LME stocks: copper 364,100 t (-3,200 t); aluminium 319,925 t (-2,075 t); zinc 107,750 t (-1,725 t); nickel 274,938 t (+786 t); lead 305,875 t (-775 t); tin 8,850 t (-40 t).

Localized moves in Guangdong: Zhujiang Piano jumped >7% intraday; Zhujiang Co. rose >3%. Guangzhou’s draft 15th Five-Year commerce development plan, published for public comment, proposes to support the Hong Kong Jockey Club’s Conghua racecourse and the Guangzhou International Horse Racing Development Center and to back regular racing schedules.

Chinese regulators have approved several insurers to conduct Bond Connect Southbound investments. Taikang Asset, on behalf of Taikang Life, completed the first southbound bond trade. China Life, Ping An Life, China Pacific Life, Taiping Life and PICC Life were among the initial batch cleared to invest via Southbound; some have already executed inaugural transactions. This is the first time since the Southbound channel launched in September 2021 that it has been opened to non-bank institutions.