Axios reported President Trump spoke by phone with Israeli Prime Minister Netanyahu today; the Israeli prime minister’s office said they agreed to meet in the U.S. soon.

Citigroup expects aluminum to bottom within the next month and to recover to $3,300–3,500/ton during Sep–Dec. The call is based on a more dovish Fed outlook, falling real rates, an improving demand outlook and inventories declining on a consumption‑days basis. The bank says the recent ~20% drop from about $4,450/t over the past month largely reflected weaker-than-expected demand, slower visible inventory draws, easing geopolitical risk, concentrated liquidations of speculative and physical positions, and rising expectations of future supply increases. Citigroup warns conditions do not favor shorting: the market was in a supply deficit before the recent shock and new supply is unlikely to close the gap quickly. It also says concerns about a rapid return of Middle East supply may be overstated.

Iran has begun talks with Japanese firms to sell oil, three Iranian and Western sources said. Potential buyers are seeking longer US sanctions waivers and guarantees on secure shipping in the Gulf. In June the US approved limited purchases of Iranian crude to encourage a final agreement with Tehran in exchange for commitments on nuclear inspections and freedom of navigation in the Strait of Hormuz. The US Treasury’s current waiver covers Iranian crude, petrochemicals and oil products through Aug. 21. After President Trump withdrew from the 2015 nuclear deal in 2018, sanctions were tightened and buyers in South Korea, Japan, India and Europe largely stopped purchasing Iranian oil.