Chilean Copper Commission Cochilco expects global copper production to reach 24.5 mln tonnes in 2027.

Reserve Bank of Australia is expected to hold the official cash rate at its policy decision due 12:30 Beijing time; Governor Michele Bullock is likely to signal that further rate increases remain possible. The RBA will welcome recent signs of cooling inflation but say the fight against price pressures is not won and express concern about the pace of house-price declines. Officials are also likely to warn the Middle East conflict could become a source of another supply shock.

Global oil prices continued to rise, lifting European energy stocks at the open, after Mitsubishi UFJ analyst Soojin Kim said tougher demands from the US and Iran have slowed progress toward an agreement to restore normal shipping through the Strait of Hormuz. Brent futures rose for a fourth consecutive session. Equinor gained about 2%, ENI about 2%, Repsol 1.5%, BP and Shell around 1%, and Total 1.3%.