The order of rising prices for commodities, collectors, please keep in mind!

Core logic: Financial attributes, industrial attributes, energy consumption attributes, people's livelihood rigid demand attributes

Economic cycle: Risk aversion, recovery, inflation, stagflation

Gold → Silver → Copper → Aluminum → Steel → Crude Oil → Chemical Products → Agricultural Products

First stage: Financial expectations lead the way ( Precious metals lead the rise )

Core: Gold and silver ( Gold leads by 1-2 months ) Driven by: monetary easing, geopolitical risks, credit risks

Gold is a risk-free asset, hedging against inflation: market expectations respond, real economy has not yet recovered.

Second stage: Industrial demand confirmation ( Industrial metals take over )

Core: Copper, aluminum, steel, lead, zinc ( Copper leads, copper expert )

Driven by: real economy recovery, inventory replenishment, infrastructure and manufacturing restart. The widespread application of copper signifies: confirmation of real economy recovery, the actual stage of a bull market.

Third stage: Energy cost transmission ( Rise of energy and chemical industries )

Core: Crude oil, natural gas/coal, chemical products ( Ethylene/plastics, etc. )

Driven by: comprehensive industrial rebound, surge in energy consumption, supply constraints, chemical products

due to raw material price increases

Significance: Inflation spreads to midstream, full-scale expansion.

Fourth stage: Livelihood terminal diffusion ( Agricultural products conclude )

Core: Soybeans, corn, wheat, cotton, sugar, oils and fats

Driven by: energy pushing up agricultural costs ( Fertilizer/transportation ), extreme weather, rising terminal demand

Significance: Inflation penetrates into people's livelihood, the bull market approaches its end, policy intervention rises