China night session: crude, staple fiber, LPG fall over 2%; nickel rises over 1%

The split is the signal: the energy complex is being marked down while nickel, an industrial and battery-chain metal, moves the other way, suggesting this is not a uniform risk-off session but a commodity-specific repricing. The breadth of the declines — across crude, LPG, fuel oil, plastics and styrene — points to a feedstock-led move rather than isolated contract weakness, which matters for anyone tracking input costs into Chinese manufacturing. Whether nickel's divergence holds through the session, or proves to be a single-contract outlier, is the open question.