CITIC Securities: Looking towards the third quarter of 2025, it is expected that the trend of commodity prices will return to being fundamentally driven.

CITIC Securities research report indicates that looking ahead to the third quarter of 2025, it is expected that the trend of commodity prices will return to being driven by fundamentals. Industrial metals, crude oil and other varieties may weaken temporarily, while the supply and demand situation for coal and steel is expected to improve. With expectations for loose liquidity, supply constraints, and low inventory effects, precious metals and industrial metal prices may remain volatile at high levels. The steel market is expected to strengthen under the theme of anti-internal squandering, with products such as lithium and silicon, which have experienced previous overselling, potentially rebounding from the bottom.