Coming Up This Week

• The Federal Reserve meets Wednesday and the European Central Bank meets Thursday.
• Germany is hosting NATO's largest-ever air defense drills starting today: Air Defender 23 will involve 10,000 people and 250 aircraft from 25 countries.

• Aluminum: $2,268/ton
• Antimony (ingot min. 99.65% fob China): $12,650/ton
• Cobalt: $29,525/ton
• Copper: $8,372/ton
• Gold: $1,965/toz
• Lead: $2,056/ton
• Natural Gas (Nymex): $2.29/MMbtu
• WTI Crude Oil (Nymex): $68.56/barrel
• Zinc: $2,405/ton

• Ukraine has started to deploy some of its most advanced weapons - like Leopard tanks - to the battlefield, signaling a focus on Zaporizhzhia province, where it has liberated four villages so far.
• Analysts think it could be aiming to cut Crimea off from resupply lines - or perhaps to recapture the port city of Berdyansk.
• Russia's defense minister, Sergei Shoigu, picked another fight with Wagner Group founder Yevgeny Prigozhin by ordering all "volunteer detachments" (implicitly including Wagner) to sign contracts effectively bringing them under the ministry's control by the end of June. Prigozhin flatly refused: "Wagner will not sign any contracts with Shoigu."
• Ramzan Kadyrov's Akhmat paramilitary group had no such complaints and has already signed a contract bringing his Chechen fighters under Shoigu's control.

• Saudi Arabia and the U.S. brokered another ceasefire in Sudan, but this one was only a 24-hour truce and fighting has already resumed.

• Scottish police briefly arrested - and then released - former first minister Nicola Sturgeon and her husband in connection with an inquiry into how her office handled donations.