CITIC Securities: Supply Constraints Persist, Crude Oil, Coal and Rubber Prices Still Supported

36Kr learned that a CITIC Securities research report said that, looking ahead to the fourth quarter of 2026, tightening expectations will continue to cause disturbances, while supply constraints and low inventories will keep supporting some commodity prices. Copper prices are expected to remain at high levels, coal prices may rise during the peak season, crude oil is expected to fluctuate at high levels, and rubber is expected to run relatively strong. Demand from gold ETFs and central bank gold purchases is expected to provide a floor for gold prices. Cost support for electrolytic aluminum remains, while medium-term supply pressure is rising. For lithium carbonate, attention is on pressure from supply recovery and slowing demand. Steel and iron ore are expected to bottom out at low levels, and silicon products are awaiting guidance on inventories and policy.