Fed Chair Powell: Officials Not Pushing for Rate Hike, Discussing Neutral Stance

According to the National Development and Reform Commission (NDRC), the project list and fund arrangement for the second batch of RMB 91.5 billion ultra-long-term special treasury bonds for advanced manufacturing and new infrastructure equipment renewal in 2026 have been officially issued. The new round of funds supports more than 6,700 projects across 16 fields, including industry, energy and power, electronic information, transportation, logistics, education, cultural tourism, medical care, facility agriculture, grain and oil processing, old residential building elevator renovation, work safety, fire rescue, inspection and testing, energy conservation and carbon emission reduction, environmental protection, as well as resource recycling and utilization. It is expected to drive a total i

[SMM Shanghai Spot Copper] Looking ahead to the post-holiday period, demand side, enterprises are still primarily making just-in-time procurement, and demand is unlikely to see significant increases after the holiday. In addition, some downstream processing enterprises prefer to purchase directly from smelters to ensure bill compliance, diverting some spot demand from the trading market. Supply side, first, diesel shortages in Africa have hindered transportation and logistics, delaying the pace of imported cargo arrivals at ports, resulting in tight imported copper supply in the short term; second, according to SMM, five smelters in China are expected to enter maintenance in May, which will also reduce domestic spot copper circulation. Overall, against the backdrop of tightened spot circulation caused by hindered imports and domestic maintenance, suppliers have a strong willingness to hold prices firm, and Shanghai spot copper premiums are expected to hold up well after the holiday.