LME aluminium down 4.00% intraday, trading at $3,124.92/ton.

A US-Iran agreement reopening the Strait of Hormuz has increased Middle East supply, and Brent's near-month spread has flipped into contango for the first time since February — the front-month now trades below the next-month contract. Contango typically signals expected supply surplus; the move coincides with falling physical crude premia and similar weakness in the Dubai market. Earlier today Brent dipped below $75/bbl for the first time since the outbreak of the Iran war.

Multiple private fund managers said they received notices from cooperating brokerages overnight instructing them to suspend additions to managers' cross-border TRS (total return swap) exposure. TRS lets funds capture returns on overseas assets without moving principal offshore. The move follows a May CSRC-led, eight-agency implementation plan targeting illegal cross-border securities and futures fund operations and recent enforcement actions against brokers including Tiger Brokers, Futu Holdings and Longbridge Securities. After a strong run in global tech this year, many private funds had been using cross-border TRS to increase overseas tech exposure; the notice halts new TRS scale increases.