Interesting market comparison. The trading logic differences between precious metals and crude oil are quite significant. Precious metals can form localized premiums like the Shanghai premium, but the pricing power of crude oil still remains in the hands of international benchmarks—Brent, WTI, Dubai—these prices are the global pricing centers. Looking at RMB-denominated oil futures, they are essentially more of a risk hedging tool, focusing not on pursuing premiums but on providing an alternative bypass during special periods (such as trade frictions or payment restrictions). The market logic of these three assets progresses layer by layer, reflecting the multi-dimensional interaction of commodity attributes, liquidity depth, and geopolitical factors.