Sources say OpenAI has held talks with multiple banks, including Citigroup and JP Morgan, about an upcoming IPO.

U.S. Treasuries extended gains; the dollar index (DXY) slid to an intraday low, trading at 98.8.

LMEX, which tracks six main LME metals, is up 5.5% month-to-date as of Thursday—the biggest monthly rise since January. Macquarie warns sulfur supply, a key feedstock for copper, has tightened due to the war, raising the risk of output cuts in the Democratic Republic of Congo. Macquarie strategist Alice Fox wrote that even if the US and Iran reach a deal, clearing the Persian Gulf sulfur shipping backlog will take long enough to likely push the copper market to a production-cutting tipping point. She estimates up to 94,000 tonnes of DRC copper output per month could be at risk, with partial cuts possibly announced as early as July.