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also, any deal that Israel won't abide by is basically worthless
both are sides claiming the other side caved, both can't be right
also, any deal that Israel won't abide by is basically worthless
super squeeze in metals
Trump has made industrial inputs more expensive for the next few years
https://www.ft.com/content/44d4b188-...syn-25a6b1a6=1The Iran war is creating a “super-squeeze” in industrial metals such as copper and aluminium, say executives and analysts who believe persistent tight market conditions mean prices could be set to stay high for years to come.
The price of copper is close to its all-time closing high while aluminium is at its highest level in four years….
But unlike energy markets, where there is plentiful global supply, concerns about looming shortages existed in some of these industrial metals before the war…
For metals, the war has increased the costs of operating a mine because of the higher price of the diesel used to run trucks and other mining equipment, and due to a jump in the price of sulphuric acid, a crucial ingredient used in some copper and nickel mines…
In the case of copper, the market was already expected to be in deficit — where demand outstrips supply — this year, because of disruptions at major mines.
The conflict in the Middle East has dented production further, by causing the price of sulphur — a byproduct of oil refining — to more than double.
Disruptions in sulphur availability could remove as much as 125,000 tonnes of copper production in the Democratic Republic of Congo, according to consultancy Wood Mackenzie. A further 200,000 tonnes of production in Chile could be at risk because of sulphur disruptions, including China’s ban on exports of sulphuric acid, according to Amy Gower, analyst at Morgan Stanley…
Goldman Sachs, which initially forecast a 60,000-tonne deficit this year outside the US market, recently revised that up to a 640,000-tonne deficit….
Mining executives say the shortfall has been building for years and investors have often not allowed them to make the necessary investment in new copper mines…
In aluminium, the war has had a direct impact, with the Middle East accounting for almost 10 per cent of global refined production…
Meanwhile, high fuel prices triggered by the war have caused some countries to accelerate investments related to energy security, for instance in renewables, a move that is expected to boost demand for copper and aluminium over the medium term, according to analysts…..
“I haven’t seen much demand destruction,” said Jean-Sébastien Pelland, executive director at Eland Cables, which makes copper cables used in offshore wind farms and oil rigs.
High costs are passed on to end users, who are willing to pay for them, he said. “People are not going to stop buying cables for renewables energy any time soon.”
is it good when your allies start cutting side deals?
https://www.washingtonpost.com/world...mplex-strikes/Qatar presented what amounted to a 'secret deal' [with Iran], vowing to use leverage over gas supplies to help bring the war to a swift end while seeking Iran’s commitment on 'one condition: you are not going to attack us.
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