Following the initial round of China-US trade negotiations, commodity futures in China opened higher on Monday. The INE Freight Index rose 7.1%, with crude oil prices increasing by 1.3%. Other commodities such as Shanghai nickel, aluminum, copper, zinc, tin, and silver also saw gains ranging from 0.5% to 2.2%. The Shanghai Futures Exchange (SHFE) freight index for the Europe route experienced a sharp intraday surge, rising 12% initially, then 15%, and eventually hitting the 16% limit up. Despite this, the Shanghai Containerized Freight Index for Europe service dropped 5.5% week-over-week to 1,302.62. Container freight futures jumped over 7% at the open, with the entire futures curve ending limit up at 16%. European shipping stocks also recorded broad-based gains, with companies like DIS.MI (Disney), TRMD (TORM plc), and WAWI seeing increases between 7% and 11%. Tanker shipping stocks showed mixed performance, with TRMD notably strong, while dry bulk shipping stocks opened very strong. Goldman Sachs reported that OPEC+ plans to add 410,000 barrels per day (b/d) in July, following similar increases in May and June, before pausing further output hikes in August. This outlook was also reported by the Wall Street Journal.