1. [Electricity Consumption] National Energy Administration: In April, total electricity consumption across society reached 820.5 billion kWh, a year-on-year increase of 6.0%. Breaking this down by sector: electricity consumption in the primary industry stood at 11.2 billion kWh, up 2.0% year-on-year; in the secondary industry, it reached 558.4 billion kWh, up 5.3%; and in the tertiary industry, it totaled 151.7 billion kWh, up 8.9%. Electricity consumption by urban and rural residents amounted to 99.2 billion kWh, an increase of 6.0% year-on-year. For the period from January to April, cumulative electricity consumption across society reached 3,334.5 billion kWh, a year-on-year increase of 5.4%.

2. [US Employment Figures] ADP data indicates that for the four-week period ending May 2, US private-sector employment increased by an average of 42,250 jobs per week—an uptick from the previous figure of 33,000.

3. [Fed Interest Rates] Barclays' latest analysis suggests that the Federal Reserve's baseline scenario remains a rate cut in March 2027; however, this scenario is contingent upon extremely stringent conditions and carries a probability of only 35%. The three pathways that could trigger an interest rate hike are also clearly defined: long-term inflation expectations becoming unanchored; core inflation remaining persistently elevated even after the impact of tariffs subsides; and demand outpacing supply—particularly if the AI investment cycle and wealth effects materialize ahead of corresponding productivity gains.

Non-Ferrous Metals

1. [Copper] Shanghai Futures Exchange: On May 19, total copper inventories in the Shanghai region amounted to 72,173 tonnes, an increase of 76 tonnes from the previous day; inventories in the Guangdong region totaled 5,045 tonnes, up 449 tonnes; inventories in the Jiangsu region totaled 23,336 tonnes, down 428 tonnes; and inventories in the Zhejiang region totaled 1,696 tonnes, remaining unchanged from the previous day. The grand total across these regions amounted to 102,250 tonnes, an increase of 97 tonnes from the previous day.

2. [Aluminum] Citigroup projects that aluminum prices will rise to $4,000 per ton in the second half of this year, stating that disruptions in the Middle East will constitute one of the largest supply shocks in the industry's history.

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