The main Shanghai silver futures contract dipped slightly, falling 2% intraday, and is currently trading at 20,600 yuan/kg.

Domestic News: 1. The State Administration for Market Regulation conditionally approved Tencent's acquisition of a stake in Himalaya. 2. Domestic flight fuel surcharges will be raised again starting May 16th, with 90 yuan for routes of 800 kilometers (inclusive) or less and 170 yuan for routes over 800 kilometers. 3. The Cyberspace Administration of China has comprehensively deployed and promoted the standardization of short video content labeling, including standardizing short video content labeling tags, making content labeling a mandatory step for short video publishing, and strengthening the review of newly added short video labeling. 4. Vanke A: Shenzhen Metro Group provided the company with a shareholder loan of 2.5 billion yuan, and the company signed a supplementary agreement for a 22 billion yuan shareholder loan. International News: 1. Hungary's new government was officially established. 2. The US Department of Defense's war budget estimate jumped by $4 billion in two weeks to approximately $29 billion, drawing criticism from Congress. 3. CME will partner with Silicon Data to launch a computing power futures market, currently awaiting approval. 4. Demand rebound and supply risks pushed LME copper prices above $14,000, nearing historical highs. 5. British Prime Minister Starmer indicated his intention to remain in office to the cabinet, a strong response to pressure for his resignation; British media reported several government officials resigning. 6. Indian banks voluntarily paid tariffs to resume gold and silver imports; 9 tons of gold and 34 tons of silver were cleared in May. 7. The US April overall CPI annual rate was 3.8%, a new high since May 2023, with the energy index contributing more than 40% of the overall increase. 8. Russia lowered its oil production and export forecasts for the next few years; the 2026 Russian oil production forecast was lowered by 14.2 million tons to 511 million tons, and the export forecast was lowered by 4.5 million tons to 237.2 million tons. 9. Iran situation: ① US Defense Secretary: The ceasefire agreement with Iran remains in effect; there are plans to escalate the situation with Iran if necessary. ② Trump said preventing Iran from developing nuclear weapons is "only a matter of time."

ICE GASOIL MAY FUTURES SETTLE AT $1,178.50 A TON