China Desk · 2026-10-26

China Desk Digest 2026-10-26

Daily Commodity Futures Update (2026-10-26)

Oil

• The national average gasoline price in the US exceeded Biden's era, with pressure building ahead of midterm elections.
• US Strategic Petroleum Reserve crude oil inventories fell to their lowest level since 1982.

Agriculture

• Most domestic commodity futures were lower in the night session, with oilseed oils leading the declines.

Metals

• Spot silver fell below 53 USD/oz, marking its lowest level since November 2025.
• CICC's share-swap merger with Dongxing Securities and Cinda Securities will add 3.104 billion new A-shares, with 1.136 billion shares tradable on Oct. 29.

Other Commodities

• SHFE zinc added over 1%, while caustic soda fell 2.64%.
• A company has begun production of harmonic reducers and bearings for humanoid robots.
• DCE palm oil and PVC declined significantly.

Energy

• DCE LPG rose 2.05%.

News and Events

• [SMM] Launch of the “SMM Spot Premium/Discount Index (against SHFE Silver Main Contract)”.
• China's molybdenum imports surged while exports nearly halved.
• China's Chrome Ore Port Inventory rose to 5.18 Mt as of Oct. 23.

Data provenance

• China domestic term structure (M1-M2 spread, main contract) as of 2026-10-26
• LME cancelled warrants as of 2026-10-23
• Yangshan copper premium (USD/t) as of 2026-10-26
• China headlines, 2026-10-26
• English-native China flashes — SMM_EN / Mysteel_EN, 2026-10-26