China’s Warehousing Index Rises to 49.8% in October, Still Below 50

The marginal 0.1-point gain matters less than the persistence: a third straight month under 50 keeps warehousing in contraction, and the federation's own language points to demand that hasn't firmed rather than a turning point. For commodity-linked and RWA markets, warehousing activity is a physical-demand tell, so a sub-50 reading sits awkwardly against any narrative of restocking. The open question is whether the index can reclaim 50 on demand rather than seasonality.