As of 23:00 close, China’s most-active domestic futures contracts were mostly higher: coke rose over 3%; soda ash, synthetic rubber, coking coal, liquefied petroleum gas (LPG) and glass gained more than 2%; ethylene glycol (EG) and caustic soda increased nearly 2%. Rapeseed oil fell about 1%.

中国央行：今日开展950亿元7天逆回购操作，投标量950亿元，中标量950亿元，操作利率为1.40%，与此前持平。

JP Morgan says the U.S.-Iran situation held steady this week, lowering the probability the Strait of Hormuz will return to normal before year-end to roughly 30%. The bank notes the U.S. is inclined toward an "unprecedented" campaign of economic pressure, while Iran's short-term interests and incentives for action may not align. Monitor refined-product crack spreads (gasoline/diesel prices minus crude costs), a proxy for refinery margins and product tightness, for signals that Hormuz conditions are materially normalizing or deteriorating.