At the open, Chinese front-month futures were mixed: Shanghai crude (SC) and fuel oil rose over 8%, low-sulfur fuel oil (LU) gained more than 7%; polypropylene (PP), asphalt and ethylene glycol (EG) were up over 6%, while Shanghai silver fell nearly 3%.

On July 13 China’s embassy in Japan lodged a formal protest with Japan’s foreign ministry after Japan’s foreign minister and a group of countries issued statements marking the 10th anniversary of the South China Sea arbitration ruling. Beijing said the ruling violates basic norms of international law, is illegal, non‑binding and void, and rejected any claims or actions based on it. China said its territorial sovereignty and maritime rights in the South China Sea are unaffected, accused Japan of meddling and historical culpability, warned Tokyo’s statements undermine post‑war international order and regional stability, and pledged to respond decisively to perceived provocations to defend its sovereignty and maritime rights.

Southern Peninsula Palm Oil Millers Association (SPPOMA) said Malaysia’s palm oil yield for July 1–10 rose 7.68% month-on-month, oil extraction rate increased 0.02% and production rose 7.79% versus the same period in June.