Spot palladium surpassed $1,300/oz, gaining 2.54% on the day.

Iran’s state news agency IRNA on the 12th published the main framework of an Iran–US memorandum on ending hostilities. Key market-relevant points: the nuclear file is unchanged — the memorandum does not cover nuclear commitments and Iran will make no new pledges; nuclear talks are to be held within 60 days of signing. The Strait of Hormuz will not be handed over or assigned a US role; Iran will not commit to transferring management and says future arrangements should be resolved regionally with Oman through dialogue and joint decisions. The memorandum calls for a complete end to fighting on all fronts, including Lebanon. It proposes a clear mechanism to unfreeze Iran’s frozen assets and places war reparations on the agenda. Details on lifting primary and secondary sanctions will be left to the final agreement; the final accord’s three agenda items are to be negotiated within the 60‑day period.

Virgin Galactic (SPCE.N) rose 21% ahead of SpaceX's IPO.