Iran's negotiating team will stop engaging in dialogue and text exchanges via intermediaries, according to reports.

Shanghai Mayor Gong Zheng chaired an executive meeting on June 1 that gave in-principle approval to a 15th Five-Year Plan to accelerate new industrialization and build a modern industrial system. The plan designates advanced manufacturing as the backbone, directs optimization and value-chain upgrading of traditional pillars—automotive, steel and petrochemicals—and strengthens the strategic role of three lead industries. It orders expansion of emerging pillar industries and accelerated, forward-looking development of future sectors; emphasizes innovation-led policy to speed tech breakthroughs, R&D, new-use scenario cultivation and efficient commercialization of technological成果; and mandates intelligent, green and integrated transformation, improved evaluation metrics and enhanced service support to strengthen industrial capacity for high-quality growth.

Spot silver is up more than 1.00% intraday, trading at $76.06/oz.