In a report published on Monday, Goldman Sachs commodities analysts Daan Struyven and Lia Thomas stated that China acts as a de facto “volatility arbiter” for global commodity markets. They noted that Chinese policies tend to dampen price volatility in hydrocarbons and gold through price-sensitive import demand, while amplifying volatility in critical metals due to China's supply chain dominance and its use as leverage in AI and geopolitical competition with the US. The report cited low Chinese crude imports as a key factor preventing oil prices from rising further despite significant supply shocks.