With everything from Lean Hogs (-20%) to Sugar (-21%) to WTI Crude Oil (-45%) being taken to the proverbial woodshed so far in 2020, you’d be excused for thinking US traded futures are the only game in town in terms of volatility and sell offs.

But there’s a few billion people over in China who may be looking at their commodity charts and say… hold on a sec, remember we shut down our economies too.

To see just how global this demand shock has been, we checked in on a few of the Chinese futures markets that US managers we pair up with Chinese allocators are active in. The charts all have a similar top left to bottom right feel to them, same as our US markets, but generally started selling off earlier.

Some of the biggest losers amongst the various Chinese futures exchanges as of the end of April included:

Now that they are starting to re-open their economies in China and Asia, whether these markets remain depressed or start to put in a U-shaped recovery will be an important sign for the rest of the world on whether there’s been some permanent demand destruction.

Here’s the charts:

Bitumen

Ethylene

Palm Oil

PTA

Rubber

Crude

Methanol