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Operation to recover 11 people believed dead after chemical vat explosion in Washington state
Authorities said that the search for nine people who went missing in Washington State after a chemical storage tank ruptured and imploded has now moved from being a rescue effort to one of recovery. This will likely bring the death toll up to eleven. Two deaths had been confirmed by officials. Eight other people, including some who were critically injured, were also injured. Washington Governor Bob Ferguson told a press conference on Wednesday with local authorities that "we're bracing for the worst industrial disaster in modern Washington State history." Authorities have said that they do not yet know the cause of a 900000 gallon vat imploding at Nippon Dynawave Packaging's facility early Tuesday morning. The container contained "white liquor", a chemical mixture of sodium hydroxide (salt) and sodium sulfide (sulfur), used to make paper pulp. It can cause severe skin burns. Matt Amos, the Longview Fire Department's Battalion Chief, said during the press conference that recovery efforts would be slow in an "extremely dangerous" environment. Cowlitz 2 Fire chief Scott Goldstein stated that it was not clear where the nine missing persons were located in the facility. He added that they had searched all the areas that could be searched. He said, "As from this morning, this incident is transitioning from rescue to recovery." At a press conference, officials confirmed that tests had shown contamination in the Columbia River. Testing of water samples confirmed contamination entering the Columbia River yesterday. Goldstein stated that additional evaluations were underway to better determine the extent and scope of this environmental impact. At this time, there are no known negative health effects on... the air quality in the area or the drinking water system of the city Longview. Goldstein stated that it is fair to estimate approximately 550,000-570,000 gallon left the tank. Some material remains in tank and continues to slowly leak. Officials warned people to avoid certain areas and reported that about a dozen carps had died. Nippon Paper Industries 3863.T is Japan's second largest paper manufacturer by sales. It acquired the Longview Plant from Seattle-based Weyerhaeuser WY.N timber company for $225 millions and created the wholly owned subsidiary Nippon Dynamics Packaging in 2016. Authorities in southern California who were monitoring a tank that was overheating and contained?highly explosive methyl methacrylate announced late Tuesday that GKN Aerospace's facility in Garden Grove, California no longer posed an explosion risk. On 'Thursday, thousands of residents were ordered to evacuate after it was discovered that the chemical inside the tank had overheated. TJ McGovern said, "After an intensive operation, we're pleased to report that residents have begun to return home", TJ McGovern interim chief of Orange County Fire Authority.
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Trump dismisses the midterm elections pressure and says he will outwait Iran
Donald Trump, the U.S. president, said that he is not concerned about the political fallout from an extended conflict with Iran. He also stated that the Iranian leaders miscalculated when they thought the November midterm elections would compel him to a 'deal. Trump, speaking of Iran's leaders at a cabinet meeting in the White House, said: "They thought that they would outwait me." You know, "We'll be able to outwait him. He has the midterms. "I don't really care about the midterms." Trump made these comments while he was discussing how to end conflict. Many of Trump's Republican allies had already been uneasy about his dismissive remarks earlier regarding the "economic impact" of the war for Americans. The President initially stated that the war would last between four and six weeks. It is now approaching its fourth months. He has said that the war could be over in a matter of days, only to say later that it could last for some time. The growing discontent of voters, particularly about gasoline prices, has increased political pressures on Trump's Republican Party. It is expected that the party will struggle to maintain control of the House of Representatives, and perhaps the Senate. This disquiet was heightened by Trump's endorsement of Ken Paxton over John Cornyn, the incumbent Republican senator from Texas. Paxton, whose wife is divorcing him on biblical grounds after being indicted by the FBI for felony fraud, easily defeated Cornyn at a Tuesday party primary, despite having received the endorsement of President Obama. Democrats see the 'Senate seat, in a largely Republican state, as a competitive race in November. Trump said: "Look what happened last evening," referring to Paxton’s victory. "That was?a prelude for the midterms." Trump also mentioned his construction projects that he has been working on in Washington, D.C. Republicans have said that these projects are a distraction from other economic concerns. A? A? Reporting by Trevor Hunnictt, Gram Slattery and Ross Colvin. Editing by David Gregorio and Ross Colvin.
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Moody's changes outlook for Republic of Congo to "positive" on the ease of default risks
Moody's changed its outlook on the Republic of Congo from "stable" to "positive" on Wednesday. The company said that the country's increased access to the international capital markets, as well as a potential IMF program had reduced the near-term risk of default. The 'positive outlook' reflects RoC’s potential reversal of its credit trend following defaults in the regional market between 2024 and 2025, according to a statement from?global rating agency. The Congo finance ministry announced earlier this month that it had requested to speak with the IMF about a new financing program. A technical mission will be arriving in central Africa. In an April assessment, the IMF said that Congo's economy and outlook remained fragile. Moody's says that higher oil prices, and the planned increase in oil and gas production will likely boost the growth of a?African nation's fiscal revenues and its ability to service debt. The'sovereign rating' was rated in the junk category at "Caa2" due to its high debt load, persistent arrears with official creditors and domestic arrears with?services and goods providers.?Alongside this, it has a history of poor fiscal governance. (Reporting and editing by Shilpi Mahumdar in Bengaluru)
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CME LIVESTOCK cattle futures rise on expectations of US beef demand
Analysts said that the Chicago Mercantile Exchange futures for live cattle and feeder calves? climbed on Wednesday, as fears about high prices? affecting demand for U.S. Beef eased. Prices rose a week after falling by more than 3% and reaching their lowest levels since March. Last month, the live cattle futures contract reached a new high. Consumer demand for beef has been strong and the U.S. herd is at its lowest level in 75 years. The high price of beef, gasoline, and other goods has recently caused consumers to worry that they may reduce their spending. On Wednesday, oil prices fell by 4% after Iranian state TV reported that it had seen an unofficial draft of a framework for an agreement between Iran & the United States to end their conflict and reopen the Strait of Hormuz. Dan Norcini is an independent livestock trader. He said that if it looks like energy prices are going down, combined with the record high stock market levels, this will take away some of the worries about consumer demand for?beef falling. The August futures for live cattle rose 3.35 cents, to 242.500 cents/pound. August feeder cattle futures also soared 5.17 cents, to 354.625 cents/pound. The U.S. Department of Agriculture has reported that the value of boxed beef's choice cuts increased on Tuesday by $2.63 per hundredweight to $392.90, and select cuts by $5.30, to $390.30. The high cost of scarce cattle supplies continues to put pressure on meatpackers, even though beef prices are sky-high. According to HedgersEdge.com, on Wednesday, packers?lost about $299 for each head of cattle that they slaughtered. Pork processors earned about $4.40 per hog. CME's lean-hog futures rose 2 cents to 102.125cents per pound. On Friday, the contract reached a new low for December. Norcini stated, "Hogs seem to be trying to 'forge a bottom. The key to them continuing to push higher is the additional strength in pork cutout. According to USDA, the wholesale price of pork carcass cutouts on Tuesday increased $2.59 per cwt to $98.85.
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Gold falls to a two-month low amid inflation-fueled rate hikes
Gold prices fell to their lowest level in two months on Wednesday. This was due to expectations of a tighter monetary policy, which would help to curb inflation. The U.S.-backed conflict with Iran is not expected to end any time soon. As of 2:08 pm EDT (1808 GMT), spot gold was down by 1.3% to $4,447.71 an ounce. It had fallen earlier in the day to its lowest price since March 27. U.S. Gold futures for delivery in June settled at $4,448.40, a?1.2% decrease. The Middle East continues to have the biggest impact. Peter Grant, senior metals analyst at Zaner Metals, said that there was a lingering optimism but that it is fading as the conflict continues. He added that inflation fears are increasing due to this ongoing conflict. Since the beginning of the U.S. - Israel war with 'Iran, the price of gold has been on the rise. Brent crude prices have risen due to the effective closure of Strait of Hormuz, causing inflation worries and raising expectations of rate increases. Iranian state TV reported Wednesday that Tehran would restore shipping in the Strait to its pre-war level within a month as part of a framework agreement with the U.S. The deal also included the withdrawal by the U.S. military from the vicinity of Iran. The gold price briefly recovered some of its losses following this report. The market is still predicting energy-driven inflation, which will lead the U.S. Federal Reserve will increase its overnight benchmark interest rate by 25 basis point by the end this year. Gold, despite being a hedge against inflation, is not yielding in high-rate environments. Neel Kazhkari, the Minneapolis Fed president, said that it is "far too early" to predict whether or not it will change its current policy rate. Investors are awaiting the release of U.S. Data on Personal Consumption Spending (PCS) can provide clues about the direction of monetary policy. Spot silver dropped 3.2% to $74.46 an ounce. Bank of America said in a Tuesday note that while a gold rally could boost silver to $100/oz again in the next few months, it is unlikely to be sustained due to an easing of fundamental demand. Platinum fell 2.1% to $1.916.90, while palladium rose 0.1% to $1.386.47.
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Trump: US still not satisfied with Iran deal
Donald Trump, the U.S. president, said on Wednesday that he is 'not yet satisfied with a deal reached with Iran.' He also added that the U.S. The United States is not 'discussing' easing sanctions against Iran. Trump told reporters that Iran is open to a deal at a White House cabinet meeting. "Iran has a very strong desire to reach a deal. They haven't reached a deal yet... but we won't be. Trump said that we?will either be that or finish the job. He said that under the potential framework agreement?with Tehran that the Strait?of?Hormuz will open immediately, but it won't be controlled by anyone. "We will watch it, but no one is going to control it." This is part of our negotiation. They want to control it. No one is going to be able to control it. Trump said that it was international waters, and Oman would behave like "everyone else" or we'd have to blow up the'ships'. The White House didn't immediately respond to an inquiry for a comment about Trump's "comment" on Oman. The embassy of Oman in Washington did not respond immediately to a comment request. Trump said that he is not comfortable with Russia or China taking Iran's highly enriched uranium stockpile.
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Minas Gerais, Brazil, is forced to re-examine the sale of Copasa utility shares
Sources told us that the state of Minas Gerais in Brazil's southeast will need to review its privatization process for water and sewage utility Copasa after bids by potential anchor investors were below the government's asking price. The source, who asked to remain anonymous because the process was private, said that "it didn't achieve the price and there will be a rebid." Copasa has confirmed that the Minas Gerais government, which is the selling shareholder, will amend its secondary share offering registered last week. The parties did not disclose the nature of the changes. Originally, the announcement of a possible anchor investor was scheduled for Wednesday. Copasa shares fell 5% early in the afternoon, leading losses on Brazil's Bovespa index. The bidders were a consortium Itausa and Singapore's sovereign fund,?GIC. Also, the investment platform Equipav specialized in concessions, submitted an offer through a vehicle named Livorno. According to the original plan Minas Gerais would retain a 5% stake and sell a 30% stake to an anchor for approximately 6 billion reais. It would also offer 15% of its Copasa shares to other investors for an additional 3 billion reais. (Reporting and editing by Paul Simao; Alberto Alerigi Jr., Luciana magalhaes)
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Carney's government shrinks after former Canadian minister Carney resigns over environmental concerns
Steven Guilbeault, former Canadian cabinet minister, announced on Wednesday that he will'step down' from his seat in the?parliament. He cited his desire to fight for?environmental?protections following his objections to the decisions of Prime Minister Mark Carney’s government. Guilbeault’s departure will reduce Liberal Party’s slim majority in the parliamentary to one seat. Guilbeault announced on X that he would resign from his position representing downtown Montreal in the summer of this year, but would continue to be a Liberal member until then. He said, "It's time to change the way I fight for climate protection and environmental protection." "I want to continue this fight for generations that will inherit our unique and precious blue planet." Carney had thanked Guilbeault earlier on Wednesday for his contribution, saying that they worked together while Carney was the United Nations Special Representative for Climate. Carney stated that it was up to him to decide his own career. "I wish him all the best, and I am sure that we will have a chance to continue working together in some shape or form on issues of interest." Quit Cabinet Over Climate Rule Rollback In November, Guilbeault resigned from Carney's Cabinet over his opposition to an agreement Ottawa had made with Alberta, a province that produces oil, to rollback certain climate regulations to encourage investment in energy production. Guilbeault was an activist for Greenpeace before he ran for office. He served as the environment minister to former Prime Minister Justin Trudeau. Carney's Government secured a Majority in April after the Liberal Party won 174 seats at three special elections held in Ontario and Quebec. Carney said that a majority would allow him to deal with the trade conflict started by U.S. President Donald Trump more effectively, and also save him from having to run for another election in years. It would also make it easier for legislation. For a simple majority, the Liberals only need 172 votes. Laura Stephenson, professor of political sciences at the University of Western Ontario said Guilbeault?s resignation showed that some Liberal Party members are not in agreement with Carney?s economic-focused policies. She claimed that several other Liberal legislators have?suggested that they may also resign, potentially leaving?Carney in another minority government. "It's tricky to balance ?concerns from the West that deal with energy while also supporting those who like the party's more leftist-environmental bent," she said. "Carney has a clear vision but it's not clear whether his party will always unite behind him."
Copper squeezed in the United States but China has plenty: Andy Home
The London Metal Exchange ( LME) copper cost struck a record nominal high of $11,104.50 per metric heap on Monday.
The London market is playing catch-up with its U.S. peer CME Group, where a vicious brief capture has been playing out on the COMEX agreement.
Traders are now rushing to ship metal to CME storage facilities in the United States to cover brief positions.
The panic has added fuel to a rally that has driven the copper cost up by 27% because January and enhanced a bull narrative of a market captured between constrained supply and green need boom.
Nevertheless, not everybody is short of copper. China, the world's. biggest purchaser, has lots of the stuff.
This doesn't use much relief for those except the CME. agreement, a minimum of straight, but it's a beneficial suggestion the. world hasn't lack copper right now.
STRONG SEASONAL SURGE
Inventory registered with the Shanghai Futures Exchange. ( ShFE) stood at 291,020 metric lots at the end of last week,. compared with London Metal Exchange (LME) stocks of 105,900 loads. and CME stocks of simply 18,244 tons.
This year brought the normal seasonal stocks surge around the. lunar brand-new year holidays but it's been the strongest because 2020,. a year of COVID-19 interruption.
Headline ShFE inventory peaked at 300,045 loads in the middle. of April and has actually remained around those elevated heights, the normal. post-holiday drawdown so far obvious by its absence.
There are another 45,000 lots of bonded copper registered. with ShFE's international branch, the International Energy. Exchange.
The integrate in Chinese exchange stocks lifted international exchange. stock to 491,000 heaps at the end of March, the highest. month-to-month level since August 2021.
STAMMERING NEED, HIGHER SUPPLY
Weak spot demand, robust imports and rising domestic output. have combined to keep China's exchange inventories high.
Chinese buyers, like those everywhere else, have actually responded to. copper's sharp rally by de-stocking, which is probably why the. seasonal post-holiday decline in ShFE stocks hasn't yet kicked. in.
Meanwhile, Chinese imports of refined metal have been. performing at a healthy clip considering that the middle of in 2015. Imports. sped up from 1.65 million heaps in the first half of 2023 to. 2.07 million in the second half.
The pace dropped just slightly in the first four months of. this year with cumulative imports of 1.25 million tonnes up by. 17% on the exact same period of 2023.
Net imports of 1.18 million tonnes were up by a sharper 26%. on the year-earlier period reflecting lower exports, which fell. to 70,400 heaps from 129,000.
Considerably, imports of basic material have likewise been rising. this year.
Inbound volumes of copper concentrate increased by 7%. year-on-year to 9.34 million lots in January-April, Chinese. gamers seemingly adapting to the loss of the Cobre Panama mine. after its closure at the end of 2023.
Greater copper concentrates schedule has actually translated into. greater domestic production of refined copper. After rising by 8%. in the very first quarter of the year, output growth accelerated to. 9% in April.
A March agreement by Chinese smelters to cut output due. to uneconomic treatment terms was one of the triggers for. copper's super-charged rally however any influence on the country's. production rate is so far difficult to determine.
IMPORT PREMIUM COLLAPSE
The combination of elevated stocks and super-high costs has. triggered a collapse in the Yangshan premium << SMM-CUYP-CN >, a. closely-tracked sign of China's copper import appetite.
The premium is currently assessed by regional information service provider. Shanghai Metal Markets at minus $5 per ton, the first time it. has fallen into negative area since the data series was. introduced in 2013.
The area import door has actually just strongly closed. Metal will. still stream into China under yearly supply offers, which tend to. be favoured by bigger purchasers, but arrivals will likely drop a. number of gears relative to the last couple of months.
This may permit CME shorts some flex in re-routing shipments. of South American copper from China to U.S. ports.
CME's list of deliverable brands doesn't include either. Russian or Chinese brands, limiting the capacity for a straight. stocks transfer from the LME, where they represented. two-thirds of necessitated inventory at the end of April.
China plainly won't miss out on the additional import systems in the brief. term as the price spike reduces buying at every phase of the. item manufacturing chain.
DISCONNECT
This copper rally has actually been driven by fund purchasers and. highlighted by trade short position holders being required to. cover.
Financiers are still coming to the bull celebration. Money. managers have raised their outright long positions on the CME. agreement to a near six-year high of 141,204 contracts.
Mutual fund long places on the LME have actually likewise bent. broader over the last week to 107,385 lots, the most bullish. positioning since the LME released its Commitments of Traders. Report in 2018.
It takes 2 to tango in a bull market and it's the CME. shorts that are also contributing to the benefit momentum.
However, assuming traders can move copper to CME storage facilities. and rebuild diminished stocks, the present detach between CME. and LME prices will be closed.
That will leave the far bigger detach between cost and. supply chain truth.
Can copper keep rising if the world's largest physical. customer stops purchasing? And if China will not pay these costs, who. else will?
The opinions revealed here are those of the author, a. writer .
(source: Reuters)