Podcast appearances and mentions of london metal exchange

  If uncertainty is the new normal – how can the commodities markets and participants adapt? What does that mean for costs, supply chains and people.  In May we held our latest Live Event in London, in partnership with ITFA. The event was hosted by Aon, with additional sponsorship by Atradius, Brown Brothers Harriman, Coface, Natixis Partners, Pole Star Global, The Mercury Group and RESCOM. Our panellists debated themes including the sources of uncertainty, and what it means for markets, prices and participants. What are the impacts of tariffs and geopolitical tensions? What is the state of the talent landscape as a new generation of professionals, and new businesses, confront these challenges? Is a new generation of deep specialists ready? Joining podcast host, Paul Chapman was Stuart Lawson, Global Head at Aon Credit Solutions; Khushroo Pochkhanawalla, Commodity Risk Director at The Heineken Company; Matthew Chamberlain, CEO at the London Metal Exchange; Marieke Franssen, Managing Director of Natixis Corporate & Investment Banking and William Tully, Head of Business Development at Brown Brothers Harriman Commodities & Logistics.

Graham and Angus interview Bonnie Chan, the 55 year old CEO of Hong Kong Exchange, where she shares how weight training supports her leadership and well-being. Recently ranked the 6th most powerful woman in Asia by Forbes, Bonnie leads HKEX — the world's fifth largest stock market, which also owns the London Metal Exchange. She explains how lifting helps her stay mentally sharp and physically strong for the demands of her global role, which involves frequent travel. The discipline of training, she says, builds resilience, supports her longevity, and enhances the clarity she brings to high-stakes decision-making. She's also embedded fitness into the culture of the organisation, believing that strong bodies support strong minds — and that shared movement creates a positive, fun working environment that energizes the whole team.

This week Carl sits down with Jonathan Rose, an expert in precious metals and the founder of the Genesis Gold Group. Jonathan shares insights into the value of investing in gold, particularly as a hedge against economic instability, inflation, and currency devaluation. The discussion spans Jonathan's background, from his upbringing in London to his early career at the London Metal Exchange, where he developed a deep interest in precious metals. Jonathan recounts his move to the United States in 1997, his work with financial institutions like HSBC and AIG in Southeast Asia, and his belief in hard work and continuous self-improvement.   Jonathan emphasizes the importance of holding physical gold over other forms of investment, arguing it provides a tangible safe haven in uncertain times. Carl Buccellato and Jonathan also explore personal narratives, including Jonathan's Jewish upbringing, his marriage to a Christian woman, and raising their children in a faith-based environment. The episode highlights the importance of cultural and spiritual roots as Carl shares his family history from Sicily and the significance of passing down traditions and faith to future generations.    Connect with Jonathan & Genesis Gold Group: Website LinkedIn Instagram   Connect with Carl: Instagram Facebook LinkedIn YouTube Website   Produced by Social Chameleon

Welcome to the latest On the Couch. This occasional podcast series of chats with fund managers, CEO's and brokers aims to give you an insight into the investing world. In this episode, I am joined by John Caulfield from VanEck - Director, Intermediaries and InstitutionsJohn joined VanEck Australia in 2014 and has over 20 years of experience in the finance sector. He is an ETF expert and is regularly featured on AusBiz and podcasts like Equity Mates. He is responsible for the institutional and intermediary client business in New South Wales, Queensland and New Zealand. John previously worked at FTSE Group (Australia) as the Director of Business Development, and at the London Metal Exchange. John has a Bachelor of Business Science (Hons) in Finance from the University of Cape Town.Some of the things we discussHow are ETFs handling this volatility? Given the current volatility, what strategy should ETF investors use?Are there any products that can help with managing volatility?Where do you see the opportunities in the current market?Some see the rise of Passive ETFs as a bad thing, is it a bad thing?Do ETFs distort the market and chase the winners to extreme levels?What are the trends in the ETF market?Are they a great way for beginners in the investing world to build wealth over the long term?You put out a magnificent email every week, how do our members access that?Disclaimer: This is general advice only and you should consult your financial adviser regarding any of the thoughts, ideas or insights in this podcast.Why not sign up for a free trial? Get access to expert insights and research and become a better investor.Use the promo code 'OTC24' for a discount on subscriptions 6 months and over.Subscribe now for in-depth market analysis, stock recommendations, investment and ideas strategies, and the suite of Marcus Today tools to manage your portfolio. 

Biden withdraws from US Presidential Race - US Futures opening slightly positive.Wall Street ended the week lower. A global technical outage cause caused by a software glitch resulted in global chaos with grounded flights, and upended markets disrupting businesses around the world. CrowdStrike was behind the massive IT failure. A glitch in their software caused Microsoft's Windows operating system to crash. Its stock fell as far as 15% before paring losses, ending 11.10% lower. The Dow traded lower all session, down 377 points (-0.93%). Down 462 points at worst. S&P 500 dropped 0.71%, and the NASDAQ fell 0.81%. Russell 2000 eased 0.63%, and VIX rose another 3.70% touching its highest level since April. Nvidia -2.6% lead a sell-off in chip stocks, pressuring the Philadelphia SE Semiconductor index 3.1% lower. Treasury yields rose. 10Y yield up 4.1bps, and 2Y yield up 4.6bps, both rising from four-month lows hit earlier in the week.ASX SPI down 67 points.COMMODITIESChina copper smelters eye more output cuts as raw material supply tightens.Copper extends downturn to three-month low on China economic gloom.London Metal Exchange systems not affected by global cyber outage.Oil down $2 as investors eye Gaza ceasefire hopes.Gold slips from all-time peak on profit taking, firmer dollar.Iron ore posts weekly loss on lack of China stimulus, demand outlook.Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence. Ready to invest in yourself? Join the Marcus Today community. 

The TXF Global Commodity Finance and Sustainable Natural Resources event is set to kick off in Amsterdam on 22 May. In this special pre-event podcast, TXF reporter Ralph Ivey speaks to Hugo Brodie, Head of Product Development and Innovation at the London Metal Exchange, about sustainability in the metals business and maintaining an orderly market amid complex geopolitical tensions. Like what you hear? Hit subscribe to stay up to date and for all the latest news online visit www.txfnews.com today.

In this episode the Rethink Energy team discusses: New sanctions have required the Chicago Metal Exchange and the London Metal Exchange refuse any new Russian copper, aluminum, and nickel - but this won't cause a price shock at all comparable to the first sanctions rounds. The prices of polysilicon and solar modules fell yet again, ending four months of price stability and prompting us to ask where the bottom line actually lies. Japan has invested in hydrogen fuel cell propulsion research which could lead to its domestic aviation being decarbonized ahead of many other places in the world - starting with its 66-strong turboprop fleet.

In this week's Monday Market Highlights, Investment Analyst Roland Houghton discusses inflation data out of the US. It's the third month in a row that inflation has topped economists' anticipation, and the 10-year government bond rate increased as inflation fears and less rate cuts were priced in. Roland also covers PPI data, Europe's ECB rates, tensions in the Middle East, and the London Metal Exchange banning Russian copper, aluminium and nickel to align with US and UK sanctions. In equity news, Roland looks into NEXTDC, Ansell, Netwealth, Heartland Bank, and Qantas.   This podcast is intended to provide general information only. It does not take into account your investment needs or personal circumstances. It is not intended to be viewed as investment or financial advice. Should you require financial advice you should always speak to a Financial Adviser. Past performance is not a reliable indicator of future performance. Milford is an active fund manager with views and portfolio positions subject to change.

Depuis plusieurs mois, les cours des métaux dits « de la transition » ne cessent de chuter. Cobalt, lithium, nickel... Autant de minerais essentiels pour la production de batteries électriques. Conséquence de la baisse du prix des métaux : celui des batteries chute également. On leur promettait un avenir radieux, mais les cours des métaux de la transition se sont effondrés ces derniers mois. À commencer par ceux du lithium. Après avoir atteint un pic en novembre 2022, les prix ont chuté. Rien que sur l'année dernière, le carbonate de lithium, forme semi-transformée du métal, a perdu les trois quarts de sa valeur. En cause : une demande en berne, et des surplus de production chez les géants du secteur.  Des surplus de nickel et de cobaltC'est la même histoire pour le nickel, que beaucoup d'analystes voyaient comme l'un des métaux essentiels pour les années à venir. Même si les cours ont légèrement grimpé en début d'année, le métal peine à dépasser les 17 000 dollars la tonne au London Metal Exchange. Après des investissements très importants dans le secteur, l'Indonésie, leader du marché, se retrouve avec un excédent record de nickel. Environ 12 500 kilotonnes de surplus aussi pour le cobalt au quatrième trimestre 2023. Et ce malgré une demande en hausse de 15% par rapport à l'année précédente, selon le dernier rapport du Cobalt Institute.  Chute des prix des voitures électriquesAutant de baisses de prix qui ont des conséquences sur celui des batteries pour les voitures électriques. Le pack lithium-ion est tombé à 139 dollars le kilowatt heure l'an dernier, une tendance qui devrait se poursuivre en 2024. Un chiffre résume la situation : le prix des batteries a fondu de 90% en 16 ans, selon le Département américain de l'énergie.  Forcément, quand les batteries sont moins chères, les voitures électriques aussi. Leur prix moyen a perdu 2 000 dollars en mars aux États-Unis par rapport au mois précédent. Désormais, outre atlantique, le prix moyen des véhicules électriques est presque identique à celui des voitures thermiques.À lire aussiBaisse des cours du nickel, l'avenir de la filière en suspens

Depuis plusieurs mois, les cours du nickel sont au plus bas, et continuent de chuter en ce début d'année 2024. Une baisse qui se répercute désormais sur plusieurs projets d'infrastructures minières, dont l'avenir est menacé. C'était un véritable coup de tonnerre au London Metal Exchange, la Bourse mondiale des métaux. En novembre dernier, le nickel était descendu sous la barre de 16 000 dollars la tonne, du jamais vu en deux ans. En ce début d'année 2024, les cours peinent à remonter. La demande reste faible, quand l'offre, elle, est toujours très importante. Au point qu'il y ait même des surplus, notamment en Indonésie, le premier producteur mondial. Une offre en berne, qui s'explique notamment par la substitution des batteries au nickel par celles au fer phosphates, des métaux bien plus abondants et encore moins cher.Un marché du nickel en plein brouillard, qui menace l'avenir même de la filière. En Australie, le cinquième producteur mondial, plusieurs projets sont ainsi à l'arrêt. First Quantum Minerals, Panoramic Resources et d'autres grandes entreprises minières annoncent suspendre la production de certaines mines du pays. Quelques compagnies réclament même une aide publique sous forme de crédit d'impôt.Quel avenir pour le nickel calédonien ?Parmi les territoires les plus vulnérables à la chute des cours du nickel, il y a aussi la Nouvelle-Calédonie, avec trois usines au total. En août, un rapport de l'inspection générale des finances alertait : sans évolution de la filière, la fermeture de certains sites paraît « inévitable ». En cause : le coût de l'énergie et de la main d'œuvre qui font grimper les prix de production. Un scénario catastrophe sur le Caillou, où un quart des emplois privés sont directement ou indirectement liés à la production de nickel.À l'instar de l'Australie, les industriels réclament donc une aide du gouvernement. Si la nationalisation est exclue à ce stade, il est question d'un prêt, d'une aide d'urgence actuellement en discussion. L'avenir de la filière devrait d'ailleurs être au cœur d'une visite de Gérald Darmanin, le ministre de l'Intérieur, qui doit se rendre en Nouvelle-Calédonie dans le courant du mois de février.

This audio is brought to you by Wearcheck, your condition monitoring specialist. Ongoing strong performance by South Africa's Hillside Aluminium operation in KwaZulu-Natal has helped diversified mining company South32 achieve record half-year aluminium production. Moreover, South Africa Manganese sales increased by 9% in the December quarter at a 5% price premium to the medium grade 37% manganese lump ore index. There were lower secondary production yields at South32's Australia Manganese, where a royalty tax equal to 20% of adjusted earnings before interest and tax applies. Full-year guidance of 720 000 t of aluminium production remains unchanged at South Africa's Hillside Aluminium, whereas in Mozambique, full-year production guidance for the Mozal Aluminium smelter has been reduced by 12% amid Mozal's saleable production decreasing by 9% in the six months to December 31. Furthermore, owing to some 60% of Mozal's production consisting of below specification material in the last three months of last year, Mozal product sold at discount prices compared with South32's other London Metal Exchange-linked aluminium sales. "With some of our commodities facing headwinds in the half, we continued to focus on delivering cost efficiencies and expect first half operating unit costs to be below or in line with guidance for the majority of our operations," South32 CEO Graham Kerr stated in a release to Mining Weekly. "As we enter the second half, strengthening market conditions for many of our commodities, our planned 7% production growth and ongoing cost management focus, position us well to capture higher margin," Kerr said. BATTERY MANGANESE Meanwhile, Financial Review journalist Hans van Leeuwen has reported from Davos that South32 is pressing on with plans to potentially supply manganese for battery making. Kerr revealed in the report that initial memorandums of understanding with some battery makers and the supply of samples for a pilot study were now being expanded. "We'll give enough material so they can seriously test it," Kerr is quoted as saying. Ultimately, South32 might produce high purity manganese sulphate monohydrate or HPMSM itself and sell that to the battery makers. "When we thought about this three or four years ago, our marketing team said it would be about a 10 000 t market. Then all of a sudden, we're talking to our customers, and they're all asking for 60 000 t," Kerr said. "It's looking more promising." Three other companies involved in the manganese industry in Southern Africa are showing strong interest in the production of HPMSM battery manganese for the battery industry in general and battery electric vehicles (BEVs) in particular. Foremost among these is Bernard Swanepoel's Manganese Metal Co (MMC) in Mbombela, Mpumalanga, South Africa, which has a half-century of experience in adding value to manganese and has been engaging in far-reaching preparation for entry into the potentially colossal HPMSM market. Trade & Industrial Policy Strategies (TIPS) senior economist Gaylor Montmasson-Clair describes the Mbombela company as "a South African industrial jewel" that could be much bigger than what it is today. He describes MMC as a one-of-a-kind company that should be supported on its growth trajectory. TIPS, an independent, non-profit, economic research institution based in Tshwane, was established in 1996 to support economic policy development, with an emphasis on industrial policy in South Africa and the region. All that stands between MMC and the construction of the battery manganese project in Mbombela is the finalisation of funding, which South Africa's State-owned Industrial Development Corporation (IDC) has managed to achieve for Botswana to the extent that the Canada-owned Giyani Metals has described the IDC funding as being the cornerstone of its $26-million funding package. Funding from the IDC for construction of South Africa's own potentially paradigm-shifting initial HPMSM plant in Mbombela is stil...

La faiblesse de la demande en zinc, fait baisser les prix et grossir les stocks de ce métal utilisé pour protéger l'acier et éviter qu'il ne rouille. Le niveau des stocks est généralement un bon indicateur de la demande. Et pour le zinc, il est plus que révélateur : depuis le mois de novembre, les stocks ont augmenté de près de 200 % au LME, la Bourse aux métaux de Londres, un lieu qui fait référence avec ses entrepôts même s'ils ne représentent qu'une partie des stocks mondiaux. Près de 200 000 tonnes de zinc sont aujourd'hui stockées au London Metal Exchange, contre dix fois moins, il y a un an, un volume qui illustre l'excédent du marché, lié en grande partie à la faiblesse de la demande. Baisse de 4 % des besoins en EuropePour cette année 2024, les analystes de la banque HSBC prévoient une augmentation marginale sur le continent américain, une croissance de près de 3 % en Chine, où les difficultés du secteur immobilier limitent les besoins en zinc et une baisse de 4 % des besoins en Europe.Ce contexte n'est pas porteur pour les fonderies européennes qui font face à des coûts énergétiques toujours très élevés : ces deux dernières années, elles ont déjà perdu la moitié de leur capacité de production de zinc et d'aluminium et ce n'est manifestement pas fini  : la semaine dernière, à la mi-janvier, le raffineur belge Nyrstar annonçait l'arrêt de la production d'une de ses usines aux Pays-Bas jusqu'à nouvel ordre.L'information qui a provoqué une poussée de fièvre sur les marchés, mais cela n'a pas duré, la peur de manquer s'est très vite dissipée et les cours sont retombés autour de 2 500 dollars la tonne.Retour à l'équilibre en 2025 ?Selon les prévisions d'HSBC, l'excédent pourrait être cette année de 89 000 tonnes. La demande pourrait retrouver de la vigueur en 2025 : parmi les usages susceptibles de relancer le marché, on peut citer le développement de nouvelles batteries pour véhicules électriques ou le recours à plus grande échelle à l'acier galvanisé, en Chine.

Welcome to the second last episode of this year! I hope you've enjoyed the podcast this far and thank you immensely for helping us reach more than 1,000 views across all episodes. In this episode, we discussed: how a possible listing of Boots and SHEIN on the LSE could revive hopes in the UK stock markets; the London Metal Exchange facing off with major hedge funds in the Court of Appeal in relation to the $3.9 billion in trades it cancelled during a surge in Nickel prices that took place on the exchange last year; and how a potential increase in capital requirements for US banks may pose a threat to green finance. I hope you enjoy the episode, see you next week!

Recording date: 24th July 2023Nickel continues rangebound in $20,500-$21,500 range with LME inventories remaining low at 37-38,000 tonnesAfter nickel price move off the $20,000 range about 10 days ago, sulphate prices actually softened a little as the big surge in June ores for NMC cathodes in China hasn't continued through yet for July /August  - so sulphate discounts retraced some of the narrowing we've seen in last few weeks. On NPI front, NPI prices surprisingly actually ticked up about 2%.  Thought we would see sulphate discounts narrow pretty fully before NPI started moving higher but good to see  Not lots of news, but couple of key pieces of newsNickel refining capacity - The London Metal Exchange has approved nickel produced by China's Zhejiang Huayou Cobalt Co. for delivery under its new fast track registration system for its new refinery in China.  Huayou, GEM, CNGR all building refineries in Indo/China and will follow down a similar path.This is key piece in “great convergence” which will allow market clearing mechanism to move from NPI/matte discounts back to LME price.   Should see ~200ktpa of capacity come online by end 2024 and nearly 100ktpa of LME deliverable nickel produced in 2023.This scale of numbers given that given current annualized surplus is estimated by INSG in 100-200kt range which in  May fell by 1/4 to 144kt annualized form ~200ktpa annualized.  I still believe that these figures are overstated as don't see large inventories in market and wouldn't see discounts reducing if these inventories available to market.Poseidon Nickel – comment from subscriber online that wanted thoughts on this announcement.  Last week mentioned their exploration at success at other past producing mine – Emily Ann/Maggie HaysPoseidon was restarting Black Swan/Silver Swan operations – one of few nickel mills in Western Australia and mine operated for short period of time in 2008-2009 – now announced last week deferring restart until 2024 for following reasons: Western Power has advised grid power will be available from late 2024 · Additional metallurgical testwork will be conducted to confirm recovery assumptions for the disseminated serpentinite ore · Decision made to defer the restart of Black Swan due to project related factors and external market conditionsFrom release quote: “These project related factors together with the continuing tightness in the WA labour market, the lack of the availability of Kalgoorlie FIFO accommodation ….”Highlights 4 key issues:Availability of infrastructure– no grid power until end 2024, (could use generators, but much more expensiveAvailability of people and ability to support them – talks about fly in fly out – most of Western Australia with a few exceptions is massive fly in, fly out operation.  Is expensive, and highly competitive Importance of nickel concentrate grades - Release talks about certain ore feed producing only 5-6% nickel concentrate with high mgO content – big plus of deposits like Crawford is ability to produce much higher grade nickel concentrate.  Most nickel concentrates are only 10-15% nickel Parallel project design – need to integrate resource/mine design/mineralogy/metallurgical testing so always understand how feed will perform. Is good they found out now rather than in operation, but would have been better if found before putting FS out last year.

Silver Market Update

Silver Market Update

Silver Market Update

#RafiFarber - Silver Open Interest Collapses by Whopping 20% in a Week Nearly 30,000 silver futures contracts have closed out since June 22. That's 1 out of every 5 contracts, and that most likely means a major trend change is imminent. Longs are bowing out, shorts are covering, and we are now below 120,000 contracts, right near a 10-year low. The bottom may not be in exactly, but the amount of runway once the bottom is in, is very long. In other news, a ruling on the London Metal Exchange case of reversing trades in the wake of the March 2022 nickel short squeeze, is expected in about 3 weeks. If the LME loses, it could mean the end of the exchange, and possibly even contagion to the rest of global paper futures markets. And the Fed does a bunch of stress tests again and says everything's fine again. And everybody cares. And believes them. A lot. Like, so so much. To find out more, click to watch the video now! - Sign up for a two week free trial of The End Game Investor and support Arcadia Economics at the same time! https://seekingalpha.com/affiliate_link/arcadia To find out more about Fortuna Silver go to: https://fortunasilver.com/ - To join our free email list and never miss a video click here: https://arcadiaeconomics.com/email-signup/ - To get on the waiting list for your very own ´Silver Chopper Ben´ sterling silver figurine click here: https://arcadiaeconomics.com/get-a-chopper-ben/ - To get your paperback or audio copy of The Big Silver Short go to: https://arcadiaeconomics.com/thebigsilvershort/ Find Arcadia Economics content on these sites: YouTube - https://www.youtube.com/user/ArcadiaEconomics Rumble - https://rumble.com/c/ArcadiaEconomics Bitchute - https://www.bitchute.com/channel/kgpeiwO1dhxX/ LBRY/Odysee - https://odysee.com/@ArcadiaEconomics:5 Listen to Arcadia Economics on your favorite Podcast platforms: Spotify - https://open.spotify.com/show/75OH2PpgUpriBA5mYf5kyY Apple - https://podcasts.apple.com/us/podcast/arcadia-economics/id1505398976 Google-https://podcasts.google.com/feed/aHR0cHM6Ly9teXNvdW5kd2lzZS5jb20vcnNzLzE2MTg5NTk1MjMzNDVz Anchor - https://anchor.fm/arcadiaeconomics Amazon - https://podcasters.amazon.com/podcasts Follow Arcadia Economics on these social platforms Twitter - https://twitter.com/ArcadiaEconomic Instagram - https://www.instagram.com/arcadiaeconomics/ To see the evidence of manipulative behavior in the silver market (as well as how you can send it to your local regulators and Congressional representatives) click here: https://arcadiaeconomics.com/cftc-complaint/ - To sign the petition to ban JP Morgan from having any involvement in the silver industry click here: https://www.ipetitions.com/petition/ban-jp-morgan-from-trading-gold-and-silver #silver #silverprice And remember to get outside and have some fun every once in a while!:) (URL0VD) This video was sponsored by Fortuna Silver, and Arcadia Economics does receive compensation. For our full disclaimer go to: https://arcadiaeconomics.com/disclaimer-fortuna-silver-mines/Subscribe to Arcadia Economics on Soundwise

La Bourse des métaux de Londres est unique en son genre, et le procès qui s'est ouvert contre l'institution cette semaine fera peut-être date. Il porte sur la façon dont l'institution a géré une folle journée sur le marché du nickel il y a un peu plus d'un an. Un opérateur d'une plateforme boursière a-t-il le droit d'annuler des transactions légitimes ? C'est la question qui est posée cette semaine devant la justice britannique. Les plaignants qui attaquent la plus grande plateforme de négoce de métaux au monde estiment qu'elle a failli en annulant les transactions qui se sont déroulées entre le 7 et le 8  mars 2022 sur le marché du nickel.« Un abus de pouvoir »La tonne de « métal du diable » comme il est surnommé, était alors passée de 30 000 dollars à 100 000 dollars. Une hausse record des prix qui a conduit le London Metal Exchange à suspendre la cotation du nickel, et à annuler 12 milliards de dollars de transactions. « Il s'agissait d'opérations entre parties consentantes », s'indigne encore un an après un ancien trader qui résume : « Le LME propriété de la Bourse de Hong-Kong n'a fait que protéger un géant du nickel chinois, en lui évitant des milliards de dollars de perte. On a fermé le marché, on a changé les règles du jeu, c'est un abus de pouvoir inacceptable ».De fait, cette crise du nickel a provoqué une pluie de réactions. L'autorité de régulation financière britannique s'est saisie de l'affaire. Et plusieurs investisseurs ont décidé d'attaquer en justice. La plainte de deux d'entre eux – Elliott Associates et Jane Street Global Trading – est jugée cette semaine. Ils plaident un manque à gagner du fait de l'annulation des transactions et réclament à eux deux 472 millions de dollars.L'issue du procès dira à quel point le fonctionnement de la Bourse aux métaux de Londres est remis en question.Écorné, le LME reste encore incontournableL'institution, qui a toujours assuré avoir agi dans l'intérêt du marché, a, depuis les faits, proposé des réformes internes pour éviter qu'un nouvel emballement sur le marché ne se reproduise. Son seul avantage, commente Philippe Chalmin professeur émérite d'histoire économique à l'université Paris-Dauphine PSL, c'est que l'on ne peut pas s'en passer : «Le LME reste le seul lieu aujourd'hui où se forme de manière crédible le prix des principaux métaux non ferreux ».

Listen in podcast app and follow below for the podcast topic arc.* NBA and NHL finals are upon us… who cares?* The business of Top Golf* How to make money drafting the momentum of sector shifts* Market update* Canadian housing and the Alberta election* Recommendations and PredictionsListen on Apple, Spotify, or Google Podcasts.

Goldman Sachs, JPMorgan Chase and Fidelity are the biggest winners from investors pouring cash into US money market funds over the past two weeks, senior EU and UK officials have stepped up discussions on potential plans for closer defence and security co-operation, the London Metal Exchange has found bags full of stones at one of its warehouses instead of the nickel they were supposed to contain in the latest drama to hit the scandal-stricken metals market, and crypto companies are heading to Hong Kong to try and capture demand from Mainland China Mentioned in this podcast:Money market funds swell by over $286bn as investors pull deposits from banksTrafigura: the 10-day unravelling of an alleged $500mn fraudLME finds bags of stones instead of nickel in metal warehouseEU and UK ramp up talks on defence cooperation Crypto groups expand in Hong Kong in bid to tap mainland China demandDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show's editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

About one year ago, on March 8th, 2022, following a 250% rise in the nickel price within 24 hours, the London Metal Exchange suspended nickel trading on the exchange. They claimed it was due to the systemic risk to the market in an unprecedented price move and canceled all trades that took place that morning effectively rewinding the market to its closing position on 7 March 2022. This week the UK's Financial Conduct Authority stated it had opened an "enforcement investigation" into the London Metals Exchanges conduct and price discovery systems from last year's more than doubling of the then nickel price from $48,000 to over $101,000 per tonne.

La Bourse aux métaux de Londres a renoncé, pour l'instant, à bannir les métaux russes de son système. Le LME a tranché après une consultation de plusieurs semaines. La Bourse aux métaux de Londres ne sera pas plus royaliste que les États qui n'ont encore pris aucune sanction internationale contre les métaux russes. Elle ne restreindra donc pas leur commerce. L'aluminium, le cuivre et le nickel russes pourront continuer à faire l'objet de transactions commerciales dans ce haut lieu de fixation des prix mondiaux des métaux non ferreux. Le LME (London Metal Exchange) continuera aussi à autoriser le stockage physique des métaux russes dans ses entrepôts, et n'en limitera pas les quantités. Depuis l'invasion de l'Ukraine, la question a été débattue à plusieurs reprises, soit parce que des patrons d'entreprises russes productrices de métaux étaient sous sanction britannique, soit parce que certains craignaient un impact sur les prix. À la rentrée, le producteur américain Alcoa a ainsi adressé plusieurs courriers à la célèbre instance, pour demander un embargo sur les produits russes, selon les informations obtenues par l'agence Reuters. La crainte d'Alcoa c'est que faute d'acheteur, la proportion d'aluminium russe dans les stocks physiques ne fasse qu'augmenter et que la décote opérée sur les produits russes ne fasse baisser le prix des contrats, et notamment ceux de l'aluminium. Le LME ne craint pas de désordre sur les marchés Après une consultation ouverte durant le mois d'octobre, le LME a finalement opté pour le statu quo avec plusieurs arguments : des acheteurs continuent d'accepter de se fournir en métal russe, la demande existe donc et ce n'est pas au LME d'imposer un jugement moral à l'ensemble du marché. Pour étayer son refus d'opter pour un embargo, la bourse aux métaux de Londres, s'appuie sur les derniers chiffres d'octobre : aucun afflux majeur de métal russe n'a été constaté dans ses entrepôts. Et si cela devait se produire, l'institution estime, à ce stade, que cela n'entraînerait pas de désordre sur le marché. La Bourse, qui fait référence au niveau mondial, s'engage cependant à faire œuvre de transparence et à publier régulièrement, à compter de janvier prochain, le détail des volumes de métaux russes entreposés.  Une interdiction peu viable ? Interdire les métaux russes serait difficilement jouable, explique un courtier habitué du LME au vu du poids du groupe Rusal. Et cela aurait surtout pour effet d'ouvrir un boulevard à la bourse aux métaux de Shanghai, de plus en plus dominante, bourse qui possède aussi des stocks physiques. Sans oublier que le LME est propriété de la bourse de Hong-Kong, et aurait donc peut-être du mal à s'opposer à des intérêts russes, souligne notre interlocuteur.

We published our earnings expectations for 3Q22/FY22. We expect 3Q22 aggregated profits to rise 16% YoY and decline 8% QoQ and FY22 aggregated profits to rise 30% YoY.According to the Minister of Finance, an assistance package from the IMF is in the “final confirmation” stage.Egyptians resident abroad will be able to import a new car and eventually get a full rebate on all customs fees and taxes. The car owner pays their vehicle import fees — including customs fees, VAT, and other taxes — upfront to the Finance Ministry in FX when they import the new car. They will then receive a full rebate on the dues in five years' time in EGP, at the USD/EGP exchange rate at that time and without interest.A consortium of several Emirati companies is looking at establishing a large-scale logistics hub at an Egyptian airport. The Siemens-built 4.8 GW combined-cycle power plant in Beni Suef has been tapped as the first of the three plants to be transferred to the Sovereign Fund of Egypt's pre-IPO fund before the end of the year.The government expects GDP growth of 5.5% in FY2022/23.Egypt aims to increase natural gas exports to USD1 billion per month by next January, from the current level of USD600 million.According to a TV interview with SKPC's CEO, addressing points concerning the acquisition of 80% of Ethydco: deal is expected to be done within one year, both companies plan to import the ethane propane feedstock, SKPC's market share after the acquisition is expected to increase to more than 50% compared to the current 25-35%, SKPC is studying cooperation with Nigerian company Run Gas to build a petrochemicals complex in Africa.SKPC EGM that was scheduled on 2 November 2022 is moved to 20 November 2022.EFIC stated in an EGX release that the company will not be impacted by the latest natural gas price hike given that it does not use the ethane propane mixture.Aluminum prices on the London Metal Exchange soared on Wednesday after it was reported that the United States was considering a ban on Russian aluminum in response to the conflict in Ukraine.CIRA disclosed that the number of enrolled students in its K-12 segment climbed to reach 32.2k students (+5.6% YoY), while enrolled students in its higher education segment climbed to reach 16k students (+14.3% YoY). CIRA now has 23 faculties in its higher education segment from a previous 16, backed by the launch of their new Badr University in Assuit with 7 operational faculties.The Saudi Sovereign Fund is in negotiations with an Egyptian education company to acquire a stake in the company.JUFO announced that 31 October 2022 will be the record date and 3 November 2022 will be the distribution date for their previously announced 2021 dividends of EGP0.35/share.State grain buyer GASC will on Saturday start selling wheat to mills producing 72% extraction wheat flour. The move will last for one month.Soybean prices crossed the EGP20k/ton for the first time amid supply shortages in the market. Banque du Caire raised interest rates on three-year USD certificates of deposit to 5.3% from 2.5%.Cabinet approved extending foreign airlines' exemption from airport fees until the end of April 2023.UNIT Board approved continuing purchasing treasury shares during the period 12 October 2022 to 11 February 2023.

Gold is hovering above $1,700 an ounce amid continued uncertainty over whether the US central bank will maintain its resolve to crush inflation by hiking rates. Meanwhile, prices of copper have fallen by nearly a third since March, but we've seen a bit of a gain today, after the London Metal Exchange said that it will restrict new deliveries of metals from Russia. On Money in the Market, Sabrin Chowdhury, Head of Commodities at Fitch Solutions, joins us to tells us more on the outlook of prices for commodities including gold and copper.  See omnystudio.com/listener for privacy information.

For centuries the London Metal Exchange has been the home of global benchmark prices for the world's key industrial metals. But how the LME handled nickel trading in March has put its status as a City of London institution in doubt. Questions are being raised about its structure, ownership and future as lawsuits pile up and market experts forecast a mass exodus of LME members down the road. Bloomberg reporter Jack Farchy joins to unpack the long-term consequences for the exchange. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

Dez Morgan reports on the wine industry and tells Skip Montreux about the hardships French winemakers are having. Dez Morgan and Skip Montreux report on the London Metal Exchange. What is the history behind this trading institution? What led to the worst commodities trading turmoil in 40 years? What does the future hold for the LME? Listen in to learn the answers to these questions and more. Visit Apple Podcasts to subscribe to Down to Business English, rate the show, and leave a comment. Contact Skip, Dez, and Samantha at downtobusinessenglish@gmail.com Follow Skip & Dez Skip Montreux on Twitter Skip Montreux on Instagram Skip Montreux on Facebook Dez Morgan on Twitter RSS Feed

Ukrainian president Volodymyr Zelenskyy said a stalemate in the war with Russia was ‘not an option', and the London Metal Exchange has been hit by two lawsuits over the nickel short squeeze fiasco in March. Plus, the FT's Rana Foroohar and Ed Luce talk about how Democrats and US president Joe Biden can change the narrative on the economy as midterm elections approach. Mentioned in this podcast:Ukraine's Zelensky says stalemate with Russia ‘not an option'LME hit by $450mn lawsuit from Elliott Management over nickel market chaosSign up for the Swamp Notes newsletter here The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show's editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show's theme song is by Metaphor Music. Topher Forhecz is the FT's executive producer. Th e FT's global head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com See acast.com/privacy for privacy and opt-out information.

The London Metal Exchange is a commodities exchange that deals in metals futures and options. It is the largest exchange for options and futures contracts for base metals, which include aluminium, zinc, lead, copper, and nickel. The exchange also facilitates the trading of precious metals like gold and silver. The LME is located in London, England, but has been owned by Hong Kong Exchanges and Clearing since 2012. The prices on the LME are considered the standard global prices for base metals. The LME also lists futures contracts on its London Metal Exchange Index which is an index that tracks the prices of the metals that trade on the exchange.

Photo:  Depiction of trading on the London Metal Exchange in 1897 #Ukraine: Commodities unstable.  Simon Constable  @RealConstable  @Forbes Edinburgh; @BarronsOnline.@Forbes https://www.cnbc.com/2022/04/18/price-of-corn-hits-9-year-high-commodities-food-inflation.html https://www.cnbc.com/amp/2022/04/18/price-of-corn-hits-9-year-high-commodities-food-inflation.html Simon Constable  @RealConstable  @Forbes Edinburgh; @BarronsOnline.@Forbes economist, journalist, currently based in Scotland; and author, The WSJ Guide to the 50 Economic Indicators That Really Matter: From Big Macs to "Zombie Banks," the Indicators Smart Investors Watch to Beat the Market.   

Today's discussion is on futures and the London Metal Exchange. The nickel futures market experienced a massive short squeeze in early March, driving the price up 250% in two days. The exchange responded by reversing trades and halting trading. We discuss futures and forwards markets, why the exchange's explanation for reversing trades is mighty fishy, and what opportunities this presents to challenge a 145-year-old institution. Please enjoy this breakdown of futures and the London Metal Exchange. Shoutout to @CliffordAsness for his unfiltered coverage as these events unfolded! ----- Check out this week's letter for the full story. Join the Fat Tailed Thoughts discussion on LinkedIn and the @FatTailThoughts discussion on Twitter with your co-hosts @KleeBeard and @StevenDickens3. For more episodes of Fat Tailed Thoughts, visit fattailedthoughts.com. Past topics include WTF is CPI, Debt Collectors Who Help Rather Than Abuse, Slow Revolutions in Financial Services, and more. Stay up to date on all of our content by joining the Fat Tail Thoughts letter at fattailedthoughts.substack.com.

“[T]here are serious problems with our money system. You can either solve them in the way governments have solved them in the past, which is inflating away the debt, which is a huge quality of life issue for people right now on fixed incomes whose costs have gone up, whose rent has gone up, whose fuel has gone up, whose energy costs, whose food. That's happening now.”~ Dan Denning, Publisher, Bonner Private ResearchTRANSCRIPTJoel Bowman:I'm Joel Bowman for the Fatal Conceits podcast, a show about money, markets, manias, and mobs, and I'm joined by Mr. Dan Denning, who we haven't heard from for a little while, who's been hanging out up in the high plains of Laramie, Wyoming. Welcome to the show, Dan.Dan Denning:Hi, Joel. Yeah, winter's nearly over. So, I've come out from my hibernation. And I didn't see my shadow, so it's safe to come out.Joel Bowman:Right. Mate, I thought we would start just at the top here with the other subject that everybody's talking about and I don't mean Will Smith's inability to take a joke, but the 8% official, let's say, inflation rate. It's the highest that at least has been witnessed in America in the 40 years of my lifetime. But the official rate is probably, or the unofficial rate rather, is probably a bit higher, maybe considerably higher than what most people are being told. What's your read on the ground when you go to the pump and the grocery store and order your frozen steaks?Dan Denning:Yeah. Well, anecdotally prices are definitely up. I don't drive, although I recently bought a used car from one of my uncles. So, I timed that probably poorly as a contrarian, where I'm buying-Joel Bowman:Mate's rates, I hope.Dan Denning:Yeah. So, anecdotally he said the market there is still incredibly tight and it's partly because dealer inventories are low. And I don't know if that's a supply chain issue. But also part of it is that prior to the supply chain issues, if you looked at the financing in the car market for new cars, the company-owned financiers, in addition to the dealers, were offering extremely generous terms with no money down and financing for 48 months or 72 months. And we see that before in all sorts of credit booms, where it brings forward demand. And I think in the car market, it brought forward demand so that there just wasn't a lot of...Once that hit the supply chain issue, then you saw a real shortage of both used and new cars. So, prices are up. But I just talked to a friend of mine who lives in Spain, in Barcelona. And he said energy prices are through the roof over there, and food prices are up. So, I think the big picture for investors is that the Fed was poorly, poorly mistaken in all of its policy guidance about inflation. So, when it said 2% was the target, and then it was willing to let inflation overshoot until that showed up in the data, and then it did show up in the data and they ignored the data, they missed it. They missed the boat.And now the problem is, how do you get ahead of rising prices? And we can get into that later if you want, but it's not what the market thinks it is. So, nine rate rises between now and the end of the year is not going to be enough to get in front of inflation. So, the inflation will probably go higher, and it will take a higher policy rate to bring it under control, if the Fed has the stomach for that. Which they don't have the brain for it, and I don't think they have the stomach for it either.Joel Bowman:So, as part of the narrative that the Fed either willingly or unwillingly sold to the American public... I asked Bill this question up in Salta just last week and I'm wondering on your take. Were you surprised at the switch in narrative from Chairman Powell's frustration with not having been able to achieve inflation, to watching it tick over the targeted 2%, calling it transitory, then actually it's good for you, and now bizarrely in somewhat of a non sequitur, I think, to many people. Having 8% or generation high inflation positioned as the price we pay for standing shoulder to shoulder with our Ukrainian brethren? I mean, that seems a bit of a stretch, but are people buying into that or is that, do you think, a coverall for them getting away with the kind of shenanigans they wanted to get away with in the beginning?Dan Denning:I think part of it is an insular bubble mentality with policy-makers, especially at the monetary level, that they didn't see that quantitative easing itself was inflationary because they saw that it was contained to, really, a kind of antiquated back corner of the financial system about in what form reserves were held. Were they held as cash with banks or were they held as treasury bonds and were they held at the Fed or somewhere else? So, when the Fed expanded its balance sheet prior to 2020 and it was about 4.3 trillion, they said, "Well, that was fine. That didn't cause consumer price inflation. The only inflation that it caused was asset price inflation." And that seemed to be okay for one reason, because the Fed has this theory that the wealth effect, when people have more financial paper net worth, they tend to spend more money. And that actually helps get them to that 2% inflation target. They thought, "Well, that's okay. Rising stock prices produce the wealth effect, which produces 2% consumer price inflation. That's the policy." Also, it turns out that some of those Fed governors may have been front-running their own policy decisions.Joel Bowman:No, no, no.Dan Denning:So, rising stock prices were great. But then something did appear to change in 2020 when the Fed doubles its balance sheet, roughly, from 4.3 to whatever it is, 8.9 trillion now, in two years. That was inflationary because a lot of the bonds that the Fed bought was money that the government spent on the fiscal side that went directly into consumer pockets. So, this was the Paycheck Protection Program, which turned out to be riddled with fraud. This was the stimulus that was sent to people's pockets. And of course, now you're talking about the government handing out even more money to offset another policy blunder the energy market. But that did clearly turn out to be consumer price inflation, the stimulus and all of the money spent during the pandemic.And I think the mistake from an academic point of view, which is what the mentality that the Fed governors are locked in, is that they're saying, "Well, that shouldn't produce inflation. It should be fine. It's transitory," which is why they said that. Or, "It's related to interruptions in the supply chain." It didn't occur to them that inflation is a cyclical process and that once it gets underway, also as a psychological process, then something has to break the cycle, and that something is not magically lower gas prices. It's interest rates that are much higher than the rate of inflation. So, we have nominal interest rates that are barely positive right now, but in real terms are still negative. So, if inflation's at 8% and real interest rates are negative 2% and to combat inflation, real interest rates have to be three to 5% higher than the inflation rate, you're looking at real interest rates or nominal interest rates of around 12 to 14% to break the cycle of inflation.And that is clearly so unfathomable to investors and to policy-makers that they don't know what to do with it. But that's the Fed's own Taylor rule, which says where interest rates need to be to have inflation at 2%, stable prices, and full employment. And if you use that model, depending on the rate of inflation, current interest rates would have to be at least 12% and as high as 21%, depending on what you use as the rate of inflation, to break the cycle of higher prices. And so that's something we're working on right now, Tom and I, to figure out, well, is that possible? If the market were in control of interest rates, where would they be? And then obviously, what do you do with your money in that environment?You don't want to have your money in cash. You certainly don't want to have it in bonds if interest rates are headed up. So, where can you put it? So, it's a super important question for investors right now. But I think the main point is, the Fed got it wrong, massively, on inflation. And in order for it to get back ahead of the inflation story, it has to do something that it might not be willing to do politically, or might not even have support to do politically.Joel Bowman:Right. And that reminds me of the person who's looking at the weather app on their phone saying, "Hey, it's supposed to be 80 degrees out today," while it's snowing on their head. The reality was just in such stark contrast to what their theories were telling them where they had to go. So, the two numbers that you mentioned just then 11-ish% and then maybe up to 21%. I'm assuming the differential there is based on the different methodologies used to calculate CPI from '80s, '90s, and today. I don't know when this Taylor law was first proposed, but I'm assuming it was not taking into account the way that inflation is counted for today. Is that right?Dan Denning:Yeah. So, a full explanation of how the Taylor rule is constructed is probably beyond the scope of our discussion, but it was an academic study done retroactively about really what happened in the 1970s and where the Fed went wrong in terms of containing inflation at that time, and then what Paul Volcker had to do to break the cycle of inflation. So, within the rule itself there's a couple of components. One is what the actual rate of inflation is. And that depends on how you calculate it and where it may be in a month or two from now. And the other is what they would call the difference between long term GDP growth, trend growth, and current growth. So, if there's a gap in output, then how do you get that gap back up to trend?So, there's a couple of different components. But I think for our purposes, the big component to focus on is, what is the actual rate of inflation right now? It's probably higher than 8%. And after we get the official data in from energy prices and their impact on March and April prices, it'll be higher still. And then what Taylor showed from Volcker's experience is that whatever the actual rate of inflation is, you had to add four to six percentage points of interest rates on the difference to circumvent that cycle where it just goes higher. So, you couldn't just match the policy rate with the inflation rate and say, "Okay, well, interest rates should be 9%. If inflation's at 8%, then that means savers earn 1% a year." Normally savers expect to earn between three and 4% over the rate of inflation.So, if you say the current rate of inflation is actually closer to 12% and savers demand an additional 3% on top of that plus whatever you need to break the cycle where people believe that inflation is ingrained, that's where you get that range of 16 to 21% and saying, there has to be a cushion which savers can start to make money buying government bonds, and then there has to be something on top of that that breaks the cycle. But the main point, I think, is that it doesn't come down naturally once it gets underway. And the only way it comes down is if you either let the market set interest rates, which the Fed is considering doing by not intervening in the bond market the way it has been in the last two years, or by setting the policy rate much higher.And that's the other thing that was interesting in the last couple weeks or since I spoke to you, that the big result of all this is that if the Fed continues to be so far behind the curve and gets it wrong, what you'll see, and I started writing about this a couple of years ago when I reviewed the Chicago Plan from the 1930s, is you'll see calls from the political sphere of American life to take away the Fed's control of the money and give it to either Congress or the Treasury Department. And in that regard, the Fed floated its proposal for a Central Bank digital currency. But in the last couple months since I've talked to you, someone floated a bill in Congress calling for a digital dollar that's created and managed by the US Treasury, not by the Federal Reserve.So, instead of a Central Bank digital currency, I would call it a central government digital currency. And it doesn't have any of the features of cryptocurrency. There's no distributed ledger. There's no blockchain. It's really just like an electronic credit card from the government or an application on your phone where the government debits money into your account to spend. And to me, that's the political response to the Fed's policy errors, saying, "Fine. If you guys can't control inflation or produce stable employment or full employment and stable currency, then you're failing in your dual mandate and we'll just take control of the money system from you and we'll do it ourselves." So, I think that's an issue-Joel Bowman:What could go wrong?Dan Denning:Yeah. Well, what it means is what we've said, is that there are serious problems with our money system. You can either solve them in the way governments have solved them in the past, which is inflating away the debt, which is a huge quality of life issue for people right now on fixed incomes whose costs have gone up, whose rent has gone up, whose fuel has gone up, whose energy costs, whose food. That's happened now. That's not a future thing. If you're on a fixed income and you're getting negative interest on your savings after you include inflation, your cost of living's gone up. So, the issue is, where does it end? And it ends in either a massive, further depreciation in the dollar, or it ends up in a new kind of currency. And that's why we're having conversations about Central Bank digital currency or now central government digital currency.Joel Bowman:So, let's follow that thread just a little bit further and imagine, indeed, that Congress wags its tut-tut-ing finger at the Fed and says, "You've failed in pretending to curb inflation and you've failed in pretending to safeguard full employment. Your time's up. Now, we're going to pretend to do these things on behalf of those we effect to serve." Let's imagine that, indeed, a CGDC, a central government digital currency, does indeed come into effect. Given the recent backdrop of the weaponization of foreign assets or foreign currency assets or the ease at which money or donations were confiscated, which we saw up in Canada with the whole GoFundMe debacle, what do you foresee in this kind of Orwellian in future where the government may well have the power to, for one reason or another, turn off your access to its permission-based money? I know this is something you've read and thought about a lot.Dan Denning:Yeah. I think it's on track. I should qualify it and say the bill that was introduced in Congress, it's still in committee. So, it doesn't guarantee that it's going to get out of committee. And it's not likely, I think, to get passed by either the House or certainly the Senate before the midterm elections later this year. So, what it called for is several pilot programs to be implemented within 90 days passage of the bill that would test a central government digital currency as either a debit card, which apparently they have in the military. I think it's called EagleCash. So, it's a preloaded card or it's a card that has a pin number. And the reason they want that is it's compatible with the way most people who are in the banking system now get their money.It's just a new card with a new pin number and the entity on the other side is the government, rather than a private bank. The other pilot program calls for it to be used on your phone. And they figure that between debit cards or credit cards and phones, that covers the vast majority of people who have a bank account right now. And even those who don't have a bank account, they could be brought into the financial system that way. So, as a pilot program, in theory, it's compatible with the existing financial infrastructure and architecture to test. So, it doesn't require a brand new development in technology or a lot of development time. I still think it's unlikely that it'll happen before the midterms, but to me that's not the reason to dismiss it. The reason to think is that it's going to happen eventually anyways, that it gives the Congress, whoever's in control of the Congress, a lot more control over money.So, we don't talk about it, but I'll talk about it briefly. In the budget that was recently passed, which wasn't really a budget, it was a 1.5 trillion funding bill, they reintroduced earmarks, or pork barreling as it used to be called, where Congressman or Senators could fund projects in their district that directly benefited their constituents. And it was just a wink, wink thing that if you do that, I'll let you do this. And so hundreds of billions of dollars of spending end up back in someone's congressional district because someone slipped it into the government bill.I think that when you look at the trend with this central government digital currency, it's kind of a way of earmarking spending based on a couple of things. Probably based on net worth, perhaps political party affiliation, or perhaps, in the most dystopian view, your political views as expressed on social media and as monitored by a social credit score. So, for example, at the top end, people who have most of their net worth tied up in financial assets, they're not affected by inflation. And by the way, this is why the Fed was surprised with inflation being higher than they expected, because their cost of living doesn't matter to them, you know?Joel Bowman:Right.Dan Denning:They don't spend as much money on food and fuel. So, they just didn't notice that the way-Joel Bowman:As a percentage. Yeah.Dan Denning:Yeah. The middle class did notice it. But you've already seen with the discussions on taxing unrealized capital gains or taxing net worth, things like that, that at the top end, a central government digital currency doesn't affect you because it's not pocket money. It's not a pocketbook issue for wealthy people. It is an issue for the middle class and people who are net recipients of government benefits. And the point is for the middle class, your access to money will be controlled. On what basis we don't know. That's the issue. Will it be based on how much you should be spending or whether you're saving too much? Are you hoarding your savings? Whereas you could be doing your part to help the economy by spending more money. So, if you have more than $100,00 in savings in a FDIC insured account, they may tax those savings or impose a negative interest rate.Joel Bowman:That's unpatriotic.Dan Denning:Yeah. Or say, "Look, if you don't spend it, the money expires." And there are systems in the past where the money was timed. So, they said-Joel Bowman:Like a time decay.Dan Denning:Yeah. "Spend it or lose it." Yeah. And then the other issue with people who don't have money is to say, Hey, "If you're on social security disability, if you're on social security Medicare or Medicaid, or unemployment, we will send you money but only if you agree to have it downloaded and monitored on your phone, or it comes pre-installed on this piece of plastic. And then in that case, you can't spend it on things which are prohibited." So, your receipt of government benefits is dependent on our permission. So, to me that seems like either party of Congress would be capable of saying, "Yeah, we'd be happy to have a lot more control over who gets to spend money and how much they get to spend."The real issue is why would the bankers willingly surrender their control of the monetary system that they have now through the Fed? They wouldn't willingly do it. And we know that they're huge contributors politically to the people that get elected to Congress. So, it's a very powerful lobby that's going to want to preserve its position of privilege in the money system, but they are now directly opposed philosophically by people who say, "You failed. You're just a bunch of rich bankers anyway. Why don't we have a money system that works," quote-unquote, 'for the people' and is run by the people?" And that's probably going to be how this issue is framed in the next year or two as a political issue.Joel Bowman:And it does seem like something that you and I have been talking about for, goodness, the past 18 months, maybe longer, that I don't think you necessarily have to be conspiratorially inclined to put the left foot in front of the right foot and say that these events, whether it be plague or pestilence or the COVID or even the latest great cause du jour in Eastern Europe, that these tend to be catalyzing events for trends that were really already underway. And we've seen this usurpation of power away from the individual into the hands of the state in many other realms and aspects of life. It would seem to make sense that the financial would follow on from there. So, getting down to where rubber meets the road here, what does that mean for you when you and Tom sit down and look at the strategic allocation for the Bonner Private Research portfolio, when you try and work out what your allocation to cash versus stocks versus gold hard assets, for example? How do you play that out in the next, let's say, near to medium term future with balancing those competing forces on the horizon?Dan Denning:Yeah, that's a great question. I mean, we released, in early March, the last of the three major reports that we wanted to produce for new subscribers. So, the first was Tom's Gold Report, which explained the relationship between the financial assets measured by the Dow Jones Industrials in real money measured by gold. So, it's the Dow in gold terms. And that gives people probably the broadest understanding of what we think is going on within the stock market relative to gold. So, two decisions there on how much to own of each asset. Then we introduced our Trade of the Decade, which is an inflation-based energy trade. And that's another pillar of our strategy, not just for this year, but for the next 10 years, at least we hope. And then the third was, generally we'd call it an asset allocation strategy, but we just called it the Strategy Report. Which is to say, when you look at these big piles of money in different asset classes, how much should you have in each based on our macroeconomic forecast for inflation and based on the last 10 years of performance for each of those asset classes.So, it's not an exact science, but there is a lot of data which shows how different asset classes perform in different macroeconomic environments. So, gold, stocks, cash, and bonds in a high inflation, low growth environment, or a low inflation, high growth environment, that you can look back and see what's happened. But the standard disclaimer is past performance doesn't guarantee future results. But where we started the year was with a very high allocation to cash, no allocation whatsoever to fixed income or bonds, and then a mixed allocation to equities and hard assets. And it gets a little bit more complicated because most people don't have crude oil stored in their backyard or soybeans in their garage. When you talk about getting exposure to rising commodity prices, there's only a few ways you can do it.You can do it through the futures markets, which is a financial instrument that benefits from real price rises. But as we saw with what happened on the London Metal Exchange when the nickel trade was suspended for two days because the nickel price just went through the moon, financial speculation on real assets doesn't always equate to profit. You can get the decision right and still not make money. But you can also buy equities. You can buy commodity producers. But then you're buying an equity, which is a different asset class and, as we know in the past, when there's a bear market in stocks, which is what we think there is right now, we think we're in the middle of a very vicious bull market rally within a long term bear market, stocks as an asset class go down in a bear market.So, you might own something you think which is really high quality. This is the point Chris Mayer made in the conversation you and I had with him about a month ago, is even the highest quality stocks that have great earnings and very little debt and very high returns on equity or high returns on capital, when liquidity leaves the stock market, if it's a liquidity-driven bear market, it affects everybody. So, stocks as a way to hide from a bear market, high quality commodity stocks, aren't necessarily safe in a bear market. You've got to measure and understand the risk there. On the other hand, Tom has made a really good point that buying shares in high quality businesses that grow earnings and have some particular catalyst that's driving their earnings, whether that's a supply shortage or demand growth, it varies from business to business or industry to industry, but you can find sectors or pockets of value or pockets of out-performance that I would describe as more tactical trades.And that's why we don't include them as the Trade of the Decade. So, our goal this year is to reduce the allocation to cash, increase the allocation to equities and real assets, by wherever the best opportunity is, whether it's a financial trade or it's an equity trade. But the bottom line is, and I mean this from a large-term perspective, if you look at interest rates going back 700 years, and you look at what's called the risk-free rate on whatever was considered the soundest, most credit-worthy government, the risk-free rate has been going down for 700 years, since Venice in the Middle Ages. And what we're talking about is a fundamental change to a very long-term trend. So, not even the 50 year trend in the US dollar, but interest rates that have been going down in the United States for 40 years, which resulted in a 40-year bull market in bonds and equities.If that's the kind of change we're talking about right now, then whatever your strategy is, it has to account for that. And that's what we're trying to account for, but it's a really, really big subject. And we think that most conventional advice on that continues to have way too many equities, hasn't really figured in what would happen to the bond market if interest rates went up by 10 to 15%, and hasn't put any thought into what alternative assets or hard assets are the best place of refuge if you're reducing your allocation to those other classes. So, I'm kind of happy that we're in, again, a really contrarian, outlandish position. But on the other hand, there's no such thing as a risk-free position anymore. And particularly with cash, given the inflation rate and the trends in the banking and financial sector to redefining what money is, our goal is to reduce our cash allocation by the end of the year, hopefully by the middle of the year, if we can.Joel Bowman:Yeah. It is a huge challenge, as you said. It does seem like the world is awash in what we might call return-free risk at present. So, the bringing forward from the Medici's onward, I'll bring just wrap us up with a quick update on how your Trade of the Decade is going. For those who are just joining us now, it's probably generally defined as long old-school hydrocarbon energy. And by virtue of the flip side of that would be to short US dollar. So, how are we going, what, a year into this? When was it first made public? I guess it would've been around the winter catastrophe.Dan Denning:It was over a year ago. So, it was January of 2021 with our previous publisher. But I think in the context of what's happened recently, the most frequent question I get from new readers is, "Have I missed the trade?" Because it's up. So, it's up around 100%, which if it were a short-term trade, we might very well just close it out and look at reentering it at a lower price. But it's not a short-term trade. So, the point I would make to new readers and the point Tom and I have tried to make to all new readers when they're trying to evaluate how to incorporate our research and coverage into their own financial plan is, we will explain to you what we think could happen and what the trade is designed to do, and then you've got to decide how to manage that with your own plans.In this particular instance, in the last week we've had the Biden administration announce that it's going to release a million barrels a day from the Strategic Petroleum Reserve for the next six months to try and mitigate, presumably, the effects of cutting off Russian imports. And obviously going into the summer, the driving season and into the midterms, to try and bring down the price of gasoline so that people aren't upset when they go to the voting booth. None of that will matter at all to our trade. The two key points of that trade were that you had 10 years of under-capital investment in oil and gas, which has led to a deficit of supply which cannot be easily made up. So, it's not like flipping on the light switch.So, the other component would be that demand is going to rise. And the financial component was that these investments, excuse me, performed so poorly for the previous 10 years that from a cyclical point of view and a sectoral point of view, it was almost like the Dogs of the Dow, but it was like the Dogs of the S&P, that the sector should have a good 10 years. It's not a straight line. So, what we've advised people is, as the oil price corrects from time to time, then look for the price of the trade that we recommended to be more approachable for new investors. But as a long-term trade, I'm not worried. I don't know how big the upside is. When Bill made his successful trade in gold in the 2000s, I think gold was up 420% that decade and the S&P 500 was down 19%.Of course, those percentages are determined by what the start date is and what the entry date is, and that varies a lot, depending on when you got in. But I'd say for the Trade of the Decade, there's still a lot of upside left because the oil price could go much higher, and the fundamentals in the fossil fuel market favor the old-school oil and gas companies. For Tom's stuff it's a little bit different, but I would remind people that Tom's ideas are designed to be shorter term and tactical. So, if you've missed something like the tanker trade or the shipping stocks, Tom will tell you what the risk is. He'll tell you where the stop losses are. But he'll also tell you not to chase the trade. The whole point of having a subscription to what we're doing is that we're researching new stuff every month.And although some of the ideas are long-term, Tom's entire job is to come up with new ideas. So, we don't want people to come in and look and see what they missed out on, although we want them to evaluate the quality of the research and decide, "Are they right? Did it work? Could I have made money?" But there's no FOMO in our service. We don't want people to be focused on past gains. We want them to be focused on future opportunities and also future risks. So, we try to do our best. Tom writes every Wednesday and I write every Friday. So, we try to, as new readers come in, we try to bring them up to speed on where we stand with outstanding positions. But the main focus is, what are we going to do going forward?And what are we going to do? What will the world look like in two years, and what should we be doing now to be in the right place for that world? So, it's exciting, but it's extremely challenging for everybody. And investors have different timeframes too. That's the other thing we've got to keep in mind is, I think for your six year old, she might be in a really good position to buy stocks at incredible low prices by the time this bear market is over. So, for her, it'll be the opportunity of a lifetime. But for her grandparents, it's a clear and present danger to the value of their retirement. So, how you view the current situation depends on your perspective. And we try to incorporate that when we comment on it as well.Joel Bowman:Yeah. It is, without torturing a much overused word, it is somewhat of a holistic approach that you guys are taking, both with regards to near-term tactical trades, but also balancing that out with longer term macro observations which, in the case of the Trade of the Decade, will unfold over, I guess we've got a good nine years of upside, let's say, to go on that one. So, for listeners and readers, just to recap, Dan writes to our paid Bonner Private Research subscribers every Friday and he'll be updating in, depending when this goes out, a couple of days. Tom writes to our readers every Wednesday, updating the positions that he has in the Bonner Private Research portfolio, including, as Dan mentioned, strike prices, a little risk profile or figure that he gives those particular equities, and some commentary along those lines along the way. So, I think maybe we'll leave it there, Dan, and let you return to the windy chills and climes of Laramie. I'm going to head out for a steak lunch myself down here and we'll catch up against soon.Dan Denning:All right, Joel. Thanks very much.Joel Bowman:Cheers, Dan. Bye.Thanks for listening to this episode of the Bonner Private Research podcast. Until next week.Thank you for reading Bonner Private Research. This post is public, so feel free to share it with the friend and foe alike… This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit bonnerprivateresearch.substack.com/subscribe

John Meyer, Mining analyst and partner at SP Angel talks about the shenanigans going on at the London Metal Exchange, a big lithium investment and the following companies: Altantic Lithium #ALL, Beowulf Mining #BEM & Goldstone Resources #GRL

The London Metal Exchange's (LME) extraordinary decision on March 8 to halt nickel trading after a short squeeze, triggered by a Chinese metal tycoon's large short position, sent the commodity price skyrocketing to more than $100,000 a ton. https://ept.ms/3ICg6Jj The London Metal Exchange, Russia's invasion, Ukraine, nickel, China

US equity futures are indicating a slightly higher open as of 05:00 ET. Asian equities finished higher Tuesday, while European indices have also opened up. Bond market volatility the early focus after hawkish remarks from Fed Chair Powell on Monday. The US yield curve led a backup in rates elsewhere, with the German Bund hitting 0.50%, which was a year-end target for many sell-side strategists. Companies mentioned: Evergrande, Prologis, Alibaba, Intercontinental Exchange, London Metal Exchange, Blackstone

In markets, there are few principles considered more important by traders than the idea that when a commitment to a deal is made, it should stand come what may. So, there was uproar in the commodities market last week over the London Metal Exchange's decision to bring the global nickel market to a halt and cancel futures trades because of a “short squeeze” on a Chinese tycoon facing potential billions of dollars of losses.In one of the most controversial moments in its 145-year history, the LME cancelled an entire days' worth of trades after a near doubling of the price of nickel, a metal used in stainless steel and electric vehicle batteries.The rally, partially sparked off by Russia's invasion of Ukraine, had left Xiang Guangda, the tycoon behind Tsingshan Holding, China's leading stainless steel and nickel manufacturing group, unable to meet demands for extra cash on a huge bearish bet that backfired. The LME believes that if had it forced the settlement of the trades, it would have bankrupted some of its smaller members and its decision was “in the interests of the market as a whole”.In today's video we look at what happened in the nickel market and how it is working itself out.Patrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance - YouTube Channel Support the show (https://www.patreon.com/PatrickBoyleOnFinance)

The US secretary of state has poured cold water on hopes of a diplomatic settlement to the war in Ukraine, saying there were no signs Vladimir Putin was “prepared to stop” Russia's invasion of its neighbour, JPMorgan has processed interest payments sent by the Russian government for two of the country's bonds, and the London Metal Exchange suspended electronic trading in nickel on Wednesday, just after it reopened for business following a week-long shutdown.Mentioned in this podcast:US pours cold water on hopes of a Ukraine settlementRussia edges closer to averting default as JPMorgan processes bond paymentLondon Metal Exchange suffers fresh glitch during nickel tradingWar in Ukraine: free to read The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show's editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show's theme song is by Metaphor Music. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com See acast.com/privacy for privacy and opt-out information.

Michelle Martin and Ryan Huang end the week's Market View with a look at bullish brokers' takes on Frencken Group and Golden Energy & Resources. Meanwhile, Warren Buffett buys even more Occidental Petroleum shares, Russia claims its debt default is "artificial" and problems plague the London Metal Exchange. They also discuss the Daily Leverage Certificates imposed on Chinese tech stocks on the Singapore Exchange, and how Indonesia's U-turn on its palm oil policies could impact Wilmar International.  See omnystudio.com/listener for privacy information.

Today City A.M.'s Charlie Conchie takes the reigns of The City View podcast, chatting to Economics and Markets reporter Jack Barnett. They discuss markets being up; the Fed and the Bank of England's probable rate hikes; commodity prices settling; and the London Metal Exchange, which suspended nickel trading today. Charlie also goes through the headlines: FeverTree and the owner of Frankie and Benny's and Wagamama have warned of major cost increases; HSBC has made its first foray into the metaverse; and the UK is set to ban the export of luxury goods to Russia. See omnystudio.com/listener for privacy information.

The London Metal Exchange market for nickel futures broke last Tuesday: Nickel prices shot up due to margin calls and forced buying by some big short ... here hereannounced said the head of the LMEdid agree to do that a Bloomberg News storyoops oops fixed nowgenerate an “Official Price”U.S. dollar accounts are frozenthe dollars are frozen and might not go to bondholders Fitch Ratings has said not that much its bondholders can do about it did not get to investorsdue to a Russian imminent and historic how useful is that shut down for weeks greenwashingScope 1, 2 and 3 here’s the Church of England I suggested Bloomberg NewsWall Street Journal whoSo Old-School Leveraged Loan Market Steps Closer to Ditching FaxesAccepting YuanVolcano Bond VIX Note Lifeline for China Markets Raskin Bows Out Tech’s Brutal Winter Staff Travel for AbortionsAccounting FirmsSunny Balwani’s FSD Accident NFTs Are Coming to Instagram Scan Everyone’s Eyeballs Ken Griffinsubscribe at this linkhere hurriedly raise a bunch of money would not be a default for CDS purposes

Burke Koonce and John Fichthorn discuss the latest topics of interest in politics, financial markets, and the cultural forces that shape the world around us. This is the seventh episode of Season Two.John, who regularly appears on financial news networks, and Burke, who runs the Capitalism Maven site for TheStreet.com, have a long history together discussing markets, politics and contemporary subjects. These discussions sometimes get made into films such as Betting On Zero, and now... another one! Gaming Wall Street!OK, so the secret is out. Biltmore Films, the company founded by Betting On Zero producers Burke Koonce and John Fichthorn, is excited to announce a new documentary film, Gaming Wall Street, about the GameStop and meme stock trading frenzy and light it cast on the dark plumbing of Wall Street.The two-part documentary debuted on March 3 on HBO Max. The film is an HBO Max Original, produced by our little old Biltmore Films, Prodigium Pictures and Gunpowder & Sky. The film was directed by Tobias Deml.In this episode, we are still basking in the warm afterglow of getting the documentary out into the world, and of course, since Gaming Wall Street is about Wall Street shenanigans and bizarre behavior, it will always be current. Accordingly, our discussion starts off with how AMC Entertainment is acquiring a 22 percent stake in a gold mining company.  Meanwhile GME Chairman Ryan Cohen has bought almost a 10 percent position in Bed Bath & Beyond. What does this mean for shareholders?And if you thought trading in GameStop was rigged or at least favored the big guys, you'll likely enjoy our discussion of how the London Metal Exchange has closed trading in nickel for the last five days so a fat cat can wriggle out of an actual bona fide short squeeze.Of course, we talk about the recent volatility in the markets and what it means for stocks. Are there opportunities out there?And if you haven't streamed Gaming Wall Street, go do it!Gaming Wall Street shows how the self-proclaimed "apes" set off to take down Wall Street bad guys, only to discover a game that was far more rigged than they could ever imagine. And in the process, they almost took the whole system down. Enjoy this episode!

In tatters due to prolonged pandemic, the global supply chain was recovering when Russia struck Ukraine with all its might.  Last week, the 145-year-old London Metal Exchange was forced to suspend nickel trading and cancel trades after prices doubled overnight to $100,000 a tonne amid a market panic triggered by Russia's actions. The exchange described the current events as unprecedented.  Russia accounts for 10% of global nickel supply, 6% of the aluminium output and 18% of wheat exports.  Aluminium, copper, zinc, lead, crude oil, wheat, natural gas, coal and edible oils are some of the commodities that have been on the boil as traders feared supply disruptions on account of the Russia-Ukraine war. With the price of metals and plastics used in appliances and consumer durables shooting up, several manufacturers had already effected price hikes last year. They are gearing up for another round now. Usha International, which sells fans, cooking appliances, sewing machines and water heaters, said the company may have to pass on price increases to the tune of 10-15% in April. FMCG companies too are preparing to pass on higher input costs.  Hindustan Unilever hiked prices across its portfolio of products by 3-13% in multiple tranches in February, with the sharpest increase of 13% seen in the 100 gm Lux soap pack. Crude oil derivatives and vegetable oil are key raw materials used in making soaps, cosmetics and detergents.  Dabur India CEO Mohit Malhotra recently highlighted continued inflation in hydrocarbon derivatives, paper-based packing material, raw honey and spices. He said Dabur undertook calibrated price increases of about 5% in key products. The sharp price increase in all major commodities is hurting every step of a company's supply chain, from manufacturing to packaging to distribution.  Although commodity inflation is not expected to cool down anytime soon, demand is still holding up led by the post-COVID economic recovery. However, private consumption could turn sluggish again as it faces headwinds from soaring commodity prices. Watch video

The Roundtable looks at why nickel stopped trading on the London Metal Exchange and why development of Simandou--one of the largest untapped iron ore deposits in the world -- was put on hold. Kitco correspondent Paul Harris and mining audiences manager Michael McCrae recorded the podcast on Friday.

After reviewing macro news and markets for the week of March 7-11, Jeff Mayberry and Samuel Lau turn to the price explosion in nickel on the London Metal Exchange for their topic of the week (13:31). They analyze the short squeeze that produced two back-to-back days of 60% price gains in the industrial metal before the LME halted trading. They also criticize the LME's controversial decision break at least $4 billion in trades to the benefit of Xiang Guangda, the short-selling, short-squeezed Chinese nickel-and-steel tycoon who styles himself “Big Shot.” Stocks (2:16) fell broadly for the week ended March 11. The S&P 500 declined 2.9%, led by a nearly 6% decline in consumer staples as companies in that sector announced suspensions or cessations of business in Russia. Energy, the lone positive sector, gained more than 2%. Fixed income markets (4:03) were weak as well, including across the U.S. Treasury curve. Even commodities as tracked by the Bloomberg Commodity Index gave up half a point (6:59). “The underpinnings (for commodities) are still quite strong on the fundamentals,” Sam Lau says, but “there's going to a lot of chop given the potential disruptions around the war” in Ukraine. Some of biggest losers were wheat, down 19%; gasoil down almost 15%; and aluminum down 10%. These moves, however, are dwarfed by commodities gains in prior weeks, a fact, Jeff Mayberry warns, that promises higher levels of inflation (11:16). The Consumer Price Index came in at 7.9% YoY for February, but he notes that doesn't include the “commodity rocket ship that we've experienced over the past couple of weeks.”

Last Tuesday, nickel prices went through the roof and briefly scored an unprecedented 250% spike of above $100,000 a tonne. London Metal Exchange cancelled trade and suspended nickel trading. What has been driving this price increase phenomenon in not just nickel but other metals as well? Is this due solely to the war in Ukraine? Zhu Yi, Senior Analyst in Metals and Mining at Bloomberg Intelligence tells us more. Image credit: Unsplash.com

U.S. equity indexes rallied early Tuesday, even as spiraling commodity prices promise even more upward pressure on inflation. Highlighting the day's events was nickel soaring past the $100,000-per-metric-ton mark, which led the London Metal Exchange to suspend trading in the key input for stainless steel. Soon after President Joe Biden announced that the U.S. would ban imports of Russian oil, natural gas, and coal effective immediately, the U.K. government said it would phase out Russian oil and oil products by the end of 2022. Shell declared it would stop all purchases of Russian crude and shutter its service stations in Russia, while Germany's Uniper, a major buyer of Russian gas, said it won't sign any new contracts for long-term supply. West Texas Intermediate crude traded as high as $128 per barrel, Brent hit $132, and European natural gas prices remained near record highs. Tony Greer, founder of TG Macro and editor of The Morning Navigator joins Warren Pies, founder of 3Fourteen Research, to discuss the impact of the Russia-Ukraine war on commodity and financial markets. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3MwxnH7 Learn more about your ad choices. Visit megaphone.fm/adchoices

Show #1399 Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily, you trusted source of information. It's Wednesday 9th March, it's Martyn Lee here and I go through every EV story so you don't have to. ELECTRIC CAR PRICES COULD GO UP EVEN AS FUEL PRICES SOAR - As US gas prices hit record highs in the wake of Russia's invasion of Ukraine, it seems like electric vehicles may not be a safe haven for those looking to save money. That's because Russia plays an important part in the production of the nickel that ends up in batteries used by many electric vehicles — a metal that's rocketed up in price even faster than oil. - On February 25th, nickel was trading on the London Metal Exchange for around $24,000 a ton, according to The Wall Street Journal. By March 8th, it was trading at $80,000 (down from a peak of over $100,000), and the London Metal Exchange had suspended trading. - Russia's role in producing the battery-grade nickel used in EVs is a different story — in a Twitter thread breaking down the issue, the CEO of Benchmark Mineral Intelligence says 20 percent of that supply comes from a single Russian company. - According to Bloomberg and Reuters, nickel prices were already becoming a problem for EV manufacturers even before the invasion. - But, like energy policy, battery production and integration is a big ship for automakers to turn around — if the prices of nickel and other metals stay up, it'll be a race to switch to other tech before the shockwaves of higher prices and sanctions make their way through the supply chain. Original Source : https://www.theverge.com/2022/3/8/22967402/electric-vehicle-prices-nickel-trading-ukraine-russia 2023 CADILLAC LYRIQ SAID TO ENTER PRODUCTION ON MARCH 21 - After the first pre-production 2023 Cadillac Lyriq rolled off the assembly line in January at GM's plant in Spring Hill, Tennessee, the electric SUV will reportedly enter series production on March 21 - Cadillac Society reports that's the day GM will start building customer vehicles, citing unnamed sources - That corroborates with the production start timeline provided by GM in January when it began pre-production of the 2023 Lyriq. At the time, the automaker said that production of customer vehicles would begin by the end of the first quarter. - Cadillac's first-ever all-electric production model is based on GM's Ultium platform. It will launch in a single-motor, rear-wheel-drive configuration packing a 100 kWh battery that enables a driving range of more than 300 miles. The battery powers an electric motor rated at 340 horsepower (254 kW) and 325 pound-feet (440 Nm) of torque. - The Lyriq's battery pack offers DC fast charging at up to 190 kW, enough to add 76 miles of range in about 10 minutes of charge. - Pricing starts at $58,795 for the 2023 Cadillac Lyriq Debut Edition Original Source : https://insideevs.com/news/572105/cadillac-lyriq-production-start-march21-report/ E-POWER: NISSAN'S UNIQUE ELECTRIFIED POWERTRAIN - e-POWER powertrain will be introduced to the Qashqai range in late summer - The new Qashqai will be the first model in Europe to be equipped with Nissan's unique e‑POWER drive system. - Nissan developed the e-Power system, specifically tuned for European consumer needs. It offers optimum fuel efficiency without compromising driving pleasure thanks to the combination of two Nissan specialisms: advanced battery and motor technology, plus the innovative variable compression ratio internal combustion engine. - As such e-Power is an ideal technology for those who cannot or do not want to take time to recharge with a cable but face a daily urban or suburban drive, and who are ready to make the first move in their transition to a full EV in the future. - The e-POWER system is comprised of a high-output battery that is complemented by a variable compression ratio 1.5-litre three-cylinder turbo-charged petrol engine generating 156hp, a power generator, inverter and 140kW electric motor - The petrol engine generates electricity, which can be transmitted via the inverter to the battery pack, the electric motor or both, according to the driving scenario. - Under deceleration and braking, the kinetic energy is recaptured and channelled back to the battery to optimise efficiency. - e-Pedal Step will brake the Qashqai at 0.2g, enough to illuminate the brake lights, and reduce the speed down to a “creeping” speed, not a complete stop. This ensures low-speed parking manoeuvres are as smooth as possible. Original Source : https://uk.nissannews.com/en-GB/releases/e-power-nissans-unique-electrified-powertrain TESLA SELLS 56,515 CHINA-MADE VEHICLES IN FEB, UP 208.5% YEAR-ON-YEAR - Tesla sold 56,515 China-made vehicles in February, according to data released today by the China Passenger Car Association (CPCA). - This was up 208.5 percent from 18,318 vehicles in the same month last year, but down 5.6 percent from 59,845 vehicles in January. - Tesla China exported 33,315 vehicles in February, according to the CPCA. This means that Tesla delivered 23,200 vehicles in China in February. - Of the three versions of the Model Y - Model Y, Model Y Long Range and Model Y Performance - the delivery date for the entry-level version has been reduced by two weeks from the previous 12-16 weeks to 10-14 weeks. Original Source : https://cnevpost.com/2022/03/08/tesla-sells-56515-china-made-vehicles-in-feb-up-208-5-year-on-year/ HOW WILL HYUNDAI, KIA SECURE OVER 3 MIL. EV BATTERIES IN 2030? - Following the announcement of a midium- to long-term strategy by Hyundai Motor and Kia to sell a total of 3.07 million electric vehicles (EV) in 2030, now all eyes are on how the country's leading carmaking group will secure the supply for production on such a large scale. - the annual demand for EV batteries is set to reach a total of 289 gigawatt-hours (GWh) by 2030. This figure is more than the annual battery production capacity of the top three domestic battery makers, LG Energy Solution (155 GWh), SK On (40 GWh) and Samsung SDI (42 GWh), combined. - Experts say that Hyundai and Kia will need to strengthen their partnerships with the three domestic battery companies and global top-tier battery makers, such as CATL in China, to secure a stable supply, and to form a local EV production cluster. - A leading example is the 10GWh battery cell plant that Hyundai Motor Group is scheduled to establish in Indonesia as a joint venture with LGES. Original Source : https://www.koreatimes.co.kr/www/tech/2022/03/129_325010.html CMA OPEN LETTER TO MOTORWAY SERVICE AREA OPERATORS AND ELECTRIC VEHICLE CHARGEPOINT OPERATORS - The Competition and Markets Authority (CMA) has published an open letter to electric vehicle chargepoint operators and motorway service area operators following its investigation into suspected breaches of competition law in relation to long-term exclusive arrangements. Original Source : https://www.gov.uk/government/publications/cma-open-letter-to-motorway-service-area-operators-and-electric-vehicle-chargepoint-operators Electric car charging firm agrees to drop exclusive rights on motorways - The Competition and Markets Authority (CMA) said the commitment it secured from Gridserve – which owns Electric Highway – will increase choice for EV drivers who need to top up their batteries. - agreed not to enforce its exclusive rights to operate rapid electric vehicle (EVs) charging points at motorway service areas after November 2026 according to the competition watchdog. - Gridserve has also agreed not to enforce its exclusive rights at Extra, Moto or Roadchef sites that are granted support under the Government's Rapid Charging Fund. - This fund is expected to be available only for service areas with more than one chargepoint operator. - CMA senior director of antitrust Ann Pope said: “We need a combination of investment now and healthy competition going forward to make sure chargepoints are installed at scale where people need them, for a fair price. Original Source : https://www.thelondoneconomic.com/tech-auto/automotive/electric-car-charging-firm-agrees-to-drop-exclusive-rights-on-motorways-315233/ CROWD-FUNDED EV CHARGER OPENS IN REMOTE TOWN Original Source : https://thedriven.io/2022/03/08/crowd-funded-ev-charger-opens-in-remote-town-after-being-towed-there-by-model-x/ HYUNDAI & IVECO TEAM UP ON ELECTRIC COMMERCIAL EVS Original Source : https://www.electrive.com/2022/03/07/hyundai-iveco-team-up-on-electric-commercial-evs/ EUROPE'S EV GIGAFACTORY CAPACITY PIPELINE GROWS 6-FOLD TO Original Source : https://www.globenewswire.com/news-release/2022/03/08/2398542/0/en/Europe-s-EV-Gigafactory-Capacity-Pipeline-Grows-6-Fold-to-789-2GWH-to-2030-Berlin-Summit-to-Dissect-Battery-Megatrend.html ITALY TO GIVE NEW ELECTRIC CAR BUYERS SUBSIDY OF UP TO 6,000 EUROS Original Source : https://www.reuters.com/business/autos-transportation/italy-give-new-electric-car-buyers-subsidy-up-6000-euros-2022-03-08 QUESTION OF THE WEEK WITH EMOBILITYNORWAY.COM Do you think rising fuel prices at the pumps will have a direct impact on EV sales? Email me any feedback to: hello@evnewsdaily.com It would mean a lot if you could take 2mins to leave a quick review on whichever platform you download the podcast. And  if you have an Amazon Echo, download our Alexa Skill, search for EV News Daily and add it as a flash briefing. Come and say hi on Facebook, LinkedIn or Twitter just search EV News Daily, have a wonderful day, I'll catch you tomorrow and remember…there's no such thing as a self-charging hybrid. PREMIUM PARTNERS PHIL ROBERTS / ELECTRIC FUTURE BRAD CROSBY PORSCHE OF THE VILLAGE CINCINNATI AUDI CINCINNATI EAST VOLVO CARS CINCINNATI EAST NATIONAL CAR CHARGING ON THE US MAINLAND AND ALOHA CHARGE IN HAWAII DEREK REILLY FROM THE EV REVIEW IRELAND YOUTUBE CHANNEL RICHARD AT RSEV.CO.UK – FOR BUYING AND SELLING EVS IN THE UK EMOBILITYNORWAY.COM/

The London Metal Exchange doesn't expect to resume nickel trading until at least Friday in response to the turmoil in the market, after prices rose above $100,000 for the first time Tuesday in the largest move ever on the exchange.

Today Andy Silvester chats to City A.M. reporters Jack Barnett and Nicholas Earl about volatile energy prices potentially becoming even more so; inflation forecasts, rising consumer prices and what the Bank of England will do vis-à-vis rate hikes; and yesterday's nickel big short and its impact on the London Metal Exchange. Andy also goes through the headlines: Prudential had a bump in its 2021 business profits; Gatwick managed to mitigate losses in the last few months of 2021; and Stagecoach has backed a £595m takeover by asset manager DWS. See omnystudio.com/listener for privacy information.

In this morning's The Breakfast Brief, we discuss how markets responded to the latest move by the US and UK to ban Russian oil imports just yesterday, the suspension of nickel trading on the London Metal Exchange after prices soar past US$100,000, an attack on the leader of South Korea's ruling Democratic Party ahead of the country's presidential election, and more. See omnystudio.com/listener for privacy information.

The U.S. will ban imports of Russian oil, according to the White House. Jeffery Cleveland discusses this news with us, and what it could mean for market activity going forward. From our BBC colleagues, we learn that the price of nickel, which is used in rechargeable batteries and stainless steel, spiked 250% in the past two days. That forced a shutdown of trading at the London Metal Exchange. We have a tale of entrepreneurship out of Maine, where a new avenue for Muslim fashion has emerged. Give today to support Marketplace Morning Report.

From the BBC World Service: Following a 250% price surge over two days, trade was halted in nickel on the London Metal Exchange. We hear how the European Union plans to wean itself off Russian oil and gas. Plus the World Bank is making a package of emergency loans and grants available to Ukraine. Give today to support Marketplace Morning Report.

The U.S. will ban imports of Russian oil, according to the White House. Jeffery Cleveland discusses this news with us, and what it could mean for market activity going forward. From our BBC colleagues, we learn that the price of nickel, which is used in rechargeable batteries and stainless steel, spiked 250% in the past two days. That forced a shutdown of trading at the London Metal Exchange. We have a tale of entrepreneurship out of Maine, where a new avenue for Muslim fashion has emerged. Give today to support Marketplace Morning Report.

From the BBC World Service: Following a 250% price surge over two days, trade was halted in nickel on the London Metal Exchange. We hear how the European Union plans to wean itself off Russian oil and gas. Plus the World Bank is making a package of emergency loans and grants available to Ukraine. Give today to support Marketplace Morning Report.

Show #1398 Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily, you trusted source of information. It's Tuesday 8th March, it's Martyn Lee here and I go through every EV story so you don't have to. FORD DEALERS WILL FINALLY BE FORCED TO LEARN ABOUT ELECTRIC VEHICLES - In the wake of the decision to split its EV and gasoline vehicle divisions, Ford has announced that its dealers will need to "opt-in" to selling EVs along with normal combustion cars, according to Automotive News. - While the company has no apparent plans to create new dealers or work outside its network of roughly 3,100 existing retail stores, Ford CEO Jim Farley said in an interview that dealers should "get ready to specialize." - Dealers that currently sell the Mustang Mach-E, E-Transit, and are anticipating inventory of the new F-150 Lightning can continue selling them for the next year and a half. - The new dealer agreement isn't finalized yet, but Ford executives have made clear they hope for a no-inventory, direct-order model, as well as non-negotiable pricing and smaller facilities for dealers. - Tesla, one of Ford's main EV competitors, works off of a direct sale model, which Farley estimates helps Tesla save almost $2,000 per vehicle. But he added that "not everything can be done remote" and that Ford still understands the importance of brick-and-mortar dealerships in customer satisfaction. Original Source : https://www.thedrive.com/news/44619/ford-dealers-will-finally-be-forced-to-learn-about-electric-vehicles NUMEROUS FORD MUSTANG MACH-E TRIMS NO LONGER ABLE TO BE ORDERED - Ford has reportedly stopped taking orders for two Mustang Mach-E trims due to excessive demand. According to Ford Authority, who site sources "familiar with the matter", the Blue Oval will not take any new orders for Premium and California Route 1 trim levels for the remained of the 2022 model year. - Mach-E buyers will only be able to get the Extended Range battery by buying the $61,995 GT. The Select trim only comes with the Standard Range pack, although you can get it in either RWD or AWD guise. - The ongoing semiconductor shortage likely played a key role in Ford's decision. The marque has already experienced production issues this year. Last month Mach-E production was temporarily halted due to supply chain issues. Original Source : https://insideevs.com/news/571729/mach-e-trims-not-available GM ANNOUNCES $400 MILLION EV BATTERY MATERIALS PLANT IN CANADA - General Motors and South Korea's POSCO Chemical announced plans to build a new EV battery materials plant in Quebec, Canada. - The two parties said they are working with the governments of Canada and Quebec to build a new facility that will produce cathode active material (CAM), with the investment estimated at $400 million (C$500 million). - The cathode active material produced at the new plant will go into GM's Ultium batteries, which will power electric vehicles such as the Chevrolet Silverado EV, GMC Hummer EV and Cadillac Lyriq. CAM is a key battery material consisting of components like processed nickel, lithium and other materials making up about 40% of the cost of a battery cell. - By the end of 2025, GM plans to have capacity to build 1 million electric vehicles in North America. The company targets the majority of components by value to be sustainably sourced, processed or manufactured in North America. Original Source : https://insideevs.com/news/571967/gm-announces-400million-battery-materials-plant-canada/ NICKEL PRICE SURGE COULD THREATEN AUTOMAKERS' EV PLANS - The price of nickel is surging as investors take stock of the new global reality: Russia, a key supplier of the metal, is now facing extensive sanctions following its invasion of Ukraine. - In an unusual step, the London Metal Exchange suspended nickel trading on Tuesday morning after three-month contract prices more than doubled to over $100,000 per ton. - Nickel is a critical ingredient in the lithium-ion battery cells used in most electric vehicles sold in — and planned for — the U.S. market. Its abrupt price surge has analysts and investors raising hard questions about automakers' ambitious electric-vehicle programs. - When the battery cell is charged, lithium ions are driven from the cathode to the anode. As the cell is discharged, the ions move back to the cathode, releasing energy.In recent years, automakers have discovered that adding more nickel to the cathode can boost a battery's energy density, which translates into more range per pound of batteries. - Some use even more, in part to reduce or eliminate cobalt, and in part to increase density for premium applications: The cathodes in cells that Korean battery giant LG Chem supplies to Tesla are 90% nickel, for instance. - Given the relatively high cost of nickel, and the concerns about supply that were being voiced before Russia invaded Ukraine, automakers have signaled that lithium-ion batteries with high-nickel cathodes are likely to be limited to premium applications. Original Source : https://www.cnbc.com/2022/03/08/nickel-price-surge-could-threaten-automakers-ev-plans.htm EPA PROPOSES CUTS TO SMOG, SOOT POLLUTION FROM HEAVY TRUCKS - The Biden administration is proposing stronger pollution regulations for new tractor-trailer rigs that would clean up smoky diesel engines and encourage new technologies during the next two decades. - The proposal released Monday by the Environmental Protection Agency would require the industry to cut smog-and-soot-forming nitrogen oxide emissions by up to 90% per truck over current standards by 2031. The emissions can cause respiratory problems in humans. - Although truck manufacturers are working on battery-electric and hydrogen fuel cell powertrains, the EPA says the proposal is not a zero-emissions truck requirement. Rather, the agency says there are pollution control devices in development that can keep diesels in use and still clean the air. - Environmental groups praised the EPA's action, but many urged the administration to move quickly on the proposal and then go farther toward requiring zero-emissions trucks. - The new standards would bring widespread air quality improvements, particularly in areas already exposed to heavy truck traffic, officials say. Original Source : https://www.autoblog.com/2022/03/08/epa-smog-soot-heavy-trucks/ STELLANTIS BUILDS EV CAPACITY WITH BATTERY SUPPLIER PARTNERSHIPS - Stellantis entered into a pair of joint partnerships with Korean battery suppliers, adding necessary capacity for planned North American EV production - The battery partnerships are long-term investments in Stellantis' goal of 5 million battery-electric vehicle sales by 2030. - Jeep's first fully electric SUV will roll out in early 2023, and a Ram 1500 BEV pickup truck will arrive in 2024 Original Source : https://www.supplychaindive.com/news/stellantis-battery-supplier-partnerships-EV-parts-components-procurement-distribution/619719/ TESLA'S CYLINDRICAL BATTERY COULD BE ‘GAME-CHANGER': REPORT - Tesla's new tab-less cylindrical battery cell has the potential to become a game-changer in the electric vehicle industry, according to the Korea Automotive Technology Institute (KATECH). - The KATECH released an industry trend report on Monday that said the EV market must prepare for what is to come after Tesla starts mass producing its 4680 batteries. - The institute predicts battery companies that currently focus on producing unified cells and pouch cells will have to choose between continuing to speedily produce their cells or coming up with their own tab-less cylindrical cells. - It added that as important as it is to develop next-generation secondary battery technology, it is just as important to improve the design and economic feasibility of existing secondary battery technology. Original Source : http://www.koreaherald.com/view.php HERO ELECTRIC & SUN MOBILITY PARTNER UP FOR BATTERY SWAPPING IN INDIA - In India, electric two-wheeler manufacturer Hero Electric has announced its partnership with Sun Mobility, a provider of energy infrastructure and services for EVs, to deploy electric two-wheelers integrated with the latter's smart-swappable battery technology. - Sun Mobility battery swapping stations will also be appearing at petrol stations from the Indian Oil Corporation Limited (IOCL) - Sun Mobility's swappable battery also powers Piaggio‘s Ape E-City - Sohinder Gill, CEO, Hero Electric, said, “Battery Swapping is emerging as a good catalyst for the exponential growth of the electric two-wheelers in India. It reduces the upfront cost of buying a two-wheeler, eliminates the range anxiety and the apprehensions about the useful life of the batteries. It certainly makes a lot of sense for the B2B customers as the swapping stations can be placed in the working zones for the riders to allow them to run their bikes without waiting for the recharging of the batteries.” Original Source : https://www.electrive.com/2022/03/07/hero-electric-sun-mobility-partner-up-for-battery-swapping-in-india/ BRAND NEW SIX-FIGURE TESLA MODEL X DELIVERED WITH MISMATCHED TIRES Original Source : https://www.motortrend.com/news/tesla-model-x-mismatched-tires-delivery/ PEUGEOT REACHES OVER 1000 E-LCV SALES ALREADY IN 2022 Original Source : https://electriccarsreport.com/2022/03/peugeot-reaches-over-1000-e-lcv-sales-already-in-2022/ ENDING THE UK'S DEPENDENCE ON RUSSIAN DIESEL Original Source : https://newautomotive.org/blog/ending-dependence-on-russian-diesel TESLA SUPERCHARGER FEE GAFFE RESULTS IN MODEL 3 OWNER TEMPORARILY GETTING $600K BILL Original Source : https://www.teslarati.com/tesla-supercharger-fee-600k-gaffe-china/ QUESTION OF THE WEEK WITH EMOBILITYNORWAY.COM Do you think rising fuel prices at the pumps will have a direct impact on EV sales? Email me any feedback to: hello@evnewsdaily.com It would mean a lot if you could take 2mins to leave a quick review on whichever platform you download the podcast. And  if you have an Amazon Echo, download our Alexa Skill, search for EV News Daily and add it as a flash briefing. Come and say hi on Facebook, LinkedIn or Twitter just search EV News Daily, have a wonderful day, I'll catch you tomorrow and remember…there's no such thing as a self-charging hybrid. PREMIUM PARTNERS PHIL ROBERTS / ELECTRIC FUTURE BRAD CROSBY PORSCHE OF THE VILLAGE CINCINNATI AUDI CINCINNATI EAST VOLVO CARS CINCINNATI EAST NATIONAL CAR CHARGING ON THE US MAINLAND AND ALOHA CHARGE IN HAWAII DEREK REILLY FROM THE EV REVIEW IRELAND YOUTUBE CHANNEL RICHARD AT RSEV.CO.UK – FOR BUYING AND SELLING EVS IN THE UK EMOBILITYNORWAY.COM/

The European Union has outlined a plan aimed at reducing its dependence on Russian energy. The BBC's Theo Leggett brings us the details. And with Russian gas still flowing freely through pipelines across Ukraine, we explore whether that is likely to continue with Stewart Glickman, who is an energy analyst with CFRA Research in New York. Also in the programme, the London Metal Exchange has suspended trade in nickel, following massive surges in the metal's price over the last couple of days. Nikhil Shah is a nickel expert with business intelligence firm CRU, and tells us what's behind the move. Plus, on International Women's Day, we hear from Ukrainian public relations specialist Tetiana Gaiduk about how her life has been upended by Russia's invasion of her country. Plus, we speak to Viktoria from Odesa in Ukraine to ask if its business as usual for many small and medium companies. Today's edition is presented by Mike Johnson, and produced by Nisha Patel, Sara Parry and Faarea Masud.

Blocking Russian oil imports has gained bipartisan support in Congress; European Union leaders to consider gradual reduction of Russian natural gas imports; the London Metal Exchange halts nickel trade after its price spikes; in reversal, Shell apologizes for buying Russian oil

Today Andy Silvester sits down for a chat with Hargreaves Lansdowns' Susannah Streeter and CMC Markets' Michael Hewson. They discuss trading being suspended on the London Metal Exchange after a record price spike in nickel; the Bank of England assessing inflationary pressures; and a whole mélange of financial woes for Brits as energy bills, taxes, and shop prices are set to increase. Andy also goes through the headlines: the US and the UK have boycotted Russian oil; Ofgem boss Jonathan Brearley has warned that an increase in energy bills is "almost innevitable"; and "challenges and difficulties" remain at fashion retailer Boohoo following ethical breaches in its supply chain during the 2020 Covid lockdown. See omnystudio.com/listener for privacy information.

Photo:  Depiction of trading on the London Metal Exchange in 1897 #Ukraine: Commodities spike.@RealConstable Simon Constable @Time  https://www.cnn.com/business/live-news/stock-market-news-russia-ukraine-22422/index.html Simon Constable  @RealConstable  @Forbes Edinburgh; @BarronsOnline.@Forbes economist, journalist, currently based in Scotland; and author, The WSJ Guide to the 50 Economic Indicators That Really Matter: From Big Macs to "Zombie Banks," the Indicators Smart Investors Watch to Beat the Market.   

We're back! Series 2 gets off to with a bang as we chat responsible metal (no, not the obscure music genre) with London Metal Exchange's Chief Sustainability Officer Georgina Hallett. We talk responsible sourcing, controversy in recycling markets, and whether we should exclude capital from parts of the market that rely in some part on child labour. We also touch on Adam's extraordinary work in setting up the Mine Tailings Initiative following third year anniversary of the Brumadinho diaster. Rory Sullivan talks relationships between financial market actors in his book review this week: https://global.oup.com/academic/product/chains-of-finance-9780198802945?cc=gb&lang=en& Please feel free to connect with any of the hosts on LinkedIn or Twitter LME Group: https://www.lme.com/ LME Group Fax Number: +44 (0) 207 680 0505 Rory Sullivan: https://www.linkedin.com/in/rory-sullivan-73188418/ Adam Matthews: https://www.linkedin.com/in/adam-matthews-84926b31/ David Hickey: https://www.linkedin.com/in/david-hickey-cfa-05633526/

DB-Jan 11,2022: During a hearing for his re-confirmation as Fed Chair, Jerome Powell said the central bank will work to relieve inflationary pressures in the economy. Following Powell's testimony, the Nasdaq rallied for the second day in a row. In the U.K., the London Metal Exchange experienced an over five hour long outage but resumed trading after migrating its systems to backup. Sharing how he's positioning his trades, Tony Greer of TG Macro examines elevated volatility in markets with commodities soaring, yields rising, Bitcoin plunging, and equities rotating out of tech. Interviewed by Alfonso Peccatiello. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3Gj45br. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Bryce and Alec chat to John Caulfied, Director, Intermediaries and Institutions from VanEck, and what he thinks are the 5 mistakes ETF investors should avoid. We know that ETFs are something that the Equity Mates community loves, and hearing about other people's mistakes is a good way of not making them yourself! Prior to joining VanEck, John was the Director of Business Development at FTSE Group (Australia), and he's also worked at the London Metal Exchange. To learn more about ASX Investor Week On Demand, and watch all the presentations and information on demand, visit asx.com.au/investor-day. Order the book on Booktopia or Amazon now. If you want to let Alec or Bryce know what you think of an episode, contact them here. Make sure you don't miss anything about Equity Mates - sign up to our email list here. Want more Equity Mates? Come to our website and explore! You'll find information on our full network of shows, including our Equity Mates Investing Podcast, book recommendations, blogs, news, and more. *****This episode contained sponsored content from the ASX*****In the spirit of reconciliation, Equity Mates Media and the hosts of Get Started Investing acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. *****Get Started Investing is a product of Equity Mates Media. All information in this podcast is for education and entertainment purposes only. Equity Mates gives listeners access to information and educational content provided by a range of financial services professionals. It is not intended as a substitute for professional finance, legal or tax advice. The hosts of Get Started Investing are not financial professionals and are not aware of your personal financial circumstances. Equity Mates Media does not operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given.Before making any financial decisions you should read the Product Disclosure Statement and, if necessary, consult a licensed financial professional. Do not take financial advice from a podcast. For more information head to the disclaimer page on the Equity Mates website where you can find ASIC resources and find a registered financial professional near you. Get Started Investing is part of the Acast Creator Network. See acast.com/privacy for privacy and opt-out information.

Stefan Nestler ist Geschäftsführer bei Waskönig + Walter Kabel Werk und Vorstand der Schutzvereinigung DEL Notiz e.V. Darüber hinaus engagiert er sich im Fachverband Kabel und isolierte Drähte des ZVEI. Stefan Nestler spricht mit Michael Wieland über die aktuellen Herausforderungen am Kupfer- und Aluminiummarkt, über Risikomanagement und über die Entwicklung an der London- Metal- Exchange. Hören Sie rein, wenn Stefan Nestler und Michael Wieland diesen und weiteren spannenden Themen in den nächsten 50 Minuten auf den Grund gehen. Senden Sie Ihre Fragen oder Ihr Feedback an: metaltrade@synflex.com Wir freuen uns auf Ihre Nachricht! Abonnieren Sie unseren Newsletter um keine Folge zu verpassen: https://www.synflex.com/services/newsletter-copper-insights/ Folgen Sie uns SHWire auf LinkedIn: https://www.linkedin.com/company/shwire/ SynFlex auf LinkedIn: https://www.linkedin.com/company/synflex-elektro-gmbh/ Informationen SHWire: https://www.sh-wire.de/ SynFlex: https://www.synflex.com/

Wolfgang Gebert ist LME Broker bei IFCM Commodities in Hamburg und hat die Entwicklung der London Metal Exchange in den letzten 30 Jahren hautnah miterlebt. Wolfgang Gebert spricht mit Michael Wieland über seine Zeit als LME Broker, die Veränderung des Geschäfts in den letzten Jahrzehnten, sowie die Auswirkung verschiedenster Krisen auf die Metallpreise. Hören Sie rein, wenn Wolfgang Gebert und Michael Wieland diesen und weiteren spannenden Themen in den nächsten 50 Minuten auf den Grund gehen. Senden Sie Ihre Fragen oder Ihr Feedback an: metaltrade@synflex.com Wir freuen uns auf Ihre Nachricht! Abonnieren Sie unseren Newsletter um keine Folge zu verpassen: https://www.synflex.com/services/newsletter-copper-insights/ Folgen Sie uns SHWire auf LinkedIn: https://www.linkedin.com/company/shwire/ SynFlex auf LinkedIn: https://www.linkedin.com/company/synflex-elektro-gmbh/ Informationen SHWire: https://www.sh-wire.de/ SynFlex: https://www.synflex.com/

New analysis out today from the Center for American Progress finds “a typical union household is more than twice as wealthy as a typical non-union household,” and it's even more significant for Black and Hispanic workers, in particular. Also, for the first time since the pandemic began, traders have returned today to their posts in the pits of the London Metal Exchange. And, your update on gas prices across the country over Labor Day weekend.

New analysis out today from the Center for American Progress finds “a typical union household is more than twice as wealthy as a typical non-union household,” and it's even more significant for Black and Hispanic workers, in particular. Also, for the first time since the pandemic began, traders have returned today to their posts in the pits of the London Metal Exchange. And, your update on gas prices across the country over Labor Day weekend.

While copper has been sizzling  the metal is due to fall back to earth in the second half of the year, according to a  BMO Capital Markets report. On Friday editor Neils Christensen, correspondent Paul Harris and mining audiences manager Michael McCrae discussed  mining and metal events over the past week on Kitco Roundtable. Special guest was  Sean Roosen, executive chair of Osisko Royalties and director at Osisko Mining. On Thursday copper poked its head above the $10,000 a tonne mark on the London Metal Exchange before falling back. The last time copper rose above $10,000 was in February 2011, when it touched a record of $10,190. Elevated copper prices in 2021 have resulted in blow out quarters for the copper miners.  The world's top copper producer, Codelco, said profits soared to $1.63 billion in the first quarter of 2021.  Teck said its profits were 247% higher, thanks to copper.  First Quantum, which had been beating off a Chinese suitor a year ago, said revenues were up 42% and Grupo Mexico, the world's fifth-largest copper miner said on Thursday that its revenues were 40.2% higher.But watch for prices to start coming down, warns BMO Capital Markets in a study released this week. Policy normalization in China in the second half of this year will see reduce frenzied buying for copper and other commodities.  Goldman Sachs is bullish on copper long term. It had a study out mid-April calling copper the "new oil" due to energy transition. Goldman pegged copper at $15,000 a tonne over the next four years. The Roundtable panel also discussed the Fed's announcement, First Cobalt and Global Sea Mineral Resources' troubled mining robot prototype. 

Le cuivre continue de faire parler de lui sur le marché des matières premières. Cette semaine, il a atteint son plus haut niveau depuis 10 ans. Le supercycle du cuivre entamé il y a un an mérite chaque jour un peu mieux son nom. Le prix du métal jaune ne cesse de grimper. Après avoir franchi la barre des 9 000 dollars la tonne en février, les cours du métal flirtent aujourd’hui avec les 10 000 dollars : on n’a jamais été aussi près du record historique de 2011, qui était de 10 190 dollars la tonne. Cette hausse est d’abord une conséquence de la forte demande en Chine depuis la reprise de l’économie mi-2020. Les importations de minerai et de concentré de cuivre y ont augmenté de 12 % au premier trimestre 2021 comparé à l’année dernière. La Chine consomme la moitié du cuivre mondial, alors forcément son influence sur les marchés se fait sentir. Une hausse de la demande de 600 % à l’horizon 2030 L’autre facteur qui tire les prix vers le haut, c'est la transition énergétique. Un véhicule électrique consomme quatre fois plus de cuivre qu’un modèle thermique. Quoi qu’on fasse, en électrification on utilise du cuivre, et c’est bien ce qui pourrait hanter les nuits de certains industriels dans les prochaines années. L’essor du secteur est tel que les analystes de la banque Goldman Sachs prévoient une hausse de 600 % de la demande d'ici à 2030, et ce, face à une offre qui elle a peu de chance de suivre la cadence. L’industrie va payer cher le manque d’investissements dans de nouvelles mines À très court terme, la grève des dockers au Chili - premier producteur mondial de cuivre -, fait craindre une baisse des exportations. Sur le long terme, c’est un déficit de production qui inquiète. Les prix très bas de ces dernières années n’ont pas encouragé les industriels à investir dans de nouvelles mines, or lancer un site d’extraction de cuivre prend entre 10 et 20 ans. On pourrait donc payer cher l’absence de prospection de ces dernières années selon un analyste du BRGM - Bureau de recherche géologique et minière. Conséquence de cette flambée du cuivre, les pays piochent dans les stocks physiques mondiaux positionnés à Shanghai, New York et Londres plutôt que d’acheter au prix fort. Depuis le 13 avril, on note une baisse de ces stocks, en particulier au London Metal Exchange qui devrait se reconstituer dès que les prix fléchiront, selon une mécanique bien rodée. Les stocks de ces trois places boursières étaient à la date du 27 avril évalués au total à 418 000 tonnes soit moins d’une semaine de consommation mondiale.

Copper prices are high, and inventories are low, but the CEO of Kodiak Copper, Claudia Tornquist, said there is another bullish indicator for the base metal.On Friday Tornquist was a guest on Kitco Roundtable podcast with correspondent Paul Harris, editor Neils Christensen and mining audiences manager Michael McCrae.Kodiak is advancing its MPD copper-gold porphyry project in southern British Columbia.As of Friday afternoon, spot copper was $4.13 a lb. The recent price spike is significant. Copper has not seen prices at these levels since 2012.London Metal Exchange copper stock have also dropped below the 100,000 level.  "Inventories are at an all-time low. I always look at the treatment and refining charges, and those are at rock bottom. Copper smelters are really scrambling to get their hands on raw material to service their clients," said Tornquist.Supply is constrained, said Tornquist. Regarding mine development she said there isn't much on the horizon. Over the past decade there are only four discoveries of a significant size."Many mines are getting old and declining in production, and the development pipeline is very low. So there's not much there to replenish declining production, and many commentators see a significant supply gap of 5 million tonnes a year."The Roundtable also reprised an interview with Agnico Eagle's CEO Sean Boyd. The company has continued to grow its portfolio through acquisitions. The company acquired TMAC Resources in early 2021.

Indian court halts Future's $3.4B deal on Amazon plea India's Supreme Court has blocked the 3-point-4 billion dollar sale of retailer, Future Group, to the country's largest business conglomerate, Reliance Industries. The injunction follows claims that Future Group's sale violates a contract with the online retail giant, Amazon. The freeze could shutter hundreds of outlets and jeopardise up to 25-thousand jobs. Global dividend payments fall $220B in 2020 The pandemic saw companies slash their dividends shareholders by 220-billion dollars in 2020. According to the latest Global Dividend Index from asset manager Janus Henderson, payouts to shareholders fell 12-percent to 1-point-26 trillion dollars. That's the biggest slump since the financial crisis more than a decade ago. But the report estimates dividends could rebound by as much as 5-percent this year. Copper prices hit highest level in almost 10 years Copper prices have surged to the highest level in nearly ten years thanks to optimism about a global economic recovery. Benchmark copper on the London Metal Exchange has risen as much as 3-percent, crossing 9-thousand dollars a tonne. The metal has also benefited from a weaker dollar and a rise in inflation expectations.

Au London Metal Exchange, la bourse des métaux de Londres, on n’entend plus résonner les cris des traders à cause des restrictions liées au Covid-19, depuis le mois de mars 2020. Et ce silence risque bien d’être définitif. Le LME l’a annoncé dans un communiqué ce mardi 19 janvier : il va fermer son Ring, sa criée. Place aux plateformes électroniques. Dernière criée d'un marché financier à subsister en Europe, le Ring de la Bourse des métaux de Londres appartiendra bientôt à l'Histoire. Au début du XIXème siècle, des négociants improvisent une réunion dans un café de Londres. L'un d'eux trace un cercle dans la sciure pour inviter ses collègues à s'y regrouper pour vendre et acheter des lots de métaux. Le Ring est né. Lors de la création du London Metal Exchange en 1877, il sera matérialisé par un cercle de banquettes rouges. Le prix de référence mondial des métaux Pendant près de 150 ans, une dizaine de traders tirés à quatre épingles s’y assoient quatre fois par jours pour transmettre les ordres de leurs clients, des constructeurs automobiles aux investisseurs, représentés tout autour par les opérateurs de marché, téléphone à chaque oreille. Ils ont cinq minutes pour fixer ce qui va devenir le prix de référence mondial du cuivre, autant pour l’acier, le plomb, l’étain, le cobalt ou le nickel…, chacun des neuf métaux échangés dans cette arène. Langue des signes Une arène qui devient de plus en plus bruyante à l’approche de la cotation finale, ce qui pousse les participants à communiquer avec une langue des signes très particulière : je vends à 7 602 dollars deux doigts en l’air, j’achète à 7 603 les trois derniers doigts vers le bas, je renchéris à 7 605 en agitant les cinq doigts de la main… Pas question de laisser l’agitation faire perdre aux traders le contact avec la banquette rouge, ne serait-ce que d’un talon. Sinon c'est l'amende de plusieurs milliers de livres. ►À lire aussi : La bourse des métaux de Londres se tourne vers la Chine Le Covid, « pas un prétexte » mais un test Ce rituel avait survécu au rachat du LME par la bourse de Hong Kong en 2012. Mais le Ring n’accueillait plus que 10% des transactions. « La fermeture de ce témoignage précieusement gardé pendant 144 ans n’est pas une décision que nous prenons à la légère », commente son président. « Mais il faut nous adapter à l’évolution des marchés. La pandémie de Covid n'est pas un prétexte pour fermer le Ring mais pendant sa suspension, reconnaît Matthew Chamberlain, les cotations électroniques ont permis d’accueillir un volume accru et constant d’activité, aisément observables par un plus grand nombre de participants. »

Copper surged to a fresh two-year high on Friday, and is set for its longest run of weekly gains since September, as investors weighed concerns about rising coronavirus cases against promising news on vaccines that could hasten an economic recovery. Base metals have climbed this month on signs of progress in developing a drug to combat Covid-19, which would help economies reopen and global growth recover. But there are still immediate fears that fresh lockdowns – especially in the US – could bring renewed pressure on economic activity. The Trump administration moved Thursday to end several emergency pandemic lending programmes at the Federal Reserve. Nevertheless, materials including metals are heading for a prolonged bull market driven by structural changes including a shift to more commodity-intensive economic growth, Goldman Sachs said in a note earlier this week. The gains in industrial materials, from iron-ore to copper, add to tailwinds from a recovery in China – copper’s biggest consumer. The LMEX Index hit the highest since June 2018 on Thursday. The rises come despite a resurgence in virus infections in some key Western states, and a warning from the International Monetary Fund about the fragility of the rebound. “Generally a strong week for industrial metals with vaccine news driving recovery hopes outside China where demand is already robust,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, said by e-mail. Copper surged as much as 1.6% to $7 207.50 a metric ton Friday on the London Metal Exchange, to the highest since June 2018. The metal was up 1.6% to $7 206.50 a metric ton at 10:48 a.m. and is on track for a 3.2% weekly advance. Zinc also rose 0.9%, to $2 783 a ton. Aluminum advanced 0.3%. LME zinc orders have doubled – a potential sign demand is rising – reaching the highest since July, London Metal Exchange data show. Canceled warrants climbed the most since September on orders in Singapore. Aluminum has gained about 8% so far this month on the LME, joining a rally in copper and other materials that benefit from rising construction and manufacturing activity in China. The metal “has benefited from an uptick in car manufacturing in China, and the State Council is urging cities to increase the number of license plates,” Anna Stablum, a commodity analyst at Marex Spectron, wrote in a note on Friday. China is seen leading a global recovery in aluminum demand next year, according to Bloomberg Intelligence. Rusal, the world’s largest aluminum producer outside China, sees the possibility of a balanced market next year and prices staying at about current levels, Chief of Sales Roman Andryushin said in an interview this week.

BUILD YOUR DREAM BUSINESS IN 8 WEEKS: https://londonreal.tv/biz/ 2021 SUMMIT TICKETS: https://londonreal.tv/summit/ NEW MASTERCLASS EACH WEEK: http://londonreal.tv/masterclass-yt LATEST EPISODE: https://londonreal.link/latest Lord Michael Farmer is the businessman, philanthropist, former Conservative Party treasurer, and member of the House of Lords. Starting his career as an account clerk, in the London Metal Exchange in 1963 at age 18, earning £8 a week, today he is one of the founders of the Red Kite Group, a metals trading and investment firm with $2 billion in assets. In 2014, he became a Baron and took a seat in the House of Lords, and has been active in championing policies that strengthen families, fight homelessness and domestic abuse, and advocate prison reform. He has also used his 50 years’ experience in the City, to inform good practice & new regulations for the financial markets, while also being a staunch advocate of Britain leaving the European Union. His maiden speech in the House highlighted women’s homelessness, domestic violence and the challenges of social exclusion, while his vocal contributions to welfare and prison reform continued the tone of family stability and the impact and importance of stable relationships. Informing his determination to bring about such change and strengthening that resolve was a shift in thinking that can only be characterised as a late in life understanding of the bigger picture and the providence of the natural world. Christianity may have come at the age of 35, but, it has been a moral compass and a comforting hand in the years since passed. Lord Farmer is a man of integrity, warmth, humility and conviction. He believes in the greater good and the power of familial bond, and it was a pleasure to spend this time in his company. There is so much to discuss and extrapolate, not least the ongoing Brexit deliberations, the duty of peerage and the power of his closely held religious beliefs.

Dual-listed South32 is making good progress in its negotiations with State-owned power utility Eskom on electricity prices for its Hillside aluminium smelter in Richards Bay, the group said during a media call on August 20. COO Mike Fraser said the group had reached an agreement with Eskom on a new agreement that would ensure the provision of power to Hillside for a ten-year period. The group is, however, waiting for the National Energy Regulator of South Africa's (Nersa's) approval. Nersa has, in turn, asked Mineral Resources and Energy Minister Gwede Mantashe to update the long-term framework for the industrial tariff structure. While that is under way, South32 has concluded an interim agreement with Eskom. From August 1, South32 will start accruing for the new contract, which will come into effect once Nersa approval is received. Fraser indicated that the new contract would be similar to the contract in place at Mozal Aluminium, which is a rand-based contract, and would not have any aluminium price linkage to it. He said that while the group would lose some of the benefits of downside protection when prices were weak, if prices recovered, tariffs would be closer to what it paid under the current agreement. The group believes this new contract is the right outcome to achieve, leaving it with a solid base going forward. South32 achieved record production at Hillside for the 2020 financial year, as the smelter continued to test its technical capacity. Full-year costs decreased by 25% year-on-year as the smelter benefitted from lower raw material input prices and a workforce structure concluded in June 2019. Meanwhile, South32 is also progressing the divestment of South Africa Energy Coal. The successful disinvestment is expected to meaningfully reduce the group’s capital intensity. CEO Graham Kerr said the disinvestment of South African Energy Coal was on track for completion in the six months to December 31, subject to a number of material conditions, with both international and local approvals required. He said local approvals, which included that of Eskom and the Department of Mineral Resources and Energy, were progressing well, with no indication that the transaction would not be allowed to go ahead as planned. Further, South32 last week announced that the Samancor manganese joint venture (JV), in which it holds a 60% stake, had inked a deal with GFG Alliance to divest of its shareholding in the Tasmanian Electro Metallurgical Company (Temco). The group on August 20 said the transaction would ensure that workers at the smelter would retain their jobs, while the operation would continue to benefit the community. South32 in July placed the Metalloys manganese alloys smelter in Meyerton, Gauteng, on temporary care and maintenance. Kerr said the group had gone through the process of trying to find a workable solution for Metalloys but that this had been impeded by the impact of Covid-19 on prices. He said that, while not an ideal outcome, a Section 189 process was completed in July, with only about 30 employees staying on to provide care-and-maintenance services. As lockdown restrictions were relaxed and if prices improved, the group would continue to look for opportunities for the smelter, Kerr said. In terms of the group’s response to the London Metal Exchange launching low-carbon aluminium products that would sell at a price premium from the start of next year, the group said there was not yet sufficient supply of low-carbon aluminium that could satisfy that market at this stage; therefore, the group still saw a market for aluminium with a relatively high carbon fraction. South32 said that it did not foresee a major impact in this regard, purely because supply was unlikely to meet the demand. Moreover, owing to its portfolio, Mozal Aluminium had the potential to supply “green” aluminium products, so there could be an opportunity for this in the long term.

In another lockdown episode, Matthew Chamberlain joins James Ashton to discuss trading through the crisis, swapping an investment banking career to become CEO and respecting tradition at his 143-year old organisation. Matthew Chamberlain is chief executive of the London Metal Exchange, a City institution since 1877 that last year traded $13.5 trillion of metals including aluminium, copper and zinc. After financial roles at Citibank, Perella Weinberg and UBS, Chamberlain joined the LME in 2012 as head of strategy and implementation following its acquisition by Hong Kong Exchanges and Clearing – a deal he advised on. He took the top job in 2017 at the age of 34. In normal times the LME operates the Ring, the last open outcry trading floor in Europe, which sets prices for metals supply contracts all over the world. Find out more @leadingpod or www.leadingpod.com

S&P Global Platts experts interviewed Matthew Chamberlain, CEO of the London Metal Exchange, and the youngest one in history. The key topics of discussion revolved around the temporary switch away from traditional open outcry trade in the face of the coronavirus pandemic and how things will evolve from an environment standpoint once the world restarts.

IN THIS SHOW: EXCHANGE DENIES BEING HACKED - LONDON METAL EXCHANGE BACKS PLAN TO TRACK METALS WITH BLOCKCHAIN - SINGAPORE EXCHANGE HACKED - REGULATORS DETEST BITCOIN FINITE SUPPLY - TIPPINME TAKES OFF AT LIGHTNING SPEED - LOUIS VUITTON & BLOCKCHAIN

Lukas Petrikas is Managing Director & Co-head of Innovation at HKEX, where he looks for creative business models and disruptive technology innovations that can deliver value and open new opportunities for HKEX. During his career, he has been involved in many of the initiatives that have broken new ground for Hong Kong's markets, including the acquisition of London Metal Exchange; Shanghai & Shenzhen Stock Connect; China Bond Connect; and the 2018's listing reform. Prior to HKEX, Lukas was an investment banker at Rothschild London and Hong Kong. *Note: Lithuanian startup Vinted became and Unicorn, but didn't go public (IPO).

In today's Commodities Focus podcast, steel pricing analysts Viral Shah and Pascal Dick speak to Shan Islam, head of ferrous trading at Amalgamated Metals Trading (AMT) about the growing market interest in scrap and rebar futures contracts traded on the London Metal Exchange. The team discuss the various scenarios and questions that may arise when a market participant begins hedging, as well as the positive market reaction to the launch of the LME's hot-rolled coil steel futures in the US (Platts) and China in March 2019.

In today’s Commodities Focus podcast, steel pricing analysts Viral Shah and Pascal Dick speak to Shan Islam, head of ferrous trading at Amalgamated Metals Trading (AMT) about the growing market interest in scrap and rebar futures contracts traded on the London Metal Exchange. The team discuss...

The start of 2018 has seen multiple bullish factors hit. In this podcast, S&P Global Platts metals editors Sarah Baltic Hilliard and Tina Allagh discuss causes behind the rise in US aluminum premium levels and outlook for the coming months.We welcome any feedback or suggestions for topics....

London Metal Exchange aluminum stocks have plunged steeply this year. In this podcast, S&P Global Platts editors Vicky Bakourou and Mayumi Watanabe discuss causes behind the fall, analysis of the market fundamentals and outlook for 2018.We welcome any feedback or suggestions for topics. Contact...

Russia cautions Ukraine on switching to EU trade standards, London Metal Exchange dismissed as defendant from US anti-trust litigation, Barrick Gold trims more jobs, Gold holds steady, and More...