tybs
>>101979 pb Chaos Strikes In Copper-Town
Trafigura Revealed As Culprit Behind Copper Market Mayhem
It appears the culprit for the chaos in the copper markets has been identified. Bloomberg reports, citing 'people familiar with the matter' that Trafigura Group was behind a significant proportion of the orders to withdraw copper from London Metal Exchange warehouses. It’s not unusual for physical traders to withdraw metal from the exchange to ship to their customers, and Trafigura isn’t the only trading house to have taken metal off the exchange in recent months, the people said. And the move comes against a backdrop of very low inventories globally.
Still, total requests to withdraw more than 150,000 tons of copper from LME warehouses in the past two months have all but drained the available stocks on the exchange, and Trafigura represents a significant proportion of those, the people said.
This is not that much of a surprise since during the pandemic, Trafigura emerged as one of the most high-profile bulls in the global copper market, with head trader Kostas Bintas predicting that prices will hit $15,000 in the coming years as the industry witnesses a new supercycle underpinned by booming demand in electric vehicles and renewable energy. Additionally, Trafigura traded 4.4 million tons of copper last year, one million tons more than its largest rival, Glencore.
https://www.zerohedge.com/commodities/chaos-strikes-copper-town
>smell is caused by bacteria and will be there for as long as I live.
Sign me up for dat.../s
LME Takes Action To Counter Copper Market Mayhem
The London Metals Exchange said it would unleash its tools and it just did "in order to ensure market orderliness" in copper trading.
Steps include:
*Amending certain requirements within the lending rules
*Imposing a limit on the backwardation for tom-next contracts
*Introducing a deferred delivery mechanism for certain contracts
While the Spot-3m spread remains at unprecedented levels, the tom/next spread (backwardation) is just as impressively decoupled... so maybe this limit will help discourage the carry trade...These changes are intended to be temporary and will be reviewed as appropriate by the special committee.
Dat's wut they said about the removal of the dollar from gold convertability in 1971 too
“This is an extreme situation,” Oliver Nugent, metals analyst at Citigroup Inc., said by phone from London. “Across metal markets, one of the big themes has been consumers wanting to build up their working inventories, and that’s escalated a lot of the tightness.”
https://www.zerohedge.com/commodities/chaos-strikes-copper-town
U.S. Treasury will hold IMF chief accountable for integrity changes -official
The second-ranking U.S. Treasury official told senators on Tuesday that the agency would hold International Monetary Fund Managing Director Kristalina Georgieva accountable for changes needed to safeguard IMF integrity in the wake of a World Bank data-rigging scandal. “We did not find that it was appropriate at this point to remove the (IMF) managing director,” Deputy U.S. Treasury Secretary Wally Adeyemo told a U.S. Senate Banking Committee hearing. “But we did make very clear during those meetings, and directly to the managing director that changes need to be made to ensure whistleblowers’ rights are protected and that the integrity of the institutions are protected, which is our overarching goal,” Adeyemo said. Adeyemo’s comments underscored the Biden administration’s continued pressure on Georgieva after the IMF executive board last week cleared her of wrongdoing following allegations that when she was World Bank chief executive in 2017, she put “undue pressure” on bank staff to make data changes to boost China’s ranking in the now-canceled “Doing Business” report. “We will be holding her and the other leaders of the international financial institutions accountable for making these changes,” Adeyemo said.
A probe of “Doing Business” data irregularities, by law firm WilmerHale, is continuing and the firm is expected to issue a second report on potential misconduct by World Bank staff. Adeyemo’s boss, U.S. Treasury Secretary Janet Yellen, last week during IMF and World Bank annual meetings, called for strong action by the two institutions to protect data integrity and prevent misconduct in the wake of the scandal. Georgieva told Reuters last week that the IMF has robust controls and a strong internal protections for whistleblowers, but would work with staff to strengthen the Fund’s credibility.
https://www.reuters.com/article/imf-worldbank-ethics/u-s-treasury-will-hold-imf-chief-accountable-for-integrity-changes-official-idUSKBN2H920A
C202 US Coast Guard G5 departed Reagan National Airport south
AVLON35 USAF C-40C inbound to JBA from Scott AFB
BOXER42 USAF C-40C continues east from Peterson AFB overnight
Some BRRRRRRTTTTT (790087 A-10) returning to Martin State Airport
Israeli AF 684 Nachshon Shavit G550 SIGINT AC heading to Ramstein AFB from Ovda AB Israel
Blue Flag 2021 in Israel going on until Oct 28 and the Israelis started going to Germany as part of a joint training program that started in August 2020 on EU soil.
Everything You Need To Know About ‘Blue Flag 2021, The Largest And Most Advanced Air Exercise Ever Held in Israel
https://theaviationist.com/2021/10/19/blue-flag-2021-kicks-off/
684 Gulfstream V SIGINT 'Nachshon Shavit'
In September 2002 c/n 684 was registered as N684GA. Following an eleven-hour flight from Savannah (GA), the aircraft arrived at Lod Air Base in Israel on the 17th February 2006. The same day the test registration was cancelled and the new 684 registration was applied.
The Gulfstream V 'Nachshon Shavit' is used as an airborne Signals Intelligence (SIGINT) platform and was officially ordered in November 2001. Three 'green' modified airframes were delivered by Gulfstream Aerospace Corp. to Israel in June 2005, February 2006 and August 2006 for fit-out by Israel Aerospace industries (IAI) with an Airborne Integrated SIGINT System. Active with the Israeli Air Force during the July/August 2006 Lebanon War, the first delivered aircraft went into action only a very short time after reaching its initial operational capability. When on a mission the Nachshon Shavit searches, intercepts, locates, analyses, classifies and monitors transmissions that originate from air-, land- and sea-based transmitters. The aircraft are based at Nevatim as part of the 122 'The Nachshon' Squadron.
https://gulfbiz.jimdo.com/g550/g550-caew-iaf/