China Treasury Futures Close Mixed; 10-Year Contract Up 0.10%

The curve's shape is the story here: gains fading from the 10-year out to a flat 30-year suggests positioning is clustered in the belly rather than expressing a directional view on duration. That pattern tends to show up when traders are managing carry and roll-down rather than betting on the long end, and it leaves the ultra-long segment looking comparatively unsponsored. Whether the long end stays anchored while the mid-curve grinds higher is the open question — a persistent divergence would say something about how much term premium the market is willing to hold.