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Turmoil at Metals Exchange Trading Nickel Used in Lithium-Ion Batteries and EVsPosted by EditorDavid on Saturday April 02, 2022 @07:02PM from the precious-metals dept.Early last month on the London Metals Exchange, a Chinese metals producer named Tsingshan Holding Group "wagered a massive bet that the price of nickel would fall," reports CNN Business. At the peak Tsingshan's position "was equivalent to about an eighth of all of the outstanding contracts in the market."But between Friday, March 4 and Tuesday March 8, the metal soared in value from about $29,000 to $100,000 per ton. "If prices had stood at $100,000 the company would have owed the London Metals Exchange $15 billion, according to the Wall Street Journal."CitarThe spike generated margin calls higher than the London Metals Exchange [the LME] had ever seen — and if paid, they would force multiple defaults that would ripple through the exchange and destabilize the global market. Exchange executives scrambled to respond, ultimately throwing a lifeline to the brokers representing Tsingshan and other producers. In an unprecedented move, they halted trading and retroactively canceled all 9,000 trades that occurred on Tuesday, worth about $4 billion in total. The market would remain dark for a week, unleashing a tidal wave of chaos and a mob of angry investors onto the exchange. In its wake, threats of lawsuits abound and trust has eroded. [The day it re-opened, CNN also reported the exchange "had to suspend the electronic trading of nickel shortly after it resumed due to a technical problem."]Now, the 145 year-old British giant is teetering on a nickel. Over the past century-and-a-half the LME, known for its ring of red couches and barking brokers, has successfully trudged its way through world wars, meltdowns and defaults. But nickel, the metal used in stainless steel and the lithium-ion battery cells in most electric vehicles, might be what finally brings the world's largest market for base metals contracts to its knees."The world's pricing mechanism for nickel is failing," said Daniel Ghali, the director of commodities strategy at TD Securities. "The question is, will it continue to fail?" Others weren't as diplomatic. "The LME is now very likely going to die a slow self-inflicted death through the loss of confidence in it and its products," tweeted Mark Thompson, executive vice-chairman at Tungsten West, a mining development company....Until 2012, the LME was owned by its members, the same people who traded on the exchange — but then it was sold to Hong Kong Exchanges and Clearing (HKEX) for $2.2 billion....The LME's lack of transparency allows two or three big names to throw around vast sums of money and "hijack" a relatively illiquid market, said Adrian Gardner, principal analyst of nickel markets at Wood Mackenzie.... Sitting on the other side of the short were hedge funds, who had bet that nickel supply would decrease because of Russia's invasion of Ukraine (Russia provides about 20% of all top-grade nickel). When the LME decided to retroactively cancel those $4 billion in gains on March 8, it was hedge funds who lost giant sums of money. Global investment management firm AQR, which has $124 billion in assets under management, was among those that lost money when trades were canceled. "The winners were commodity producers and their banks, and the losers are the various clients that AQR and other large asset managers represent: firefighters, municipal workers, and university endowments," said Jordan Brooks, principal at AQR Capital Management. AQR is considering legal action against the exchange. Investors, said Brooks, "acted in good faith and provided liquidity, but the LME just decided to shift their trading gains to commodities producers and their banks...."Volume in trading has yet to recover, raising questions about the LME's ability to accurately benchmark the price of the metal. Fewer than 210 contracts were traded in the first hour after the market opened on Tuesday. That's down about 60% from the 90-day average before the trading halt. Other metals on the LME, like copper and aluminum, have also seen a decrease in trade volume....The Chicago Mercantile Exchange doesn't currently trade nickel, but perhaps it soon will. "[The LME] did something that was egregious and a betrayal of trust," said Brooks. "I'd be shocked if the strategic plans of other exchanges haven't changed in the past three weeks."
The spike generated margin calls higher than the London Metals Exchange [the LME] had ever seen — and if paid, they would force multiple defaults that would ripple through the exchange and destabilize the global market. Exchange executives scrambled to respond, ultimately throwing a lifeline to the brokers representing Tsingshan and other producers. In an unprecedented move, they halted trading and retroactively canceled all 9,000 trades that occurred on Tuesday, worth about $4 billion in total. The market would remain dark for a week, unleashing a tidal wave of chaos and a mob of angry investors onto the exchange. In its wake, threats of lawsuits abound and trust has eroded. [The day it re-opened, CNN also reported the exchange "had to suspend the electronic trading of nickel shortly after it resumed due to a technical problem."]Now, the 145 year-old British giant is teetering on a nickel. Over the past century-and-a-half the LME, known for its ring of red couches and barking brokers, has successfully trudged its way through world wars, meltdowns and defaults. But nickel, the metal used in stainless steel and the lithium-ion battery cells in most electric vehicles, might be what finally brings the world's largest market for base metals contracts to its knees."The world's pricing mechanism for nickel is failing," said Daniel Ghali, the director of commodities strategy at TD Securities. "The question is, will it continue to fail?" Others weren't as diplomatic. "The LME is now very likely going to die a slow self-inflicted death through the loss of confidence in it and its products," tweeted Mark Thompson, executive vice-chairman at Tungsten West, a mining development company....Until 2012, the LME was owned by its members, the same people who traded on the exchange — but then it was sold to Hong Kong Exchanges and Clearing (HKEX) for $2.2 billion....The LME's lack of transparency allows two or three big names to throw around vast sums of money and "hijack" a relatively illiquid market, said Adrian Gardner, principal analyst of nickel markets at Wood Mackenzie.... Sitting on the other side of the short were hedge funds, who had bet that nickel supply would decrease because of Russia's invasion of Ukraine (Russia provides about 20% of all top-grade nickel). When the LME decided to retroactively cancel those $4 billion in gains on March 8, it was hedge funds who lost giant sums of money. Global investment management firm AQR, which has $124 billion in assets under management, was among those that lost money when trades were canceled. "The winners were commodity producers and their banks, and the losers are the various clients that AQR and other large asset managers represent: firefighters, municipal workers, and university endowments," said Jordan Brooks, principal at AQR Capital Management. AQR is considering legal action against the exchange. Investors, said Brooks, "acted in good faith and provided liquidity, but the LME just decided to shift their trading gains to commodities producers and their banks...."Volume in trading has yet to recover, raising questions about the LME's ability to accurately benchmark the price of the metal. Fewer than 210 contracts were traded in the first hour after the market opened on Tuesday. That's down about 60% from the 90-day average before the trading halt. Other metals on the LME, like copper and aluminum, have also seen a decrease in trade volume....The Chicago Mercantile Exchange doesn't currently trade nickel, but perhaps it soon will. "[The LME] did something that was egregious and a betrayal of trust," said Brooks. "I'd be shocked if the strategic plans of other exchanges haven't changed in the past three weeks."
Bueno díasSé que a la mayoría de los "adultos" les encanta hablar y hablar de políticos y política, como quien habla del tiempo pero un poco menos small talking ... y así poder demostrar en sociedad lo bien que funcionan los mass media a la hora de lobotomizarnos "Feijoo" "Ayuso" ... y reconozco que la política en su concepción actual me repugna y me causa un rechazo frontal; lleno de mequetrefes y títeres vacíos capaces de vender a los que llevan detrás a cambio de su propio bienestar; digamos que los políticos actuales aportan al gobierno del mundo lo mismo que Tele5 a los libros de Historia; para ello es imprescindible tenerlos pillados con noticias, fotos o relatos con los que ponerlos en su sitio en caso de necesidad; mejor que haya una foto con un narco que tener que contar que ha robado unas cremas o lo que sea.Entiendo que detrás de todos esos bustos que vemos en la tele y los medios, que nunca fueron los más listos de su clase ni los más piadosos y honrados, digo, entiendo que detrás habrá mentes más poderosas con equipos de trabajo a la sombra pero a la altura de las circunstancias y que por ello hay que prestar atención a esas divisiones políticas, para intentar saber a dónde nos quieren llevar en base al grosor del palo con el que nos van a varear (palo populista de izquierda, palo progre-facha, palo eco-bio).Pero estamos hablando de posible escasez de recursos, especialmente energía, serios movimientos geoestratétigos, inflación deflaciogénica, burbuja de todo, relocalización de industrias... desde mi más vergonzante ignorancia ¿ qué importancia tienen hoy en día esas divisiones de la política para comprender el futuro al que nos enfrentamos ?O al menos, algo más sencillo relacionado con lo ya comentado, ¿qué significado tiene la recompra de oficinas, muchas de ellas vacías, por parte de lo bancos?Si en su día significaba "se vienen caídas de precios y necesitamos la pasta por eso es momento de estar de alquiler" ¿significa ahora "el alquiler es de tontos y ya tenemos un balance sanote y por eso es momento de comprar?"En fin... un placer contar con vuestras aportaciones, y una lástima no poder contar con las aportaciones de otros ilustres que decidieron privarnos de su colaboración.Cada vez parece más esto un "que cada cual aguante su vela" o "un sálvese quien pueda", pero yo sigo siendo un convencido creyente de que juntos somos más fuertes. Apes together strong ( va por ti, Sudden )
Cita de: puede ser en Abril 03, 2022, 00:12:41 am[...] Elementos del populismo: acción política centrada en el dar que hablar -recordemos que Ayuso se curtió en política como Community Manager-Elementos del fascismo: nacionalismo territorial (Madrid-first, sin ir despreciando un futuro España-first), retórica que busca la unidad a través del lenguaje grandilocuente pero ambiguo -libertad- , el enemigo interior -los traidores del PP- y el enemigo exterior -los rojos-.Gracias por la explicación.Del párrafo citado entiendo la crítica, y puedo aceptarla, en lo que marco en negrita. Pero de lo otro, hay que decir que sólo hay dos opciones: madrid-first o madrid-second. ¿Qué se supone que tiene que hacer una dirigente de comunidad autónoma?Ya puestos, yo prefiero las definiciones primero. Fascismo, nacionalismo...etc, y luego ya las etiquetas. (O no nos podremos entender.)
[...] Elementos del populismo: acción política centrada en el dar que hablar -recordemos que Ayuso se curtió en política como Community Manager-Elementos del fascismo: nacionalismo territorial (Madrid-first, sin ir despreciando un futuro España-first), retórica que busca la unidad a través del lenguaje grandilocuente pero ambiguo -libertad- , el enemigo interior -los traidores del PP- y el enemigo exterior -los rojos-.
A ver si alguien me puede poner el nombre de un rival político eliminado físicamente por VOX.De Bildu , de ERC o del PSOE se puede hacer una larga lista. Lo digo por los carnets de demócratas q se dan alegremente en el relato oficial
How to Defeat Putin and Save the PlanetPosted by EditorDavid on Sunday April 03, 2022 @07:34AM from the war-on-weather dept.This week the New York Times published an opinion piece by three-time Pulitzer Prize winner Thomas L. Friedman arguing that greener energy is the best response to Russia's invasion of Ukraine.Friedman starts by decrying America's "umpteenth confrontation with a petro-dictator whose viciousness and recklessness are possible only because of the oil wealth he extracts from the ground. "No matter how the war ends in Ukraine, it needs to end with America finally, formally, categorically and irreversibly ending its addiction to oil."CitarNothing has distorted our foreign policy, our commitments to human rights, our national security and, most of all, our environment than our oil addiction. Let this be the last war in which we and our allies fund both sides.... As long as we're addicted to oil, we are always going to be begging someone, usually a bad guy, to move the price up or down, because we alone are not masters of our own fate. This has got to stop...Friedman notes that global oil prices collapsing between 1988 and 1992 "helped bankrupt the Soviet Union and hasten its collapse.... We can create the same effects today by overproducing renewables and overemphasizing energy efficiency."Among his suggestions are requiring power companies to transition faster to renewable energy sources — as well as "eliminating the regulatory red tape around installing rooftop solar systems."And he's also got a solution for the spike in fuel prices:CitarIf you want to lower gasoline prices today, the most surefire, climate-safe method would be to reduce the speed limit on highways to 60 miles per hour and ask every company in America that can do so to let its employees work at home and not commute every day. Those two things would immediately cut demand for gasoline and bring down the price.Is that too much to ask to win the war against petro-dictators like Putin — a victory in which the byproduct is cleaner air, not burning tanks?
Nothing has distorted our foreign policy, our commitments to human rights, our national security and, most of all, our environment than our oil addiction. Let this be the last war in which we and our allies fund both sides.... As long as we're addicted to oil, we are always going to be begging someone, usually a bad guy, to move the price up or down, because we alone are not masters of our own fate. This has got to stop...
If you want to lower gasoline prices today, the most surefire, climate-safe method would be to reduce the speed limit on highways to 60 miles per hour and ask every company in America that can do so to let its employees work at home and not commute every day. Those two things would immediately cut demand for gasoline and bring down the price.Is that too much to ask to win the war against petro-dictators like Putin — a victory in which the byproduct is cleaner air, not burning tanks?
OPINIONTHOMAS L. FRIEDMANHow to Defeat Putin and Save the PlanetMarch 29, 2022Felipe Trueba/EPA, via ShutterstockBy Thomas L. Friedman | Opinion ColumnistIt is impossible to predict how the war in Ukraine will end. I fervently hope it’s with a free, secure and independent Ukraine. But here is what I know for sure: America must not waste this crisis. This is our umpteenth confrontation with a petro-dictator whose viciousness and recklessness are possible only because of the oil wealth he extracts from the ground. No matter how the war ends in Ukraine, it needs to end with America finally, formally, categorically and irreversibly ending its addiction to oil.Nothing has distorted our foreign policy, our commitments to human rights, our national security and, most of all, our environment than our oil addiction. Let this be the last war in which we and our allies fund both sides. That’s what we do. Western nations fund NATO and aid Ukraine’s military with our tax dollars, and — since Russia’s energy exports finance 40 percent of its state budget — we fund Vladimir Putin’s army with our purchases of Russian oil and gas.Now, how stupid is that?Our civilization simply cannot afford this anymore. Climate change has not taken a timeout for the war in Ukraine. Have you checked the weather report for the North and South Poles lately? Simultaneous extreme heat waves gripped part of Antarctica this month, driving temperatures there to 70 degrees Fahrenheit warmer than the average for this time of year, and areas of the Arctic, making them more than 50 degrees warmer than average.Those are not typos. Those are crazy superextremes.“They are opposite seasons — you don’t see the North and the South (Poles) both melting at the same time,” Walter Meier, a researcher with the National Snow and Ice Data Center, recently told The Associated Press. “It’s definitely an unusual occurrence.” And last Friday, no surprise, scientists announced that an ice shelf the size of New York City had collapsed in East Antarctica at the beginning of this freakish warm spell.It was the first time humans observed “that the frigid region had an ice shelf collapse,” The A.P. noted, adding that if all the water frozen in East Antarctica melts, it would raise sea levels more than 160 feet around the world.For all these reasons, I have been disappointed to see President Biden and Secretary of State Antony Blinken doubling down on our oil addiction, rather than tripling down on renewables and efficiency. Apparently spooked by bogus Republican claims that Biden’s energy policies are responsible for higher gasoline prices, his team has gone begging to some of the biggest petro-dictatorships in the world — Venezuela, Iran and Saudi Arabia, in particular — to get them to pump more oil and push down gasoline prices.The truth is, even if we let U.S. oil companies explore for oil in every national park, the near-term effect on gasoline prices would not be all that significant. As CNN Business reported last week, in the past decade, the boom-to-bust U.S. oil industry spent tons of cash to fund all-out production growth, helping to keep prices low, but “sustaining profits proved elusive. Hundreds of oil companies went bankrupt during multiple oil price crashes, leading investors to demand more restraint from energy C.E.O.s.” So today, most U.S. oil company executives and investors “don’t want to add so much supply that it causes another glut that crashes prices. And shareholders want companies to return excess profits in the form of dividends and buybacks, not reinvest them in increasing production.”The country with the most cheap, spare and flexible capacity to influence global oil prices in the short run is Saudi Arabia. But Russia is also a big player. That’s why just two years ago, President Donald Trump was begging Saudi Arabia and Russia to dramatically cut their production, because oil had fallen to around $15 a barrel on world markets — badly hurting U.S. oil companies, whose cost of extraction was $40 to $50 a barrel. The price collapsed because Saudi Arabia and Russia became embroiled in a price war over shrinking market shares in the pandemic.Now Biden is begging the Saudis to dramatically increase their production to bring prices down. But the Saudis are mad at Biden for being mad at them for murdering the Saudi journalist Jamal Khashoggi — and are reportedly not taking Biden’s calls.But the common denominator between Biden and Trump is the word “begging.” Is this the future we want? As long as we’re addicted to oil, we are always going to be begging someone, usually a bad guy, to move the price up or down, because we alone are not masters of our own fate.This has got to stop. Yes, there needs to be a transition phase, during which we will continue to use oil, gas and coal. We can’t go cold turkey. But let’s vow to double the pace of that transition — not double down on fossil fuels.Nothing would threaten Putin more than that. After all, it was the collapse in global oil prices between 1988 and 1992, triggered by Saudi overproduction, that helped bankrupt the Soviet Union and hasten its collapse. We can create the same effects today by overproducing renewables and overemphasizing energy efficiency.The best and fastest way to do that, argues Hal Harvey, the C.E.O. of Energy Innovation, a clean energy consultancy, is by increasing clean power standards for electric utilities. That is, require every U.S. power utility to reduce its carbon emissions by shifting to renewables at a rate of 7 to 10 percent a year — i.e., faster than ever.Utopian? Nope. The C.E.O. of American Electric Power, once utterly coal dependent, has now pledged to reach net-zero carbon emissions by 2050, using mostly natural gas as a backup. Thirty-one states have already set steadily rising clean energy standards for their public utilities. Let’s go for all 50 — now.At the same time, let’s enact a national law that gives every consumer the ability to join this fight. That would be a law eliminating the regulatory red tape around installing rooftop solar systems while giving every household in America a tax rebate to do so, the way Australia has done — a country that is now growing its renewable markets faster per capita than China, Europe, Japan and America.When cars, trucks, buildings, factories and homes are all electrified and your grid is running mostly on renewables — presto! — we become increasingly free of fossil fuels, and Putin becomes increasingly dollar poor.Americans get it. Electric cars are now flying out of the showrooms. The biggest wind-energy-producing state in the country is politically red Texas, which generates more electricity from wind than the next three states (Iowa, Oklahoma and Kansas) combined. But making this a true national mission would get us to a clean power economy so much faster.In World War II, the U.S. government asked citizens to plant victory gardens to grow their own fruits and vegetables — and save canned goods for the troops. Some 20 million Americans responded by planting gardens everywhere from backyards to rooftops. Well, what victory gardens were to our war effort then, solar rooftops are to our generation’s struggle against petro-dictatorships.If you want to lower gasoline prices today, the most surefire, climate-safe method would be to reduce the speed limit on highways to 60 miles per hour and ask every company in America that can do so to let its employees work at home and not commute every day. Those two things would immediately cut demand for gasoline and bring down the price.Is that too much to ask to win the war against petro-dictators like Putin — a victory in which the byproduct is cleaner air, not burning tanks?“The clean alternatives are now cheaper than the dirty ones,” Harvey noted. “It now costs more to ruin the earth than to save it.” It also “now costs less to liberate ourselves from petro-dictators than to remain enslaved by them.”That’s right. The technology is here. We can now put Putin over a barrel. It is just a matter of leadership and national will. What are we waiting for?The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram.Thomas L. Friedman is the foreign affairs Op-Ed columnist. He joined the paper in 1981, and has won three Pulitzer Prizes. He is the author of seven books, including “From Beirut to Jerusalem,” which won the National Book Award. @tomfriedman • FacebookA version of this article appears in print on March 30, 2022, Section A, Page 24 of the New York edition with the headline: How to Defeat Russia and Save the Planet. Order Reprints | Today’s Paper | Subscribe
para: a) citar el Estado Policía ('Politeia', Hegel); y b) proponer otra descripción de los partidos en España consistente en comenzar con todas las celdas en gris —todos parten de tener las 6 X 2 posibilidades, especialmente los vecinos del PSOE— y luego solo remarcar la que sería más característica y quitar la que no se daría, resultando pues una clasificación ABC.]
Cita de: cujo en Abril 03, 2022, 21:17:57 pmA ver si alguien me puede poner el nombre de un rival político eliminado físicamente por VOX.De Bildu , de ERC o del PSOE se puede hacer una larga lista. Lo digo por los carnets de demócratas q se dan alegremente en el relato oficialA ver, esto es España.Llevamos más de 200 años intentado olvidar los asesinatos políticos de la generación anterior. Sin el menor éxito.
Iñaki Arteta: «El nacionalismo es una secta que adormece con argumentos historicistas»Iñaki Arteta: «Intento entender cómo ignoré tanto tiempo el horror de ETA»https://theobjective.com/cultura/2022-03-13/entrevista-inaki-arteta-eta/
Por cierto, Jesús fue 'tekton', es decir, constructor inmobiliario.
«No se inquieten. Crean en Dios y crean también en mí.En la Casa de mi Padre hay muchas habitaciones; si no fuera así, se lo habría dicho a ustedes. Yo voy a prepararles un lugar.Y cuando haya ido y les haya preparado un lugar, volveré otra vez para llevarlos conmigo, a fin de que donde yo esté, estén también ustedes.Ya conocen el camino del lugar adonde voy».[Jn 14, 1-4]
O al menos, algo más sencillo relacionado con lo ya comentado, ¿qué significado tiene la recompra de oficinas, muchas de ellas vacías, por parte de lo bancos?Si en su día significaba "se vienen caídas de precios y necesitamos la pasta por eso es momento de estar de alquiler" ¿significa ahora "el alquiler es de tontos y ya tenemos un balance sanote y por eso es momento de comprar?"
La próxima semana se concretará este itinerario, tras reuniones con sindicatos y asociaciones empresariales que tendrán lugar en los primeros días de la semana, ha explicado el president.