At the open, China front-month futures traded mixed. Low-sulfur fuel oil (LU) rose nearly 4%, fuel oil gained over 3%, LPG and propylene climbed more than 2%, polypropylene and soybean No.1 were up about 2%, and synthetic rubber and coking coal advanced over 1%. On the downside, Shanghai silver fell over 4%, Shanghai gold dropped nearly 2%, while platinum, lithium carbonate, caustic soda, Shanghai zinc, alumina, foundry aluminum, offset paper and Shanghai nickel each declined more than 1%.

Market sources say SpaceX is negotiating access to roughly 80,000 cell sites to build a new network.

DeepSeek has completed roughly RMB100 billion in new financing (~$15bn), a record single-round raise in the China AI sector, multiple lead investors confirmed. The round target was increased from RMB80bn to RMB100bn; incumbent backers CATL and Tencent were main participants, with IDG Capital, Lisi Capital and Shixiang Capital continuing to follow. New investors are predominantly industry capital, including Lenovo-linked Junlian Capital, GigaDevice-linked Shixi Capital, Geely Auto industrial fund, SMIC Juyuan and later entrant Hengdian Capital.