Spot palladium up more than 3% at $1,247.31/oz.

On July 2, China’s Ministry of Natural Resources published a legal comment saying Japan and the Philippines have announced they will open bilateral delimitation talks over exclusive economic zone and continental shelf areas east of Taiwan. The ministry said the proposed delimitation would largely overlap maritime areas China can claim under international law, was advanced without consulting China, ignored the area’s specific geography, and violated principles of sovereign equality, good faith and obligations of cooperation and restraint, constituting an internationally wrongful act. The ministry called on Japan and the Philippines to stop the talks and consult with China to fulfill international obligations and assume state responsibility, and said China has the right to hold them accountable.

Dazhong Mining plans to repurchase 400–800 mln yuan of its shares for an employee shareholding plan, equity incentives, or for conversion of company-issued convertible bonds; repurchase price capped at 53 yuan/share (inclusive).