May 14, 2026 Futures Highlights

Waktu penerbitan：2026-05-14 Penerbit：GINZO

1. Precious Metals: Silver leads strong gains, Gold fluctuates at high levels

From overnight to early trading, silver emerged as the strongest commodity across the market. COMEX Silver once broke above $90 per ounce, with an intraday peak gain exceeding 5%. The main domestic Shanghai Silver futures surged 3.38%, breaking the 21,900 yuan/ton mark and hitting a new stage high.

Gold fluctuated at elevated levels, with spot gold in London capped at $4,700 per ounce. In the short term, it is pressured by a stronger US dollar and cooling expectations for Federal Reserve interest rate cuts. However, continuous gold purchases by global central banks and geopolitical risks in the Middle East still offer medium-to-long-term support.

2. Energy: US crude oil holds above $100; domestic crude oil and chemical products weaken

International crude oil showed divergent performance. WTI crude oil steadied above $102 per barrel and touched $103 intraday, supported by tight supply and demand. Brent crude oil retreated to around $105.

Domestic energy and chemical products broadly corrected. SC crude oil fell nearly 3%, LPG dropped more than 2%, while ethylene glycol, PX, glass and other products weakened simultaneously, mainly dragged by slower-than-expected domestic demand recovery.

3. Non-ferrous Metals: Base metals rise across the board, led by Tin and Aluminum

Overnight, LME metals posted broad gains:

LME Tin +2.89%, LME Aluminum +2.14%, LME Nickel +1.27%.

Domestic futures strengthened in tandem:

Shanghai Tin +2.12%, Shanghai Aluminum +1.25%, and Shanghai Copper edged higher. Market expectations for domestic manufacturing recovery have improved, and low inventories of some varieties further underpinned prices.

4. Ferrous Metals: Mildly strong volatility, steel weakens overall

The ferrous complex trended mildly strong amid fluctuations:

Coke +0.78%, Coking Coal +0.69%, Stainless Steel closed slightly higher.

The main steel contract dipped slightly. Weak cash collection and construction starts in end-demand sectors including real estate and infrastructure limited upward momentum.

5. Agricultural Products: Eggs gain attention, oilseeds and edible oils diverge

Egg futures rebounded short-term, driven by low spot inventory and rising seasonal demand, leading to tight near-term supply and demand. Attention should be paid to downward pressure from the gradual increase in newly laying hens.

Edible oils and oilseeds showed divergence: rapeseed oil remained strong, while palm oil and soybean oil fluctuated in line with overseas markets and crude oil trends.

6. Policy & Industry Updates

Shanghai Futures Exchange: 37 cases of abnormal trading were investigated and penalized in April, including self-transaction, frequent order cancellation and large-lot order cancellation, to maintain market order.

CME Group: Plans to launch the world’s first GPU computing power futures, targeting growing AI computing demand. The new product is expected to provide a new hedging tool for the market.