Chinese Night Futures Open Lower: Coking Coal, Ethylene Glycol Fall Over 2%

The split here is telling: the softness is concentrated in the coal-to-chemicals chain, where coking coal, coke, methanol, PTA and ethylene glycol are moving together, suggesting a single demand or sentiment driver rather than isolated contract noise. Fuel oil's divergence points to a different, likely energy-side story. For anyone tracking Chinese industrial demand as a proxy for RWA-linked commodity exposure, the breadth of the declines matters more than the headline percentages. Whether fuel oil's strength holds while the chemical complex stays weak is the open question.