Night session opens: coking coal, Shanghai tin, silver fall nearly 2%

The breadth of the declines — energy, base metals and a precious metal moving together — points to a session driven by macro positioning rather than any single commodity's fundamentals, which matters for RWA and tokenized-commodity products that track these benchmarks. The split is notable: caustic soda, plastics and propylene holding gains while crude-linked and metal contracts slide suggests the selling is concentrated in the energy-and-metals complex rather than a uniform risk-off. Whether that divergence persists through the session, or broadens into the chemical chain, is the open question.