China night session: main futures contracts opened mostly lower. SC crude oil (Shanghai contract) fell nearly 2%; alumina, PET chips, para-xylene and PTA dropped over 1%; synthetic rubber, iron ore and SHFE zinc declined about 1%. Winners included SHFE silver and LPG, up more than 2%; SHFE gold rose over 1% and coking coal advanced roughly 1%.

China's Central Meteorological Observatory issued a yellow rainstorm warning at 18:00 on July 2; the Ministry of Transport activated a level-3 response to heavy rainfall.

The Financial Times reports the White House is negotiating with AI firms to create voluntary standards for new model releases, after U.S. interventions in deployments by Anthropic and OpenAI. People familiar with the talks say the standards could be published as early as next week, setting baselines for models with advanced internet capabilities and establishing release timelines to streamline future rollouts. The initiative implements President Trump’s AI executive order from last month; stakeholders are seeking clarity on how the government will regulate the technology. Officials expect the U.S. AI Standards and Innovation Center and the NSA to play key roles in drafting and overseeing the standards. Sources add U.S. officials will specify which entities may access advanced models domestically and abroad, a step that could form the basis for a global framework including U.S. allies.