China’s most active futures contracts are mostly lower at the midday break, with low-sulfur fuel oil (LU), crude oil and ethylene glycol all down over 5%, while BR rubber and methanol fall over 4%. Plastics, styrene, PX, PTA, containerized freight index (Europe route), nickel, benzene, PET and propylene decline over 3%. On the upside, polysilicon rises over 4%, while silver, platinum and tin each gain over 3%. Caustic soda and industrial silicon climb over 2%.

AL HADATH SOURCES: INTENSIVE TALKS UNDERWAY TO GRADUALLY REOPEN THE STRAIT OF HORMUZ

Australia will require liquefied natural gas exporters to reserve 20% of new supply for the domestic market from July 1, 2027, aiming to curb prices and prevent shortages on the east coast, Energy Minister Chris Bowen and Resources Minister Madeleine King said. The rule will apply to new contracts and spot market sales and mainly affect Queensland LNG projects including Australia Pacific LNG, Gladstone LNG and QCLNG, involving shareholders such as ConocoPhillips, Shell plc, Origin Energy and Santos Ltd. Australia was the world’s third-largest LNG exporter last year, with all 10 export terminals located in western and northern regions, while east coast gas fields are declining and new projects face opposition. The policy follows the government’s decision to drop plans for new gas export taxes in the upcoming budget.