Coming Up This Week

• India's PM Modi will meet Pres. Putin in Moscow today. It will be Modi's first visit to Russia since Russia invaded Ukraine - and his first trip abroad since he was reelected. He hopes to secure the release of Indian nationals who India says were "duped" into serving in the Russian army.
• NATO meets for its 75th anniversary summit in Washington tomorrow through Thursday.
• Sunday is a big day in sports: the UEFA 2024 final, the Copa America final, and the men's Wimbledon final all take place on the same day.

• Aluminum: $2,535/ton
• Antimony (ingot min. 99.65% fob China): $22,700/ton
• Cobalt: $27.150/ton
• Copper: $9,944/ton
• Gold: $2,378/toz
• Lead: $2,237/ton
• Natural Gas (Nymex): $2.32/MMbtu
• WTI Crude Oil (Nymex): $82.69/barrel
• Zinc: $3,001/ton

• Reformist candidate Masoud Pezeshkian won Iran's runoff presidential election.
• Pezeshkian seeks warmer relations with the West via experienced diplomats who he hopes will negotiate a softening of sanctions.
• However, Iran's presidency has little power to effect real change, and Supreme Leader Ayatollah Khamenei - who truly calls the shots - doesn't want change. Analysts say he'll block Pezeshkian's efforts to warm up to the West.
• Turnout was around 50% - much higher than the record low 40% logged in the first round.

• Thousands of Israelis staged anti-government protests across the country yesterday. Demonstrators want fresh elections as well as a ceasefire deal with Hamas to free Israeli hostages.
• There's a sliver of a chance that they'll get their wish on the ceasefire deal: Hamas finally dropped its opposition to one of Israel's key demands and indicated that it could agree to release some hostages during an initial six-week ceasefire before further peace talks hash out the long-run plan.
• There are still some big obstacles blocking a final agreement, but this removes one of them. That said, Hamas still wants assurances that Israel will commit to continue peace talks after the first round of hostages are released - and Israel has already said it can't agree to that (it wants the option to resume fighting if necessary).
• Meanwhile, an Israel strike killed Ehab Al-Ghussein, a senior Hamas administrator, in a Gaza City school where he was sheltering with civilians.

• Hungary's Viktor Orban retroactively announced that he had met with Russia's Pres. Putin in Moscow and China's Pres. Xi in Beijing following his surprise talks with Ukraine's Pres. Zelensky in Kyiv.
• Orban portrayed his haphazard outreach as a victory for diplomacy: "Hungary is slowly becoming the only country in Europe that can speak to everyone."
• Others would say Hungary is the only country in Europe still willing to talk to Putin. NATO SecGen Jens Stoltenberg sought to downplay Orban's visit to Moscow as unrepresentative of NATO's position on Russia: "different NATO allies interact with Moscow in different ways."

• China sailed its largest coast guard vessel into the Philippines' exclusive economic zone and anchored it there, leading the Philippines to (fairly) accuse it of "intimidation."

• The Taliban shifted some senior government officials around: the acting Central Bank (Da Afghanistan Bank) head, Hedayatullah Badri, is now Minister of Mines and Petroleum, replacing Shahabuddin Delawar, who will become the acting head of the Afghan Red Crescent Society.
• This looks like another reshuffle of existing ministers. In the last nine months, the Taliban has made 37 senior leadership changes - of which 35 were mere reshuffles like these. [With ~80% of the Taliban's 1,137 appointed officials coming from a single ethnic group and no female appointees allowed, perhaps the Taliban can only reshuffle because there are no new eligible and willing candidates left to appoint from outside current ranks.]
• Before Delawar's departure, he signed a deal with a Turkish company that will invest $7.5 million to drill two gas wells in Jawzjan province. They'll join the Chinese company already drilling seven wells in Jawzjan.

Other News

• France's legislative elections yesterday resulted in a hung parliament - and a clear loss for Pres. Macron, whose party and coalition lost a third of its seats to both the far-left and the far-right.