JP Morgan now expects the Fed to raise rates by 25 bps in September and again in December 2026; it had previously projected a single 25-bp hike in December.

At the open, China's most-active futures contracts were mostly lower: soda ash fell over 3%, caustic soda nearly 3%, synthetic rubber, Shanghai tin and alumina dropped more than 2%, coking coal nearly 2% and coke over 1%. Advances included Shanghai crude (SC) up over 8%, fuel oil up over 3%, the container-shipping Europe route up nearly 2%, and bitumen, ferrosilicon, low-sulfur fuel oil (LU) and platinum up more than 1%.

A股CPO概念震荡反弹，科翔股份涨超14%，帝奥微涨超12%，东田微、蘅东光、中瓷电子跟涨。