China commodity futures open lower; LU fuel oil main contract falls over 4%

The breadth of the declines, spanning energy, metals and softs, points to a broad risk-off tone in Chinese commodities rather than a single-contract story, which makes the fuel oil drop less an isolated signal than part of a wider move. The split tape is the more telling detail: caustic soda, glass and soda ash firmer alongside shipping rates suggests pockets of domestic demand or supply tightness holding up even as the complex sells off. Whether that divergence persists into the close, or the gainers get dragged down with the rest, is the open question.