At the morning session close, China's main futures contracts were mostly lower. P-xylene, propylene and ethylene glycol hit daily limit-downs. Low-sulfur fuel oil (LU) fell about 9%, fuel oil dropped over 8% and SC crude oil declined more than 6%. Methanol, synthetic rubber, benzene, container freight (Europe route), PTA, LPG, polypropylene and styrene each fell over 5%. Rapeseed meal rose more than 2%, while soybean meal and international copper gained over 1%.

香港天文台发布黄色暴雨警告。

The Bank of Korea will announce policy on Thursday; analysts are almost evenly divided on whether it will hike. A Wall Street Journal survey of 31 analysts found 16 expect a July move — the first consecutive rate increases in three years — while 15 expect officials to hold until a potential Q4 increase. Markets largely expect the central bank to lift its growth forecast for the year even as inflation remains above the 2% target. Morgan Stanley economist Kathleen Oh says a favorable macro backdrop could support an August hike; HSBC economist Jin Choi cites weakening consumption and sees no rush to tighten. Barclays economist Bum Ki Son says the MPC is split between holding rates and a precautionary hike.