The China Federation of Logistics and Purchasing said the June China Warehousing Index rose to 50.2, up 0.6 ppt MoM, returning to expansionary territory as a wave of major national infrastructure project starts and a synchronized rebound in manufacturing supply-demand boosted warehousing demand.

At midday close, China's main futures were mixed. Container shipping (Europe route) slumped more than 4%; eggs led gains, up over 4%. SHFE tin rose >3%; lithium carbonate fell >2%. Synthetic rubber and 20# rubber gained about 2%; soybean meal, Soybean No.2, benzene and rapeseed meal were up >1%. Palladium, platinum, offset paper, corn and pulp fell more than 1%.

German factory orders rose 1.9% MoM in May, after April was revised to -3.2%, beating a market forecast of +1.1%. The increase was driven by transport equipment orders, including military contracts, suggesting defense procurement is supporting demand. Excluding large one-off orders, new orders rose 1.0% MoM. The three-month rolling series fell 0.2%. Germany’s economy ministry said manufacturing new orders appear to be reverting to the H2 uptrend seen last year but remain highly volatile due to large orders, and geopolitical uncertainty will stay elevated until US‑Iran talks conclude.