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☆ Rapidly retreating Arctic glaciers are triggering the release of ancient methane. Here's why scientists are worried.
▼ + stars: | 2023-07-07 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +6 min

The springs were exposed by retreating glaciers in Svalbard, a Norwegian archipelago in the Arctic Ocean. Scientists think the methane in the Svalbard springs comes from somewhere else. The researchers estimate springs across the archipelago alone could represent about 2,000 tonnes of methane emissions a year. Scientists have found springs full of methane bubbling near retreating glaciers in Svalbard. Kleber suspects these methane emissions are only one of several "invisible feedback loops that we're just not aware of."

Persons: —, hasn't, Gabrielle Kleber, Kleber, Andy Hodson, ", Rick Spinrad Organizations: Service, University of Cambridge, Nature Geoscience, International Energy Agency, NOAA Locations: Svalbard, Norwegian, Alaska, Norway

LONDON, July 6 (Reuters) - European Union (EU) countries have added aluminium to the list of minerals and metals covered by the Critical Raw Materials Act (CRMA). Western European primary aluminium production is the lowest this centuryFALLING OUTPUTAs things stand, Europe is going to struggle to lift primary production at all over that time-frame. European aluminium imports by countryIMPORT DEPENDENCYEuropean aluminium consumption averaged just over 5.0 million metric tons per year over the 2016-2020 period, according to the EU. However, the key difference is where Europe sources its bauxite and primary aluminium. POWER PROBLEMSGetting aluminium onto Europe's critical raw materials list is an important win for the region's aluminium sector.

Persons: didn't, it's, David Evans Organizations: Union, Federation of Aluminium Consumers, International Aluminium Institute, IAI, EU, Rusal, Thomson, Reuters Locations: United States, China, Europe, EU, Ukraine, Guinea, Brazil, Sierra Leone, Mozambique, Iceland, Britain, Russia

The London Metal Exchange (LME) index of base metals has sunk from a January high of 4,356 to 3,704. LME metals relative performance in H1 2023RELATIVE WEAKNESSOnly one core LME metal bucked the generally weaker trend in the first half of the year. Not that you would know it from LME nickel stocks, which fell by 16,872 metric tons, or 32%, over the first six months of 2023. LME copper stocks also fell by 18,850 metric tons over the first half of the year to 69,700 metric tons, half of which is cancelled and awaiting physical load-out. Indeed, LME zinc stocks have seen heightened cancellation activity over the last couple of weeks with 20% of registered inventory now awaiting load-out.

Persons: Tin, Sweden's, Goldman Sachs, Alexander Smith Organizations: PMI, London Metal Exchange, Citi . Grid, Citi, Shanghai Futures Exchange, Reuters, Thomson Locations: China, Europe, United States, Ireland, CHINA

LONDON, June 27 (Reuters) - There's a renewed scramble for copper sitting in London Metal Exchange (LME) warehouses. Headline LME copper stocks have slid from 100,100 tonnes to 77,050 over the last three weeks despite almost 30,000 tonnes of arrivals. The drain on LME copper stocks is puzzling given weakening manufacturing activity in both Europe and the United States. It wouldn't be the first time that the LME stocks signal has been refracted, and the lower the stocks, the easier it is to bend the light. The Shanghai exchange has experienced tightness across the front part of the curve since March, with time-spreads now also the widest since November.

Persons: Boliden's, Copper, Jan Harvey Organizations: London Metal Exchange, LME, U.S ., CME, Shanghai Futures Exchange, Shanghai Futures, ShFE's, International Energy Exchange, Shanghai Metal, Reuters, Thomson Locations: Europe, United States, U.S, London, ShFE, INE, Shanghai, China, Asia

A net 1,400 lots of short positions were covered by the time the market was suspended at 08:15. Xiang Guangda, the charismatic head of China's Tsingshan Holding Group, has attracted much media attention for being the big nickel short. The existence of at least once big nickel short wasn't exactly a secret in the market. LME nickel crisis had turned into potential LME clearing house crisis with Chamberlain having to juggle both parts of the meltdown while also being a nickel market specialist. The handful that remained, as one participant later recalled, knew nothing whatsoever about what was going on in the nickel market so decided to call everyone else back into the room.

Persons: Elliott, Street, Matthew Chamberlain, Chamberlain, Jane Street, Oliver Wyman's, Xiang Guangda, wasn't, Oliver Wyman, John Maynard Keynes, Xiang, doesn't, David Evans Organizations: London, Royal, of Justice, Hong Kong Exchanges, HK, Elliott Associates, Jane, Global, Tsingshan Holding, SEE, Bloomberg, Thomson, Reuters Locations: U.S, Ukraine

LONDON, June 20 (Reuters) - The closure of the Tara zinc mine in Ireland tells you how far the price of the galvanising metal has fallen over the last year. The closure is unlikely to alleviate the immediate over-supply of zinc concentrates but it is a sharp reminder for the market that the zinc price is teetering on the edge of the mining production cost curve. LME zinc price, stocks and spreadsTARA'S PERFECT STORMTara Mines, based in County Meath, is "currently cash flow negative due to a combination of factors including operational challenges, a decline in the price of zinc, high energy prices and general cost inflation", Boliden said. "The zinc market seems to be very volatile at the moment," Nystrom said, which is an understatement given the scale of the price collapse over the last 15 months. But Tara's suspension is a wake-up call that after a year of worrying about smelters, zinc traders need to start worrying about zinc mines as well.

Persons: Tara, Boliden, Mines, Gunnar Nystrom, Ireland's, " Nystrom, Morgan Stanley, Barbara Lewis Organizations: London Metal Exchange, Ireland's RTE, Shanghai Metal Markets, Fastmarkets, Reuters, Thomson Locations: Ireland, County Meath, Europe, China, Shanghai, London

London Metal Exchange (LME) three-month tin has been treading water in a $23,700-26,800 range since the start of May. Although the demand outlook remains subdued, tin supply is facing two big threats, one from Myanmar and one from Indonesia, the world's largest exporter. Global tin supply, meanwhile, is now improving after an early-year drop in Indonesia shipments. Refined tin production fell year-on-year in May and Guangxi China Tin Group, the world's sixth-largest tin producer, has just announced a 40-50 day maintenance break from the end of this month, according to the ITA. Indonesia currently only has enough downstream capacity to absorb 5% of its domestic tin production, meaning that any restrictions will likely come in phases.

Persons: Minsur, International Tin Association . Tin, It's, David Evans Organizations: London Metal Exchange, Global, Shanghai Futures Exchange, U.S, Global Semiconductor, HIT, World Semiconductor Trade Statistics, Local, United Wa State Army, International Tin Association ., ITA, Guangxi China Tin Group, Thomson, Reuters Locations: Midwest, London, imploding, Myanmar, Indonesia, Peruvian, United States, Europe MYANMAR, Wa, China, Wa State, Guangxi China, INDONESIA

☆ James Beard Award 2023 winners announced
▼ + stars: | 2023-06-06 | by ( Marnie Hunter | Forrest Brown | ) edition.cnn.com time to read: +12 min

The awards have been presented in the Windy City since 2015 and are set to remain there through 2027. Like last year, much of the 2023 show was focused on showcasing the new push for greater diversity. The James Beard Foundation has been mired in controversy over the past few years. The winner of the South category, Natalia Vallejo, is the first Puerto Rican native to win a James Beard Award. Here’s the full list of the 2023 James Beard Restaurant and Chef Awards nominees.

Persons: James Beard, Eric Adjepong, Esther Choi, Andrew Zimmern, Gail Simmons, ”, ” Simmons, Gregory Gourdet, Kann, ” Sherry Pocknett, Sly Fox, James, Ellen Yin, J.B . Pritzker, Chicago Mayor Brandon Johnson, foodie, James Beard’s, “, Timothy Hontzas, Sam Fore, Mariah Carey, Monti Carlo, Natalia Vallejo, Rachel Miller, Nightshade Noodle, Lynn, Niki Nakayama, Erik Ramirez, NY Rob Rubba, Hajime Sato, Sozai, Celeste Noche, NY Don, Brandon Chrostowski, Greg Dulan, CA Aaron Hoskins, Sarah Simmons, Elie Yigo, Quynh Pham, WA Ellen Yin, Damarr Brown, Virtue, Rashida, LA Charlie Mitchell, Clover, NY Amanda Shulman, Angelo, Bakeshop, Zak, Baker, Baker Veronika Gerasimova, Elaine Uykimpang Bentz, Café Mochiko, Vince Bugtong, Margarita Manzke, CA Shawn McKenzie, Café, AL Lula Drake, Los Angeles , CA Spencer, Ann, Brownsville , TX Rob Roy, California Gilberto Cetina Jr, CA Kyle, Katina, Brandon Hayato Go, Hayato, Los Angeles , CA Justin Pichetrungsi, Carlos Salgado, Taco, Omar Anani, Saffron De, Diana Dávila, IL Tim Flores, Genie Kwon, IL Andy Hollyday, MI Sarah Welch, Marrow, Jesse Ito, Cantina La, Kate Lasky, Tomasz Skowronski, Michael Rafidi, Sanaa, Gregory León, Francesco Mangano, Osteria, Madison , WI Itaru Nagano, Andrew Kroeger, Madison , WI David Utterback, Salvador Alamilla, Amano, Caldwell, Michael Diaz de Leon, Suchada Johnson, WY Kris Komori, Ali Sabbah, Brooklyn , NY Mary Attea, Amanda Cohen, Dirt, Valentine Howell, Hunter, CT Sherry Pocknett, Renee Touponce, Joshua Dorcak, Vince Nguyen, Thomas Pisha, Gado, Beau Schooler, Bocca Al, AK Aaron Verzosa, KY Josh Habiger, TN Sam Hart, NC Terry Koval, Paul Smith, Ana Castro, Lengua, LA Timothy Hontzas, AL Henry Moso, Alex Perry, Kumi Omori, Cocina al, Oscar Amador, Kaoru Azeuchi, KAISEKI, Andrew Black, Jeff Chanchaleune, Ma Der, Justin Pioche, Texas Reyna, Painter, Houston , TX Emiliano Marentes, El Paso , TX John Russ, Clementine, San Antonio , TX Ernest Servantes, David Kirkland, Jim Embry, Valerie Horn, Savi ” Horne, Ira Wallace, Olivia Watkins, Karen Washington, Madur Jaffrey Organizations: Washington , D.C, Lyric Opera of, Illinois Gov, Chicago Mayor, Philadelphia, James Beard Foundation, James, New York Times, CNN, Foundation, WA Coracora, Sunday, of Culture, NY, Neng, EDWINS, Restaurant Institute, Hospitality, SC Yenvy, Street Hospitality, Mbaye, Dakar, WA Bottega, AL, SC, Beverages, Merchant, WA BEST, Sherman, Taco María, Selden, D.C, Madison , WI Itaru, Fairchild, Madison , WI, WY, New, New York State, NY Shaina Loew, Pacific, AK, TN, EDO, Food, Burnt Bean, Sustainable Communities Network, Cooperative Farming, Community Center, Southern, Sierra, Burgerville Workers Union, Black Farmer Fund Locations: Philadelphia, Haitian, Pacific, Washington ,, Lyric Opera of Chicago, livestream, Windy City, Boise , Idaho, Madison , Wisconsin, Oklahoma, Monson , Maine, Haiti, Charlestown , Rhode Island, Puerto Rican, Los Angeles, Brooklyn, NY, Washington, Clawson, MI, Seattle, West Hartford, Philadelphia ,, Lucia, Dallas ,, Cincinnati, Portland , Oregon, of Culture , New York, Mexican, Fort Worth , TX Kann, Portland, Milwaukee ,, Asheville , NC, Chicago, Houston , TX, Cleveland, Crenshaw, Columbia, WA, Rashida Holmes, Bridgetown Roti, Los Angeles ,, Dakar NOLA , New Orleans, LA, Clover Hill, New Orleans, Richardson ,, Kansas City ,, Miami, Billings, San Francisco ,, Café Cerés, Minneapolis, Cypress, Pullman, Birmingham, Quarry, Monson, IL, New York, Houston ,, Ann Arbor, Honolulu, Shawnee, KS, Las Vegas, Brownsville , TX, Healdsburg, Sherman Oaks, Costa Mesa ,, Lakes, Saffron De Twah, Detroit ,, Detroit, NJ, PA, , Philadelphia, Cantina La Martina, Apteka, Pittsburgh, Albi , Washington, Kalaya, MN, MO, Sioux Falls, Amilinda, Milwaukee, Osteria Papavero, Madison ,, Yoshitomo, Omaha, UT, WY, Salvador, BRUTØ, Denver, Teton, Teton Village, Boise, Salt Lake City, Sofreh, Brooklyn , NY, , New York, Hudson, Atomix , New York, NH, RI, Krasi, Boston, New Preston, Charlestown, Siu, Yunnan, The, MÄS, Ashland, Berlu, Gado Gado, Bocca Al Lupo, Juneau, Archipelago, KY, NC, TN, WV, Lexington, Bastion, Nashville, Charlotte, Decatur, Charleston, Lengua Madre , New Orleans, Homewood, Orlando, Springs, Cocina, Cocina al Fondo, San Juan, AZ, NM, Oklahoma City, Fruitland, Navajo Nation, Sandwich Hag, El Paso , TX, San Antonio ,, Seguin ,, City of Whitesburg

LONDON, June 1 (Reuters) - The London Metal Exchange (LME) is once again looking to shine more light on what lies in the shadows of its warehousing system. The exchange's daily stocks reports offer a rare hard data point in a murky statistical landscape for metal traders. LME stocks are flatlining but is this down to the market or changed market behaviour? Traders will game any system they come up against but the current LME stocks reporting regime makes it too easy. Restoring trust in exchange stocks reporting is a key step in winning back the broader confidence of the market.

Persons: it's, Mark Potter Organizations: London Metal Exchange, Hong Kong Exchanges, HK, Shanghai Futures, Traders, CME, Reuters, Thomson Locations: Malaysia's Port Klang, Singapore, Shanghai

A super-charged two-year rally, which saw Chinese spot lithium carbonate prices rise by tenfold, went into brutal reverse over the first part of this year. The slump in China's spot price dragged down the whole lithium pricing chain from spodumene concentrate to hydroxide, albeit to highly varying degrees. But lithium's roller-coaster ride highlights the important role China's spot market and the Wuxi futures exchange play in the fast-growing industry's price discovery process. Many lithium buyers, in other words, will be paying higher prices this year whatever happens in the Chinese spot market. The collapse in China's spot price has far exceeded the decline in the price of Australian spodumene, another closely tracked market indicator.

Western lead buyers remain reliant on China's exports to smooth out the global supply chain. WESTERN MARKET STILL TIGHTChinese inflows have helped nudge LME stocks higher. U.S. buyers are paying up to 20 cents/lb ($440 per tonne) over the LME cash price to secure spot metal, according to Fastmarkets. Europe, however, should fare better this year thanks to the restart of the Stolberg lead smelter in Germany. The difference between the pace of production and usage recovery explains the narrowing global supply gap this year.

Outright short positions have mushroomed by 68% to 58,157 contracts in the space of three weeks. Outright long positions have been scaled back to 41,987 contracts, almost half the level of the February peak when investors were betting on a full-throttle post-COVID recovery in China. Fund managers are now net short of CME copper to the tune of 16,170 contracts, the largest collective bear bet since August last year. Investment funds have slashed their net long positioning from 25,737 contracts on April 14 to just 4,813 contracts as of May 5. Investment funds slash LME copper long positions as mood turns bearishWEAK RECOVERYChina's recovery from the stringent zero-COVID policy of last year has so far fallen short of expectations from a metals perspective.

LONDON, May 10 (Reuters) - The global copper market is facing another year of supply deficit, according to the International Copper Study Group (ICSG). The Group's April forecast is for a supply shortfall of 114,000 tonnes this year after a 431,000-tonne deficit in 2022. The calculation could easily be thrown off, since it is based on changes in visible inventory combined with China's net imports of refined metal. Last year's elevated net imports served to inflate China's apparent usage. A 16.4% slump in net imports over the first quarter of this year will do the reverse.

Jeremy Selwyn/WPA Pool/Getty Images Camilla stands next to Queen Elizabeth II during a Diamond Jubilee pageant on the River Thames in June 2012. Chris Jackson/Getty Images From left, Camilla, Charles, Queen Elizabeth II and Prince Philip attend the state opening of Parliament in May 2013. From left are Camilla, Charles, Queen Elizabeth II, Prince Louis, Duchess Catherine, Princess Charlotte, Prince George and Prince William. Frank Augstein/WPA Pool/Getty Images In pictures: Britain's Queen Camilla Prev NextShe reportedly met Prince Charles at a polo match in Windsor in 1970 and they became friends. From left are Camilla, Charles, Queen Elizabeth II, Prince Louis, Duchess Catherine, Princess Charlotte, Prince George and Prince William.

LONDON, April 27 (Reuters) - The nickel market is facing a massive supply glut this year as surging Indonesian production continues to outpace global demand. The INSG expects only "mild growth" in the stainless sector this year. Taking up the slack from a weak stainless sector is demand for nickel from the electric vehicle (EV) battery sector. This changes the nature of this particular nickel surplus. LME stocks of Class I nickel continue to slide even as surplus builds in other parts of the supply chain.

The country nationalised its copper sector in 1971, provoking international outrage, particularly in the United States. President Gabriel Boric's lithium "nationalisation" is a more benign version, using an even earlier copper model. THE COPPER MODEL - GOOD AND BADIf President Boric's lithium policy is an echo of past copper policy, the comparison is with the "Chileanisation" programme of the Eduardo Frei Montalva administration in the late 1960s. Even the neo-liberals of the Augusto Pinochet regime kept the national jewel in the crown as they opened the rest of the country's' copper sector up to the private sector. It is now Codelco that is tasked with taking control of the country's lithium sector.

Expressed in terms of annualised run-rates, China's output of 39.9 million tonnes last month was the lowest in a year and down by 1.6 million tonnes from August's record 41.5 million. China's aluminium production is now highly dependent on weather patterns in the south of the country. China's average daily aluminium output and monthly annualised changePRAYING FOR RAINYunnan province accounts for around 12% of China's aluminium capacity and produced 4.2 million tonnes in 2022. WESTERN PRODUCTION FLAT-LINESPrimary aluminium production outside of China was flat year-on-year in the first quarter. WEATHER WATCHHowever, China's dominant position in the global aluminium picture means that it holds the key to future production patterns.

China's refined copper imports and exportsIMPORT SLUMPChina imported 408,174 tonnes of copper in March, down by 19% year-on-year and the lowest monthly intake since October. The preliminary customs report aggregates arrivals of refined metal, anode, alloy and semi-manufactured products. The country also imported 1.8 million tonnes of recyclable materials, the largest amount since 2018, and a record 25.3 million tonnes of mined concentrates. National refined copper output rose by 11% year-on-year in January-February, according to the country's official statistics body. So far this year it seems to have lost its appetite for more refined copper.

But it serves to highlight the importance of one of the most inaccessible parts of southeast Asia to the global tin supply chain. Imports from Myanmar grew from 30,000 tonnes in 2012 to 89,000 tonnes in 2013 and mushroomed to almost 500,000 tonnes in 2016. CHINESE DEPENDENCEThe Myanmar tin boom occurred at the right time for China's tin smelters, many of which were struggling to bring on new mining capacity as Beijing steadily tightened environmental controls on the mining sector. However, the threat alone underscores the fragility of tin supply at a time when Indonesia, the largest exporter of the metal in refined form, is mulling an export ban to stimulate the build-out of downstream processing capacity. This is probably not going to be the last time tin gets spooked by unexpected news from Myanmar.

LONDON, April 14 (Reuters) - A year on from the nickel crisis the London Metal Exchange (LME) is still struggling to regain trading momentum. Volumes dropped sharply after the controversial decision to suspend nickel trading and cancel trades. In this subdued metals trading landscape there are currently two unlikely star performers: London lead and Shanghai tin. The Shanghai nickel contract took a big collateral hit from the LME's crisis and volumes remain depressed, down by half year-on-year in the first quarter. ShFE volumes year-on-year change in Q1 2023LEAD GETS INDEX BOOSTERThe two metallic stand-outs in terms of first-quarter trading activity were LME lead and ShFE tin.

LONDON, April 12 (Reuters) - The zinc market was defined by smelter woes last year with global refined metal production dropping by 4.1% relative to 2021, according to the International Lead and Zinc Study Group (ILZSG). But the smelter bottleneck was severe enough to generate a global supply shortfall of more than 300,000 tonnes, according to ILZSG. A sharp rise in the annual benchmark smelter processing fee should incentivise a turnaround in metal production. Annual "benchmark" zinc smelter processing feesOUT-OF-SYNCH SUPPLY CHAINThis year's benchmark treatment charge, the fee a smelter earns for converting mined concentrates into metal, has been set at $274 per tonne, up from $230 in 2022 and $159 in 2021. Global mined and refined zinc production annual changeSMELTER RECOVERY?

LONDON, April 4 (Reuters) - The problems around artisanal cobalt mining in Democratic Republic of Congo (DRC) will take "a coalition to solve", according to Microsoft (MSFT.O). Yet the West still needs Congo's cobalt and everyone agrees that formalisation is the solution to the high human and economic costs of artisanal mining. ETHICAL DILEMMAThe ethical dilemma facing Western cobalt users, which is just about everyone with a mobile phone, is headline news again after the publication of "Cobalt Red" by Siddarth Kara. Mutoshi's artisanal miners have lost their collective pricing power and their cobalt is once again flowing down opaque channels into the industrial supply chain, the report claims. Most of the country's estimated 150,000-200,000 cobalt miners have never even had the chance of formalisation.

Soldering demand from the electronics sector remains weak and investors in London and Shanghai continue to play the market from the short side. Surging purchases of electronic goods during lockdown were followed by sharply reduced spending as many Western consumers were hit by a cost-of-living squeeze. LME positioning reports show both investment funds and other financial players are currently net short of the London tin contract after the early-year rally went into reverse. LME tin price, stocks and cash-3s spreadSHANGHAI STOCKS UP, LONDON STOCKS DOWNReasons to be negative are more obvious in China. ShFE registered tin stocks have risen by 60% to 8,745 tonnes since the start of January.

LONDON, March 27 (Reuters) - Funds have dumped their bets on higher copper prices as the turbulence triggered by the collapse of Silicon Valley Bank continues to roil financial markets. The investment community has turned net short of CME copper for the first time in five months, while funds have cut their long exposure on the London Metal Exchange (LME). Investors' negativity towards Doctor Copper contrasts with the bullish headlines generated by the FT Commodities Global Summit. Investment funds bought into copper in January, the net long position expanding from 11,830 to 32,397 contracts at the end of the month. Bulls such as Trafigura and Goldman Sachs contend it's a very thin inventory cushion if China rediscovers its copper mojo.

China currently dominates the supply chain for many of the entries on Europe's list of "strategic" metals. By which time not more than 65% of any strategic metal's consumption will be able to come from a single third country. Europe has no strategic metal inventory, unlike the United States, China and South Korea. Given such a humble starting point, it seems unlikely EU strategic metal reserves are going to come any time soon, if they come at all. What started as a response to China's dominance of critical metals supply has been accelerated by Russia's invasion of Ukraine.

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