Activity on the Shanghai Futures Exchange (SHFE) has surged during the latest rallies across base and precious metals. Rising turnover and open interest signal a greater role for speculative positioning in driving momentum, and notably, key price breaks in gold and silver have increasingly occurred during Asian hours, with Europe and the US following rather than leading. China has long dominated through physical demand, but its role in price formation is evolving. Domestic investors are using commodities futures more actively to express macro views and manage risk, especially at a time when property markets are weak, ... (full story)