Chinese Night Futures Open: Shanghai Nickel, Coke Up Over 2%; LPG, Propylene Down Over 3%

The split screen here is between nickel and coke, where the gains point to cost and supply pressure in stainless and steel inputs, and LPG and propylene, where the losses signal soft petrochemical demand and weak downstream plastics. That divergence matters because it undercuts any single "China demand" narrative — the energy-linked complex is pricing weakness while the metals chain firms up. The read-across is to producers and traders exposed to both ends of the barrel-to-plastics chain, who face margin pressure from opposite directions. Whether the petrochemical weakness spreads into the metals complex, or stays contained, is the open question.