SHFE Crude Oil Futures 2612 Contract Closes Night Session Up 1.96% at 721.50 Yuan/Barrel

The split between energy and precious metals is the story here: crude's night-session gain alongside sharp falls in Shanghai gold and silver points to a rotation rather than a broad risk-on or risk-off move, with silver's much larger drop suggesting industrial and speculative positioning is being unwound faster than gold's. The divergence matters for traders tracking Chinese commodity sentiment as a proxy for domestic demand expectations. Whether crude holds its gains while precious metals keep sliding is the open question worth watching.