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Sources say that Petrobras is open to IG4's plan to control Braskem.
Four people with knowledge of the talks said that Petrobras, Brazil's state oil company, was receptive to IG4 Capital's proposal to buy engineering group Novonor outright control over Latin America's biggest petrochemical firm, Braskem. Petrobras is Braskem’s second largest shareholder and has a right to first refusal on Novonor’s stake. This means that its approval will be crucial for the deal. Three other sources, who spoke on the condition of anonymity as well, also said that IG4 has made progress in its discussions with key stakeholders since it signed an exclusive agreement last week to buy billions of reais worth of Novonor bonds from Brazil's biggest banks, including the state development bank BNDES. Sources said that the agreement gave private equity firm IG4 exclusive rights to negotiate with Novonor Petrobras and swap debt for Braskem securities. Three sources have said that the deal could be completed within a few month if the talks continue at their current pace. This would lead to a complete revamp of Braskem’s management. However, they stressed the uncertainty regarding any deadline for negotiations. New controlling shareholders and fresh capital could give Braskem a new lease of life. The company has been struggling with the tight margins of the petrochemical industry and the residual liabilities of the neighborhoods that were damaged by the salt mining operations in the northeastern town of Maceio. According to two sources close to the Presidential Palace, Brazilian President Luiz Inacio Lula da Silva made it clear to his ministers that Braskem is in good health. He also asked Petrobras CEO Magda Chabriard to find a solution which does not compromise Petrobras' interests. The presidential press office didn't immediately respond to our request for comment. IG4, Novonor Petrobras, Braskem and Novonor declined to comment. First reported in November, the Brazilian government and major commercial bank were working on a transfer of Novonor's Braskem share to a private-equity fund. The deal would resolve the debt that hung over Novonor (formerly Odebrecht), which ballooned around a decade ago during the Car Wash scandal, when the group pledged Braskem shares to secure 15 billion reais in bank loans. Since then, the debt has grown to nearly 20 billion reais - more than Braskem's market value. Novonor has been trying to sell its controlling interest in Braskem since years. However, it has repeatedly failed to reach a deal. This includes recent negotiations with Brazilian Nelson Tanure whose exclusive period with Novonor ended last week. Petrobras has confirmed that discussions are taking place with IG4, but one person said that a Tanure deal is not completely ruled out. Petrobras wants to have more control over Braskem management after Novonor relinquishes its control. One source said that Novonor was open to "building" a solution, as long as everyone involved ends up with a win. Novonor could also be interested in retaining a small stake of Braskem as revenue from the company would help it meet its obligations under a judicial recovery plan. Currently, Novonor holds 50.1% and 38.3% respectively of Braskem voting shares. Petrobras holds 47.0% voting shares, and 36.1% total shares.
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Gazprom's first-half net profits down 6% at $12 billion
Gazprom reported that its net income fell almost 6% in the first six months of 2025, to 983.1 billion Russian roubles (12.2 billion dollars), due to the stronger rouble as well as lower oil prices. The revenue also fell to 4,99 trillion roubles. Gazprom suffered a loss in 2023 of about $7 billion, its first since the year 1999. This was due to a drop in sales in Europe. Russian oil has fallen from 30% to around 3% in the same time period. The European Union intends to completely phase out Russian energy in 2027. The company has been trying to increase gas supply to other markets. This includes China. However, efforts to secure an agreement on a new pipe to China have encountered many challenges. Yuri Ushakov, Kremlin's foreign policy aide, said earlier Friday that Gazprom would sign an "important agreement" with Chinese corporation CNPC during President Vladimir Putin’s visit to China next week. Reporting by Ksenia orlova and Oksana kobzeva. Vladimir Soldatkin is the author. (Editing by Louise Heavens, Mark Potter and Mark Potter).
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Stocks fall, US Treasury yields increase; US inflation data mostly inline
On Friday, major stock indexes dipped while U.S. Treasury rates rose. U.S. inflation figures were largely in line economists' expectations and kept expectations of an interest rate cut for September intact. The U.S. Dollar Index also pared some gains after the report. The S&P 500, however, was down by 0.7% at the end of the day. Technology shares were the main culprits. Dell Technologies shares were down by more than 9% after its guidance and results. U.S. Commerce Department announced on Friday that its Personal Consumption Spending Price Index (PCE), which measures the price of consumer goods, rose by 0.2% in July. This compares to a 0.3% rise in June. The increase is in line with estimates from economists surveyed. PCE inflation was 2.6% higher in July than it had been in June. After removing volatile components such as food and energy, the core PCE Price Index rose 0.3% in July. This followed a 0.3% increase in core inflation in June. You have to enjoy it when everything comes together. Art Hogan of B. Riley Wealth, Boston's chief markets strategist, stated via email that today's figures on personal consumption, spending, income and spending were in the middle. This leaves the Fed's options wide open to reduce rates in September, and possibly again in October and December. Fed funds futures traders now price in 89% of the odds that a reduction will occur next month. This is up from 84% prior to the data. After Fed Chairman Jerome Powell's unexpectedly dovish remarks last Friday, traders increased their bets that there would be more cuts. The Dow Jones Industrial Average dropped 205.66, or 0.45% to 45,431.24, while the S&P 500 declined 44.52, or 0.68% to 6,457.34, and the Nasdaq Composite was down 232.19, or 1.07, points to 21,472.97. The MSCI index of global stocks fell by 5.43 points or 0.57% to 950.91. The STOXX 600 Index fell by 0.53%. Shares in China had their best month for almost a full year, with gains of more than 10%, on the hope that the economy, and especially its tech sector, will improve. Last seen at $1.166, the euro fell 0.19%. The dollar gained 0.2% against the Japanese yen to reach 147.22. The dollar index (which measures the greenback in relation to a basket of other currencies) was slightly higher at 98.06. The U.S. Treasury yields increased on Monday, but the interest rate-sensitive two-year yields are on course for their biggest monthly drop in the past year. Major U.S. Financial Markets were closed on Monday for Labor Day. The yield on 2-year notes was up 0.2 basis points for the day, closing at 3.637%. This is the biggest fall in 32 basis points since August last year. The yield on the benchmark 10-year U.S. notes increased 2.3 basis points, to 4.23%. Germany's 30-year bond yield has increased 12 basis points in the past month. It is now on course to make its largest monthly jump since March when an historic shift towards a looser fiscal policies sent bond yields soaring. Bond yields are inversely related to prices. Fed Governor Christopher Waller said on Thursday that he wants to begin cutting interest rates in the next month, and "fully anticipates" further rate cuts. This will bring the Fed’s policy rate to a more neutral setting. The oil prices fell, but were still set to rise for the week. U.S. crude dropped 0.33%, to $64.39 per barrel. Brent was down to $68.24 a barrel.
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Small farmers in Mexico reap few benefits from the mezcal boom
Mezcal sales for small farmers fell by 80% in the past year Mezcal producers are underpaid by the middlemen Monoculture and pollution are harmful to biodiversity By Diana Baptista Ramirez is a 32-year-old third generation expert mezcal producer, or "palenquera", and the first female in her family who has worked in the industry. She had to overcome patriarchal standards that previously did not permit women to be involved in mezcal manufacturing. She and other farmers now face falling mezcal price. The growing international demand has allowed Palenqueras such as Ramirez, who cut, fermented and distilled the agave plants with expert skill to make mezcal their main source for income. According to the Mexican Regulatory Council for the Quality of Mezcal, the demand for mezcal in Mexico has led to production volumes rising from 1 million litres per year in 2012 to up to 14 millions in 2022. This boom mainly affected farmers in Oaxaca where 75% of the mezcal produced in 2024 was produced. Small farmers struggle to survive due to the market saturation, and to intermediaries who purchase mezcal for low prices. "Mezcal has dropped a lot in price." We are suffering because we can't sell it," said Ramirez. She shares a palenque (a traditional wooden structure in which agave is produced) with 20 other women in the Sola de Vega Community, located in southern Mexico. Farmers who lack the financial resources to bottle and label their mezcal typically sell it to intermediaries. These people have the certifications and funds to do so. Ramirez explained that farmers sell a litre mezcal to intermediaries for 350 pesos (19 dollars), who then bottle it and sell it at 1,500 pesos (80 dollars). Ramirez stated that if consumers met the actual mezcal producers they would stop purchasing from middlemen (coyotes) who bottle it. MIGRATION HUB The local economy in this region of Oaxaca is dominated by tourism and remittances - money sent home from migrants living in the United States. There are many mezcal farmers who welcome visitors to their palenques. "When there's mezcal, there's development. "Without it, there's extreme poverty, migration, and crime," Eduardo Leon, Manager at Heifer International a non profit that builds community palenques, and helps women to enter the mezcal marketplace, said. Jairo Rodriguez, a Zapotec indigenous farmer who shares a palenque with 10 other farmers, has been producing mezcal at his palenque for six years. The mezcal is distilled using two ovens which emit a musky scent into the air. He also finds that sales are down. "We haven't sold everything we make for the past two year," said Rodriguez. He learned mezcal production from his grandfather. Small farmers in Oaxaca used to supply Mexican and foreign companies with thousands of agave plants, which mature after seven to eight years. Rodriguez stated that these companies have now built up their own reserves of Agave, resulting in a 80% decline in sales over the last year. "We see an increase in immigration and a decrease in income." "People who were working happily in their palenques left to find economic alternatives for their family," Leon said. Oaxaca is the main hub for migration to the United States. Data from the Ministry of Interior shows that more than 34,000 migrants left the state between 2015 and 2020. ENVIRONMENTAL EFFECTS The mezcal boom has also affected the biodiversity of Oaxaca, to the point that wild agave species are in danger. After agave harvest, it takes years for the land to recover. This leads farmers to burn additional land to extend their crop. The Agave plant is often planted in a way that causes soil erosion and landslides. The Oaxaca Mountains are transformed by these practices, with agave farms causing balding patches of green. Leon said that "the indiscriminate application of agrichemicals and the changing farming methods, as well as the increasing mezcal production have created serious environmental problems." According to Leon, the production of a liter mezcal can require up to 25 liters water and 15 kilograms wood. This puts a lot of pressure on forests. When wood supplies run out, wood from other communities is used, causing widespread deforestation. Vinasses, a foul-smelling liquid waste produced by the fermentation and distillation process of agave plants, pollutes the land and the water around it. The mezcal regulator's data shows that monoculture is a major problem. 85% of the mezcal produced by 2024 was made from espadin, an agave with straight, swordlike leaves. The popular espadin, which is one of Mexico's 159 species agaves, has taken over the land where the wild agave could be grown and local food. Leon stated that the growth of the agricultural border has led to many problems, including territory fragmentation and disruption of biological corridors. Heifer International teaches farmers how to plant agave to help prevent soil erosion and retain moisture. The organization has also developed a project that helps farmers diversify their crop by providing them with dragonfruit cacti. This increases their income.
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Pakistan claims Indian actions made floods worse
By Saeed Bukhari and Mubasher Shah ISLAMABAD - The flooding in Pakistan caused by water flowing down from India has been made worse because New Delhi suspended a river sharing treaty, and the gates of an Indian barrage collapsed, Pakistani officials stated on Friday. This week, torrential monsoon rainfall ravaged India and Pakistan. Further heavy rains are forecast this weekend. Flood waters in eastern Pakistan threatened to submerge Jhang and the second largest city in Pakistan on Friday. This was the worst flooding for almost 40 years. Indus Waters treaty regulates the flow of rivers from India into Pakistan for over six decades. India suspended the agreement this year after 26 militants were killed by New Delhi, who claimed that Islamabad was behind them. Pakistan, however, denies it. Ahsan Iqbal is the Pakistani Planning Minister. He said that India used to share data about water flows with Pakistan under a treaty, but it was not shared quickly or in enough detail. Iqbal said, "We could've managed better with better information." If the Indus water treaty had been in place, we could've mitigated the effect. Video broadcast on Thursday by Indian media showed that the middle section of Madhopur Barrage, which spans Ravi River, India, had been washed out by surging waters. Pakistani officials claimed that the damage caused by this surge flooded parts of Lahore, Pakistan on Friday. A source in the Indian government denied that there was a deliberate attempt to flood Pakistan. However, they confirmed that two gates from the Madhopur Barrage had broken. The source declined to identify themselves, but cited government policy. Indian authorities are trying to stop the flow of the Ravi River despite damage to the barrage. Source: "India does everything it can to help and is passing on all information." The flood is caused by the constant rain. The Indian foreign and water resource ministries have not responded to requests for comments on record. Pakistani officials claim that India has sent Islamabad four flood alerts since Sunday. This includes a Friday warning. New Delhi has acknowledged that it is passing warnings to Islamabad on humanitarian grounds. However, no details have been provided. India stopped sharing information with other water officials when it put the 1960 agreement on hold. This week, India's embassy sent warnings through Islamabad. Iqbal said climate change made it harder to predict the annual monsoon, which is why sharing data was more important. His constituency, Narowal near the Indian border had been badly flooded. Iqbal said, "Climate Change is not a bilateral problem." It is a matter of humanity. Pakistani authorities blew up a part of the Chenab River's riverbank on Friday to divert some water to surrounding land as the water threatened to flood nearby Jhang. This week, Pakistan evacuated over 1 million people in the east to keep them out of the way of three rivers flowing from India. According to the National Disaster Management Authority, 820 Pakistanis have died during this monsoon. Half of Pakistan's 240 million people live in the east, which is also the breadbasket of the nation. The deluge has caused widespread crop damage. Reporting by Saeed Bukhari, Mubasher in Lahore, and Krishna N. Das at New Delhi. Writing by Saeed. Editing by Peter Graff.
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Gold set to have its best month since four years as inflation data boosts rate-cut bets
Gold prices were stable on Friday, and poised to achieve their best monthly performance in April as U.S. inflation figures reinforced expectations that Federal Reserve may cut interest rates next week. As of 9:19 AM ET (1348 GMT), spot gold was up by 0.1% to $3,419.59 an ounce. Bullion is up 3.9% so far in August. U.S. Gold Futures for December Delivery rose by 0.1% to $3479.10. The dollar was up, but it was expected to drop by 1.9% per month. Gold is less expensive to overseas buyers when the dollar falls. Tariffs on imported goods increased the prices of certain goods, causing inflation to rise. The U.S. The U.S. David Meger is director of metals at High Ridge Futures. He said: "We expect a Fed rate reduction, or possibly two, this year. This will be generally supportive of commodity prices, including gold, silver, across the board." The traders increased their bets that the U.S. Central Bank will cut rates by 25 basis points at its September policy meeting. This is now 89% more likely than it was before the data. Gold that does not yield is usually a good investment in an environment with low interest rates. A federal judge will decide on Friday whether or not to temporarily block President Donald Trump from firing Federal Reserve governor Lisa Cook, while she continues to pursue a lawsuit in which she claims that Trump does not have a valid reason for removing her. Gold is benefiting (from this uncertainty) around Fed independence, as shown by the inflows of gold ETFs in the last two day. Commerzbank stated in a report that the potential upside for gold is limited above $3,400. Spot silver dropped 0.2% per ounce to $38.98 and platinum by 0.6% to 1,350.98. Both metals are on course for gains in the month. Palladium fell 0.7% to $1,095, pointing towards a monthly loss. (Reporting from Anmol Choubey, Bengaluru. Editing by Leroy Leo.)
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Ambani calls on Indian business to unite against geopolitical threats
Mukesh Ambani is the chairman of Reliance Industries. It is India's largest company. He said that Indian companies need to collaborate to protect the South Asian country from geopolitical and external shocks. Why it's Important Reliance operates the largest refining facility in the world, located in Gujarat, the western state, and is India's leading buyer of Russian oil. The United States doubled the tariffs it imposes on Indian products to 50% as a punishment for purchasing Russian oil. This is among the highest rates Washington has ever imposed and on par with Brazilian products. Economists warn that this could have a devastating impact on sectors like textiles, leather and chemicals. By the Numbers Reliance has significant exposure to U.S. oil companies. It has signed a deal with Rosneft for 500,000 barrels of crude oil per day, the biggest oil deal between India & Russia. CONTEXT Ambani stated that the magnitude of the problem is so great that all Indian companies must come together in a grand alliance, based on the principles of mutual learning, cooperation and mutual support. In a speech to the annual general meeting of his company, billionaire Ambani stated that India must be self-sufficient in critical industries, key technologies and other vital sectors in the global economy. Ambani made his comments after Narendra Modi, the Prime Minister of India, earlier this month called for Indians to become self-sufficient and urged industries to produce everything from jet engines and fertiliser to electric vehicle battery. Reporting by Nidhi verma and Sethuraman NR; Editing by Mayank bhardwaj and Kirovan
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Demand and interest rates are expected to boost copper by 3% per month.
On Friday, copper prices reached a five-week peak, and are on course to end August with an increase of 3%, due to expectations that U.S. rates will be cut, and on increased demand for September. The price of three-month copper at the London Metal Exchange increased 0.6% in open-outcry official trading to $9.875 per metric ton after reaching its highest level since July 25, $9.917. "Partly, it's because the dollar has weakened a little." There have also been some positive data in recent months, including the upward revision to U.S. GDP growth for the second quarter," said Dan Smith of Commodity Market Analytics. We are also headed for September which is a month that tends to have a higher demand than summer. Dollar-priced precious metals became more appealing to buyers who used other currencies in August as the U.S. dollar was expected to fall by 2% on a monthly basis. The yuan is expected to register its largest monthly gain against the US dollar since May in China, which is the world's top consumer of metals. The Shanghai Futures Exchange monitored copper inventories in warehouses this week and they fell by 2.4% while the Yangshan premium on copper also dropped. The price of copper, which reflects the demand for imported copper into China, has stabilised at $55 per ton. This is its highest level since June 5. Other LME metals saw a 0.4% increase in aluminium to $2.615 per ton, a 1.2% rise in zinc to $2.814, 0.1 % growth for lead to $1.986, and 0.7 % for nickel to $15,375. Tin prices rose 1.5% to $35,325 after reaching their highest level in nearly five months. Stocks on the LME Shanghai is monitored Marex reported that warehouses were low and the market was short of tin because Myanmar's Wa State had not yet resumed production. (Reporting and editing by Shreya biswas and David Goodman.)
Pentagon's AI Metals Program goes private to boost Western Supply Deals
The U.S. Department of Defense has transferred control of an artificial intelligence program created by the U.S. Government that predicts the supply and prices of critical minerals to a non profit organization, which is assisting miners and manufacturers in striking supply deals. The Open Price Exploration for National Security AI Metals program, launched by the U.S. Department of Defense in late 2023, is an effort to counter China’s sweeping control of critical minerals, as reported last summer.
Rob Strayer is the president of the Critical Minerals Forum, which includes more than 30 mining firms, manufacturers, and investors, including Volkswagen. They will be the first users.
Seth Goldstein is a Morningstar analyst who specializes in lithium. "Everyone wants more transparency when it comes to prices," he said. "Any tool, like the CMF, that could help is welcome."
Members include South32, a copper miner, MP Materials, a rare earths producer and RTX - a defense contractor. CMF members met for the first time in November. Prior to this, the CMF and its membership had not been reported.
The CMF, armed with an AI model, aims to reduce the reliance of manufacturers on China through the signing of more metal supply agreements with Western mines. This is according to over two dozen industry consultants and purchasing agents as well as analysts, regulators, and investors. They said the program represents one the boldest attempts to date to change the way certain metals are purchased and sold. The AI model is designed to determine the price of a metal after labor, processing costs and other costs have been taken into account. This will help buyers and sellers feel confident about a deal.
Deals with the CMF have begun to form. Nevada officials said this week that they would be working with the CMF, and its AI model, to attract copper smelting in the state. As the U.S. only has two copper smelters, it imports almost half of its red metal demand.
It has been questioned whether the program can actually achieve its goal of changing the way metals have traditionally been bought and sold.
It is less aimed at metals with high volumes of trade, such as aluminum, and more towards metals that are lightly traded or those which have a lot of overproduction by some to try to influence market prices. The CMF model, for example, could help manufacturers predict available nickel supplies in the year 2028, if the U.S. imposed a 100% tariff against Indonesia, which is the world's top producer of the metal.
This data could be used to help a manufacturer decide whether to invest in an American nickel mine, or to agree to purchase its future production. This would allow a manufacturer to obtain funding for the construction of a mine. The AI model would be used by the nickel buyer to negotiate a long term deal that ensured supply regardless of whether Chinese miner's increase production and lower market prices as they have in recent years.
The CMF, with its AI model, assumes that a buyer will be happy to pay more than market price for metals if the supply is guaranteed.
CHINA SQUEEZE
CMF's entry into the complex metals market comes at a time when Beijing is restricting critical minerals exports. This type of market interference, according to CMF officials, underscores the necessity to build more U.S. mining and processing facilities in order to power the energy transformation. In recent years, the London Metal Exchange (LME) and other futures markets for nickel and cobalt have been dominated by Chinese miners who are operating at a loss to increase market share in Indonesia and Congo. Beijing has placed export restrictions on many essential battery minerals, such as rare earths (a group of 17 metals needed to produce magnets which turn energy into motion), germanium, and gallium. These minerals are rarely traded or not at all.
The Chinese Embassy in Washington, D.C., in response to a question about the CMF, stated that China manages their exports of rare Earths according to rules set by the World Trade Organization.
Liu Pengyu, spokesperson for the embassy, said that "China will continue working with other countries to share responsibility of global rare Earths supply." Volkswagen and other CMF members believe that the CMF helps to increase visibility in what can be a opaque supply chain for critical minerals. MP Materials and RTX didn't respond to comments. U.S. president Donald Trump has ordered his administration to collaborate with private developers in order to boost U.S. vital minerals production. This step could be helped by the data CMF is aiming to provide to markets, according to program officials. The president also has launched a study on potential tariffs for all U.S. mineral imports.
Strayer said that the CMF, using its government connections to help connect mining projects with manufacturers and investors who need a more secure metals supply. Phoenix Tailings, a rare earths-processing startup based in Massachusetts, hopes that the CMF will help to create U.S. prices for minerals based on actual production costs. CEO Nick Myers.
Myers stated that Phoenix intends to use the data provided by CMF in order to negotiate with potential clients, including manufacturers who are CMF members. Myers stated that in a sector which is opaque, the CMF is a tool to help get more information.
Some market analysts do not believe that CMF's AI-model is revolutionary.
Ian Lange is a mining economist at Colorado School of Mines. He said, "I have tried to say politely that I believe this is worthless." Lange compared the Pentagon AI model's goals with the larger and more complex global oil market.
Can we better predict oil prices now than five year ago? No. Lange stated that machine learning is not helpful.
'ENCOURAGE MUCH MORE VISIBILITY
The Pentagon is training its AI model using 70 data sets related to mining. It aims at guiding investment decisions for 15 years in advance based on unexpected market shocks, such as export restrictions.
Officials said that FactSet, Benchmark Mineral Intelligence, and other price providers, as well as the U.S. Commerce Department provide data.
The CMF believes that it is the access to the analysis of this data, some of which are not publicly available, that sets apart the Pentagon AI program from ChatGPT and other AI programs.
Officials said that the CMF costs the most in data. The Pentagon's Defense Advanced Research Projects Agency will fund the CMF for the next several years, while it decides whether or not to charge its members.
According to the Pentagon, the model was developed by S&P Global and AI developer Charles River Analytics in collaboration with software firm Exiger, Metal Miner, as well as Exiger's partner, a price reporting agency.
S&P Global declined comment. Charles River Analytics has not responded to our request for comment. Exiger believes that its data can be used to forecast the cost and availability of a particular material and improve supply chain visibility.
CMF is a non-profit trade association, with a board made up of members. The CMF has a small staff of less than 10 people and does not disclose its budget.
Officials said that DARPA has no representative on the CMF Board, but funds the program until at least 2029. They also plan to transfer the intellectual property of the AI model to the CMF before the start of 2027.
Officials said that there are no plans for the CMF to become a for-profit organization, but in the future, the CMF may charge for access to data sets with greater detail.
Strayer stated that the CMF will launch a campaign in order to attract new members, especially those from the semiconductor, aerospace and defense industries. The CMF will also offer free memberships for the next fourteen months, while the Pentagon finances data collection.
CMF officials have said that foreign governments, such as Zambia, which is rich in copper, and the Democratic Republic of Congo (which is rich in cobalt), are considering joining the CMF to use its data. They also want to expand the program to include more countries to increase transparency on the metals markets.
The Zambian and DRC Embassies of Washington, D.C., have not responded to comments. Western miners are increasingly demanding green premiums on their metals. These new agreements require market intelligence, which the CMF model is designed to provide.
"Any mechanism which can provide better market modeling is clearly of enormous value," said Brian Menell. Menell is the CEO of TechMet and a member of CMF. The AI model adds another variable to the LME's equation, particularly as it struggles to compete with rivals from Chicago and Shanghai for market share in some niche battery metals.
The LME declined comment. (Reporting and editing by Ernest Scheyder, Veronica Brown and Claudia Parsons).
(source: Reuters)