Coming Up This Week

• Results from India's six-week election are due tomorrow. Exit polls show a comfortable lead for PM Modi's Bharatiya Janata Party (BJP) party, despite challenges from a newly-united opposition calling for a fairer distribution of power and economic opportunities.
• Russia has invited friendly countries - including China and India, but also North Korea and Taliban Afghanistan - for the St. Petersburg International Forum Wednesday through Saturday.
• Thursday (June 6) is the 80th anniversary of the D-Day landings.
• EU countries vote for the bloc's parliament Thursday through Sunday.

Commodity Prices

• Aluminum: $2,653/ton
• Antimony (ingot min. 99.65% fob China): $21,250/ton
• Cobalt: $27,150/ton
• Copper: $10,040/ton
• Gold: $2,330/toz
• Lead: $2,273/ton
• Natural Gas (Nymex): $2.71/MMbtu
• WTI Crude Oil (Nymex): $76.72/barrel
• Zinc: $2,970/ton

South Africa

• South Africa released official election results on Saturday, confirming that the ruling African National Congress (ANC) party lost its majority for the first time since Nelson Mandela led it to victory in 1994.
• The ANC, which won 40.2% of the vote, now has two weeks to form a coalition, but its factions disagree on which opposition party to bring into a coalition.
• Pragmatic voices favor the business-friendly Democratic Alliance (DA), which won 21.8% of the vote and would easily bring the ANC over the 50% mark for a majority.
• Former ANC president Zuma's upstart uMkhonto weSizwe (MK) party won - some would say spoiled - 14.6% of the vote, and thus could also bring the ANC over the 50% mark; however, Zuma has a bitter history with many in the ANC, including Pres. Ramaphosa.
• The Marxist Economic Freedom Fighters (EFF), which won 9.5% of the vote, wouldn't bring enough votes to get the ANC's coalition to 50% by itself: the ANC would need to bring a third minor party in, too.

Mexico

• Climate scientist Claudia Sheinbaum won enough votes in yesterday's Mexican presidential election that poll officials are already calling the poll in her favor.
• Sheinbaum is part of Pres. AMLO's Morena party - which may have won a two-thirds super-majority yesterday - and a mentee of AMLO, but she hasn't been vocal about whether she plans to continue his populist policies or change course to try to fix the economic woes that worsened under his rule.

Gaza

• Pres. Biden shared a new ceasefire proposal with Israel, forcing PM Netanyahu to make a tough decision: if he accepts a deal for peace in Gaza, he'll secure the release of Hamas's hostages - but risk losing the hard-right support that his government needs to stay in power.
• Nonetheless, the White House said it has "every expectation" that Netanyahu will accept the proposal if Hamas does (Hamas hasn't officially responded yet).
• The three phases of the tabled proposal are:
  • First phase: A six-week ceasefire would see Israel withdraw from major Gazan cities and let displaced Gazans return to the north; Israel would release hundreds of jailed Palestinians and allow aid flows to resume. In return, Hamas would also observe the ceasefire and would release some (elderly, female, and wounded) hostages.
  • Second phase: Israel would completely withdraw from Gaza to honor a permanent ceasefire (the proposal doesn't answer the hard question of who would run Gaza after Israel withdraws). Hamas would release all living prisoners, including male soldiers, and Israel would release more prisoners.
  • Third phase: Hamas would return the remains of dead hostages and kick off a three- to five-year reconstruction period.

North Korea

• South Korea was displeased at the trash- and excrement-filled balloons North Korea floated over their shared border last week, and said it would scrap a 2018 agreement it signed with its northern neighbor to ease tensions.
• The end of that agreement means South Korea could return to some of the activities that used to antagonize Pyongyang - like blasting K-pop and real news over the border, or carrying out training exercises nearby.

China

• China's unmanned Chang'e-6 probe landed on the dark side of the moon yesterday and will bring samples of moon rock back to earth for study. China is the only country that has landed a probe on the side of the moon we can't see, which has a thicker crust and more craters than the side we see from earth (this is China's second landing on the dark side).
• Meanwhile, Australia ordered Chinese companies to sell their stakes in Northern Minerals, a company that mines critical minerals for new technologies like wind turbines and electric vehicles. Like the U.S. and EU, Australia is concerned about China's near-monopoly on inputs for the sectors of the future.