Oil prices fell after OPEC+ decided to raise supply. After an online meeting on Sunday the group said it would add about 188,000 bpd in August, the fifth consecutive monthly increase. ANZ research said even if the Strait of Hormuz reopens, member states may struggle to utilise the additional capacity because vessels still face risks. Analysts noted several ships attempting the Oman route through the strait over the weekend were observed turning back.

The European-Mediterranean Seismological Centre reported a 5.8-magnitude earthquake in the sea 336 km east-southeast of Suva, Fiji at 02:22 local time on July 6. Hypocentre depth 685.7 km; epicentre at 19.9807°S, 179.03°W.

Senior commodities analyst Henry Hu says gold-jewellery stocks historically tracked gold prices and were treated as adjuncts to miners, but the dynamic has shifted. Since 2025 investment gold bars have exceeded 50% of the China market and become dominant; self-purchase and wedding demand remain rigid but are budget-anchored, so consumers tend to wait when gold is elevated. A H1 decline in the gold price has not produced a clear rebound in jewellery sales. Fixed-price SKUs suffer from delayed repricing and companies’ responses differ; gram-weight products are more resilient. Chaohongji reported sequential acceleration in Q2 and continued sell-through. Crucially, share prices have materially disconnected from fundamentals: gold weakness affects firms unevenly, yet the sector has fallen collectively and many names trade at very low PBs (Chow Sang Sang ~0.4). Absent a further ~50% drop in gold, current valuations look cheap.