The main alumina contract rose by 2.00% intraday, currently trading at 2772 yuan/ton.

Ukraine FM Rejects Easing Pressure on Belarus Potash Export Resumption

Asia & China - Pakistan Prime Minister arrived in Beijing. - China said it will release foreign trade data for the Greater Bay Area “at an appropriate time,” covering the region as an integrated economic zone. - Hong Kong markets are closed Monday for a public holiday US Markets & Macro - US financial markets are closed Monday for holiday - Hassett said a potential US-Iran agreement could trigger a sharp decline in energy prices and create room for Federal Reserve rate cuts. Middle East & US-Iran Talks • US Position - Trump said a US-Iran agreement has “not been fully negotiated,” adding Washington would not accept a final deal unless Iran’s nuclear program is completely dismantled. - Trump said US negotiators were told there was no need to rush toward an agreement and that sanctions pressure on Iran would remain until a deal is signed. - Rubio said details of Iran’s nuclear program still require negotiation and cannot be resolved within 72 hours. - White House said a peace agreement with Iran could still take several days, adding Iran’s supreme leader had approved the broad framework of a deal. Officials also said an agreement was unlikely to be signed on Sunday as outstanding issues remain. • Iran Position - Iranian media reported the US continues to create obstacles over parts of the understanding reached in negotiations. - Iranian sources said Washington appeared to backtrack on two key issues: the mechanism for unfreezing Iranian assets and the scope of a Lebanon ceasefire. - Iranian media rejected a NYT report suggesting Israel would be excluded from the obligations of a potential agreement. - Oman and Iran held consultations on shipping through the Strait of Hormuz and related issues. - US officials reportedly said Iran agreed to abandon highly enriched uranium under the draft agreement, though a senior Iranian source denied the claim. - US media reports outlined potential deal terms including reopening the Strait of Hormuz without transit fees and nuclear-related provisions. Iranian media said the reports reflected only the US position and could not be verified by Tehran. Regional Developments - Media reports said the next round of US-Iran talks could take place on June 5. - Israeli military chief Eyal Zamir said Israel is prepared to return to high-intensity combat operations at any time to weaken what he called the “Iranian terrorist regime.” - PM Benjamin Netanyahu said he and Trump agree that any final agreement with Iran must eliminate the nuclear threat, including dismantling Iran’s uranium enrichment facilities and removing enriched nuclear material from Iran territory. Corporate & Regulatory - The Federal Aviation Administration said an anomaly occurred during the return of a SpaceX Starship booster and the agency is assessing the operation. - Wingtech said claims by Nexperia that the company avoided communication were "completely inconsistent with the facts." - Tiger Brokers said it had not “confronted regulators” and pledged to strictly comply with regulatory guidance during rectification work. - Longbridge Securities said it is actively responding to regulatory guidance in both jurisdictions and will steadily advance compliance efforts.