Macroeconomics

1. [PPI] National Bureau of Statistics: In May 2026, China's producer prices for industrial products rose by 3.9% year-on-year and 0.5% month-on-month. Purchase prices for industrial producers increased by 5.8% year-on-year and 1.3% month-on-month. For the January–May period, producer prices rose by an average of 1.0% year-on-year, while purchase prices for industrial producers rose by 1.6%.

2. [CPI] National Bureau of Statistics: In May 2026, the national Consumer Price Index (CPI) rose by 1.2% year-on-year. Specifically, prices rose by 1.3% in urban areas and 1.1% in rural areas; food prices fell by 1.7% while non-food prices rose by 1.9%; prices for consumer goods rose by 1.6% and service prices by 0.8%. For the January–May period, the national CPI rose by an average of 1.0% year-on-year. In May, the national CPI fell by 0.1% month-on-month.

3. [Imports & Exports] Data from the General Administration of Customs shows that in the first five months of 2026, China's foreign trade maintained a trend of steady growth. The total value of imports and exports of goods reached 20.68 trillion RMB, up 15.3% year-on-year. Of this total, exports amounted to 11.91 trillion RMB (up 11.8%) and imports to 8.77 trillion RMB (up 20.5%). In May alone, total imports and exports reached 4.45 trillion RMB—exceeding the 4-trillion-yuan mark for the third consecutive month—with the year-on-year growth rate accelerating to 16.9%.

Non-ferrous Metals

1. [Silicon] Recently, the Phase I project for the comprehensive utilization of silicon-based materials by Gansu Heihe Silicon-based New Materials Co., Ltd. was officially completed, and the first submerged-arc furnace was successfully ignited and put into operation. The project involves a total investment of 2.063 billion RMB and is planned in two phases. Phase I includes the construction of facilities with an annual capacity of 60,000 tonnes of industrial silicon, along with supporting waste-heat recovery and environmental protection systems. Phase II will involve expanding industrial silicon capacity by an equal amount and adding a production line for 50,000 tonnes of high-purity ferrosilicon annually. Upon full completion, the project will achieve a total annual production capacity of 120,000 tonnes of industrial silicon and 50,000 tonnes of high-purity ferrosilicon.

2. [Copper] In May 2026, China imported 446,000 tonnes of unwrought copper and copper products. From January to May, imports totaled 2.013 million tonnes, a year-on-year decrease of 7.0%.

3. [Copper] Research by Morgan Stanley indicates that the US government is set to make a decision regarding import tariffs on refined copper by June 30 or July 1, marking one of the most critical risk events for the global copper market in 2026. Under the proposals being discussed, the US may impose a 15% tariff on refined copper imports starting January 1, 2027, with a further increase to 30% in 2028.

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