9/25/2023 0 Comments Hrc aim army![]() The Shanghai Futures Exchange’s (ShFE) copper contract saw volumes contract by 24%. The CME’s copper contract has seen significant fluctuations in speculative positioning as funds have tried to second-guess the outcome of the dispute, but that didn’t prevent copper futures volumes tumbling by 27% relative to 2018.īase metals are equally out of favour in China. The LME, which last year turned around a previous three-year activity decline with underlying volume growth of 5%, finds itself collateral damage in the broader trade dispute. Investor favourites such as copper, zinc and nickel, by contrast, all saw activity contract by 9% in the case of the first two and by 10% in the case of nickel. In the case of both tin and alloy, higher volumes accompanied time-spread squeezes.Īluminium, the exchange’s most liquid contract, saw activity slide by just 3%, a respectable performance given last year’s volumes were boosted by extreme turbulence in April thanks to U.S. Only three smaller contracts saw trading grow relative to last year - tin, aluminium alloy and cobalt.Īll three are below the investment radar and therefore partially insulated against macro turbulence. Total chargeable volumes, including unallocated trades, fell by 7%, or 6% on an average daily basis, over January-June. ![]() The current state of metallic play is clear to see from the LME’s first-half volume figures. Industrial players are standing aside, leaving much of the trading activity to what Wolf calls an “increasingly broad spectrum of quantitative strategies” and the rest of us would call “the algorithms”. The news flows that sparked trade activity last year now lead only to “inertia and paralysis”, according to Wolf, who concludes that for base metals such as copper and zinc “the risk reduction has already taken place”. It’s trapped in a reactionary state, “whereby every headline or tweet is seen as potentially meaningful yet, in practice, has been ultimately meaningless,” Wolf wrote in a July 3 note. The base metals complex has been exhausted by the trade war rhetoric, according to Dr Guy Wolf, global head of market analytics at LME broker Marex Spectron. The question is what might bring it back. In a world of twitter politics, uncertainty rules and money has evidently left the sector for more exciting markets such as gold and iron ore. Activity on the CME copper contract has fallen as well and even Chinese speculators appear to have largely given up on the base metals for now. Trading activity fell by 7% on the London Metal Exchange (LME) in the first half of this year as robust micro fundamentals were subsumed by the rumbling stand-off between the United States and China. The rulemaking will explore what liability there might be for manufacturers participating in the program that fails to comply with the standards, a senior FCC official told reporters.LONDON (Reuters) - The base metal markets are suffering from trade war fatigue. The FCC will seek public comment on the program, which is expected to launch in 2024. The White House initially said it expected to roll out its first set of standards for the program in spring 2023. ![]() The initiative was previewed in a workshop with industry leaders and government officials last fall, as first reported by CyberScoop. The Department of Energy will research and develop a cybersecurity labeling requirement for smart meters and power inverters. ![]() The requirements are expected to be reported to the FCC by the end of the year. “The goal is to make this something that consumers look for in the marketplace and that product manufacturers want to use,” said FCC Chairwoman Jessica Rosenworcel.Īs part of the program, NIST will also define specific cybersecurity requirements for consumer-grade routers, another frequent hacker target. Officials noted that the program is similar to the Energy Star labeling program the Environmental Protection Agency and the Department of Energy operate to promote energy efficiency. The program will draw from the National Institute of Standards and Technology cybersecurity recommendations, including the requirement of unique and strong default passwords, data protection, software updates and incident detection capabilities.
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