Judging from the extensive relationship between commodities, the change of crude oil price may cause some changes in the spot and futures trading prices of other commodities. As for the extent and time of the impact, it should be analyzed according to the specific situation.
If the price of crude oil rises for a short time, the prices of refined oil and low fuel oil will also rise, and the transportation costs of all commodities transported by sea and road will increase, but it is not necessarily related whether it can cause the futures prices of other commodities to rise.
If the price of crude oil continues to rise for a long time, the transportation cost of bulk commodities will be highly valued. If the cost is too high, it may also lead to insufficient supply, lead to the contradiction between supply and demand, and aggravate the price increase of downstream commodities. However, the probability of this happening is very low, because there is a serious excess of global transportation capacity at present, and the amount of transportation capacity will not be reduced because of the increase in fuel prices.
For most commodities, such as metal mines, steel, non-ferrous metals, grain, rubber, coal, etc., the rise of crude oil price will increase the transportation cost of these products, but it is hard to say whether it will affect the large fluctuations of these commodity futures markets, because the main driving force that determines the futures market comes from the changes in fundamentals and the adequacy of funds.
For chemicals, plastics and chemical fibers, the rising price of upstream crude oil may increase the cost of these industries, thus raising the prices of these commodities.