Domestic commodity futures markets wrapped up the midday session on September 22 with main contracts showing a mixed performance. Container shipping on the European route led gains with an increase exceeding 4%, while lithium carbonate and polysilicon both climbed more than 2%. Glass, international copper, pure benzene, TSR 20 rubber, and eggs all advanced by over 1%.

On the downside, ethylene glycol suffered the steepest decline, dropping more than 3%, followed by silver which fell nearly 2%. Propylene, asphalt, platinum, palladium, gold, and iron ore each slid by over 1%.

Key market drivers to watch ahead of the upcoming US visit

With a high-level visit to the United States approaching, several focal points merit close attention in the futures market. First, the potential for tariff reductions stands as a central theme of the upcoming talks. If trade barriers ease at the margin, export channels could widen and consumer expectations may improve, potentially benefiting commodities with heavy export dependence, including textiles, apparel, home appliances, and basic chemical products.

Second, the sustainability of US soybean purchases warrants scrutiny. The key lies not merely in total purchase volumes but in whether the buyer composition and purchasing pace can be maintained. Should tariff policies loosen, private crushers may show greater willingness to enter the market, which would be essential for sustaining positive momentum in US soybean trade.

Third, the trajectory of the AI supply chain deserves attention. In the near term, if diplomatic engagement signals continue to foster a warmer atmosphere, risk appetite may recover, which would be favorable for equity index futures and non-ferrous metals. Over the longer horizon, the expansion of computing power centers is set to drive substantial infrastructure investment across electricity, power grids, and cooling systems, underpinning medium-to-long-term demand for copper, aluminum, and tin, with silver also likely to be affected.