Iron ore prices moved higher after China’s state-backed iron ore buyer expanded import restrictions on Fortescue, a rival to Rio Tinto. Buying interest also picked up as traders stepped in following two months of declines. The development is seen as a material policy disruption on the supply side that has directly affected spot and futures trading dynamics.

Copper climbed for a third straight session, while aluminum extended its rebound from a four-month low. The moves were driven by a clear cooling in expectations that the Federal Reserve will raise interest rates, which weighed on the U.S. dollar and pushed real yields lower. That shift increased the appeal of dollar-priced industrial metals for investors.

Pakistan has purchased an LNG shipment for delivery later this week amid continued constraints on exports from Qatar through the Strait of Hormuz. The move underscores how disruptions in a key shipping corridor are tightening LNG availability and providing short-term support to the global spot market. The report did not disclose pricing, volumes or contract terms.

China’s A-share power reform sector fell broadly, with Xianglong Electric closing at the daily limit down. Huaneng Power, Guangdong Electric Power A, Hongxiang Shares, Xinneng Taishan, and Xinlian Electronics also declined, according to Jin10. The moves marked a sector-wide pullback rather than a routine fluctuation.

Spot silver fell 0.61% intraday to $62 per ounce. The move reflects real-time trading data for the day, according to Jin10. The report cites the price decline only and does not attribute it to factors such as the U.S. dollar, interest rates or shifts in industrial demand.

India’s petroleum and natural gas minister Hardeep Singh Puri said the country will expand domestic crude oil exploration to increase local supply and reduce dependence on imports. The move follows recent constraints on traffic through the Strait of Hormuz that tightened energy supplies in India. The reporting did not provide details on specific exploration blocks, investment size or a timeline, and it cited no confirmed supply disruptions or immediate increases in supply.

HSBC chief economist Paul Bloxham said Australia’s home prices began to retreat in June, but the decline is far from over. He said investor demand has weakened quickly after recent tax policy changes affecting investment properties and the Reserve Bank of Australia’s three earlier interest-rate hikes. He forecast national home prices could fall by as much as 8% from now through the end of next year.

Japan’s 5-year government bond yield rose 1 basis point to 1.930%, while the 30-year yield increased 2 basis points to 4.045%. The move reflects stronger expectations that the Bank of Japan will further normalize monetary policy, with attention on a potential faster exit from the yield curve control (YCC) framework. The shift is directly affecting JGB market pricing and is weighing on the yen and Japanese equity valuations.

China’s domestic commodity futures traded mostly higher in early trading on July 6, led by a more than 3% rise in Shanghai tin. Asphalt and BR rubber gained more than 2%, while coke and Shanghai silver rose over 1%. Sugar and Shanghai aluminum posted modest increases, while stainless steel and liquefied petroleum gas fell more than 1% and starch and corn edged lower. The moves point to a short-term improvement in market sentiment and expectations for better industrial demand, lending support to Shanghai Futures Exchange-listed contracts such as silver, sugar and aluminum.