.
This synchronized retracement in bulk commodities, to a certain extent, alleviates concerns about upward inflation pressure in the short term. It also prompts some hedging and speculative funds to reassess the value-for-money of various assets. When both traditional safe-haven assets and industrial raw materials cool down simultaneously, it often means macro liquidity preference is undergoing a temporary reshuffle and rebalancing.
For the crypto market, while outflows from traditional precious metals and bulk commodities have not yet clearly translated into a direct rotation into crypto, they also suggest that the safe-haven sentiment in the macro market is diverging. $BTC ’s overall trend is still largely driven by expectations for macro liquidity. Whether it can attract some of the capital seeking higher volatility and higher responsiveness later on depends on how risk appetite recovers across the broader market.
#黄金 #大宗商品 #Crypto market
