Chinese Commodity Futures Open Lower; Shanghai Silver Drops Over 4%

The breadth of the selloff, spanning precious, industrial and battery metals alongside energy-chain contracts like PTA and para-xylene, points to a broad risk-off tone in Chinese commodity markets rather than a single-story move. Silver and tin leading the decline suggests macro-driven de-risking more than fundamentals specific to either metal. Caustic soda's counter-trend gain is the notable exception worth watching, as it may reflect idiosyncratic supply or demand factors rather than the wider mood. Whether the weakness is a one-session flush or the start of a sustained repricing across the complex is the open question.