Chinese Commodity Futures Open Higher; Ethylene Glycol Up Over 4%

The breadth of gains across energy and petrochemical-linked contracts points to a supply-side or cost-push story rather than isolated demand strength, since crude oil, fuel oil and pure benzene are all moving together. The notable divergence is Shanghai nickel and PVC trading lower, suggesting the bid is concentrated in the oil complex rather than a broad industrial-metals risk-on move. Ethylene glycol leading at over 4% while its downstream products — bottle chip and staple fiber — lag slightly behind is worth watching: whether the polyester chain can sustain that margin structure is the open question.