China night session: synthetic rubber up 3.7%, fuel oil up 3.3%

The split here is between the energy-linked complex and construction inputs: rubber and fuel oil are being pulled higher while coking coal, coke and glass — the steel and property chain — soften. That divergence matters because it suggests the move is driven by upstream energy and feedstock dynamics rather than any broad reflation in Chinese industrial demand. Whether the fuel-oil strength holds into the day session, and whether the coal-and-glass weakness spreads, is the open question for anyone tracking China's commodity demand signal.