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Global climate talks open to cries of betrayal, blame

GLASGOW (Reuters) – A U.N. conference seen critical to averting the most disastrous effects of climate change launches amid acrimony on Monday after major industrialised nations were accused of dragging their feet on ambitious new commitments.

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Global climate talks open to cries of betrayal, blame
© Reuters. FILE PHOTO: Steam and other emissions rise from a power station in Belgrade February 7, 2012. REUTERS/Marko Djurica/File Photo

GLASGOW (Reuters) – A U.N. conference seen critical to averting the most disastrous effects of climate change launches amid acrimony on Monday after major industrialised nations were accused of dragging their feet on ambitious new commitments.

The COP26 conference in the Scottish city of Glasgow comes a day after G20 big economies failed to commit to a 2050 deadline for halting net carbon emissions – a mark widely cited as a condition for preventing the most extreme global warming.

Instead, their talks in Rome only recognised “the key relevance” of halting net emissions “by or around mid-century”, set no timetable for phasing out coal at home and watered down promises to cut emissions of methane, another greenhouse gas.

“As citizens across the planet, we urge you to face up to the climate emergency. Not next year. Not next month. Now,” Swedish activist Greta Thunberg tweeted, asking her millions of followers to sign an open letter accusing leaders of betrayal.

Many of those leaders will take to the stage in Glasgow on Monday to defend their climate change records and in some cases make new pledges at the start of two weeks of negotiations that conference host Britain is billing as make-or-break.

“If we are going to prevent COP26 from being a failure, then that must change, and I must be clear that if Glasgow fails then the whole thing fails,” British Prime Minister Boris Johnson told reporters.

But the level of acrimony among some of the world’s biggest emitters will not make the task any easier. U.S. President Joe Biden singled out China and Russia for criticism for not bringing proposals to the table.

“The disappointment relates to the fact that Russia and … China basically didn’t show up in terms of any commitments to deal with climate change,” Biden, who faces domestic resistance to his climate ambitions, told reporters at the G20.

Chinese President Xi Jinping will address the conference on Monday in a written statement, according to an official schedule.

Delayed by a year because of the COVID-19 pandemic, COP26 aims to keep alive a target of capping global warming at 1.5C above pre-industrial levels – a level scientists say would avoid its most destructive consequences.

To do that, the conference needs to secure more ambitious pledges to reduce emissions, lock in billions in climate-related financing, and finish the rules to implement the 2015 Paris Agreement, signed by nearly 200 countries.

Existing pledges to cut emissions would see the planet’s average temperature rise 2.7C this century, which the United Nations says would supercharge the destruction that climate change is already causing by intensifying storms, exposing more people to deadly heat and floods, killing coral reefs and destroying natural habitats.

COVID-19 will make this U.N. climate conference different from any other, as 25,000 delegates must wear masks, socially distance and test negative for COVID-19 each day.

Two days of speeches by world leaders starting Monday will be followed by technical negotiations. Any deal is likely to be struck hours or even days after the event’s Nov. 12 finish date.

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Commodities

Copper price chart fluctuates at previous closing levels

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Copper price chart

Copper prices chart are fluctuating slightly near the level of the previous close as investors estimate a lot of factors, trading data shows.

September futures on copper on the Comex exchange are getting cheaper by a symbolic 0.01%, to $ 3.5515 a pound.

On the London Metal Exchange (LME) in previous trading, the cost of a ton of copper with delivery in three months increased by 1.85% to $7,870.5; aluminum — by 0.54%, to $2,416. Zinc — by 1.1%, to $3,488.5.

Quotes in the morning do not show any pronounced dynamics for a lot of reasons. For example, the price of copper is affected by the tense situation between the U.S. and China, the largest consumer of this type of industrial metal.

Also, the price dynamics are influenced by macro statistics — exports from China in July jumped by 18% year-on-year, while the forecast growth was only 15%, which, in turn, cut some concerns about the demand for metals in its largest market.

At the same time, investors continue to fear a recessionary economy. Expectations of a further increase in the discount rate by the U.S. Federal Reserve System after the release of data from the labor market in the country have increased fears.

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Commodities

Natural gas price in Europe per 1,000 m3 hits $2,100 on the exchange

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Natural gas price europe per m3

Natural gas price Europe per 1,000m3: September gas futures contracts (benchmark TTF) were trading at $2,100 per 1,000m3 on Monday, gaining some 1.6% against Friday’s settlement price in the first hour of trading, London’s ICE exchange data showed.

So far, the current price minimum is $2,056.7 (-0.5% compared to Friday’s settlement price of $2,066.5). The maximum is $2,100 per 1,000m3 (+1.6%).

Last year the European market faced a gas collapse. Experts attributed the collapse to limited supply from major suppliers, low occupancy rates of underground gas storage facilities in Europe, and high demand for liquefied natural gas in Asia.

Right now, Europe continues to be under pressure due to continued supply strains from Russia. Russian gas exports have fallen since the outbreak of the war in Ukraine: shipments via Nord Stream and the Ukrainian gas transportation system have dropped significantly, and the Yamal-Europe pipeline has stopped altogether.

The average monthly settlement price of the nearest gas futures on the ICE increased sharply, by almost 50%, from $1,180 per 1,000m3 in June to about $1,805 in July, while in the middle of summer last year it did not exceed $500. In the last days of July gas quotations reached $2,400 per 1,000m3 for the first time in four months. Such steadily high prices have not been seen in the entire history of European gas hubs since 1996.

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Commodities

Price of gold falls on expectations of further US Federal Reserve rate hike

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price of gold falls

Price of gold falls: the price of the precious metal on Monday morning slightly decreased on the prospects of further interest rate hikes by the U.S. Federal Reserve, according to trading data.

The December gold futures price on the New York Comex Exchange is down $2.75, or 0.15%, to $1,788.7 a troy ounce. September silver futures went up 0.24% to $19.89 an ounce.

The precious metals market showed a negative trend on Monday morning, fueled by expectations of further interest rate hikes by the U.S. Federal Reserve after the release of the country’s labor market data.

Thus, the unemployment rate in July fell to 3.5% from the June level of 3.6%, while the number of the employed in non-farm industries increased by 528,000. Analysts had expected the figure to remain at June’s level. The increase in nonfarm payrolls was forecast at 250,000.

“Support from geopolitical tensions “was countered by the resilience of the U.S. dollar after the release of a credible U.S. jobs report and hawkish comments from Fed officials,” Ravindra Rao, vice president of commodities at Kotak Securities, told Bloomberg news agency.

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