Analysts at JPMorgan recommended selling or "underweight" emerging market local currency sovereign debt because of the global impact of the Ukraine-Russia crisis.
JPMorgan estimated that fixed-income assets in emerging markets have lost 6-9 percent of their value since Russia invaded Ukraine a month ago, with nervousness about the war and its impact on global energy and food prices adding to existing pressures.
Some leading emerging market central banks are signaling that interest rates now need to rise faster than previously expected, which fuels fears of "stagflation". Stagflation means when high inflation and higher interest rates undermine economic growth.
With both the U.S. Federal Reserve and emerging market central banks raising interest rates, JPMorgan also said it made sense to "underweight" emerging market assets by taking advantage of the recent pullback in local currency bond yields relative to TREASURIES.
JPMorgan said major metals exporters such as South Africa, Chile, and Peru could still do well, but warned that emerging market fixed income assets now faced a more "stagflationary" trajectory.
The markets and prices of many commodities, metals, chemicals like the concrete foaming agent still face uncertainty.
Properties and functions of retarders
The substance that can delay the setting and hardening time of refractory castable is called retarder. The action mechanism of retarders varies with the properties of binders and retarders used. Generally speaking, it has the following two functions:
1. To form a complex. The retarder forms a complex with the positive ions dissociated from the binder, which inhibits the crystallization of hydrates or reaction products, or inhibits grain growth.
2. To form a thin film. The retarder is adsorbed on the surface of the cement particles, which prevents the cement particles from contacting with water and restrains the hydration reaction rate. Retarders are mainly used in calcium aluminate cement bonded castables, such as gluconic acid, ethylene glycol, glycerol, starch, phosphate, lignosulfonate, etc.
Properties and functions of delayed coagulant
The substance in which water is mixed for a certain period of time to promote the setting of the binder is called delayed coagulant. They are a kind of counterionic substances which are mixed with water and need to be hydrolyzed to provide counter-ionic substances which are different from those carried on the surface of the fine powder in the mixture. For example, the charge on the surface of ultrafine silica powder is negative, so the delayed coagulant used must be a substance that can provide positive ions. For example, if the castable with ultra-fine silica powder as the main binding phase, calcium aluminate cement can be used as delayed setting accelerator, because calcium aluminate cement can slowly release Al3+ and Ca2+ ions during hydrolysis, which can promote the coagulation of silica ultra-fine powder slurry.
Properties and functions of foaming agent (air entraining agent)
The substance that can reduce the surface tension of the liquid and produce a large number of uniform and stable foam is called foaming agent (air entraining agent). The principle of bubbles produced by foaming agent and air entraining agent is similar, that is, when it dissolves in water, it is easy to be adsorbed on the gas-liquid interface, which reduces the surface tension of barren liquid and increases the contact area between liquid and air. Because of the protective effect of the adsorbed foaming agent on the liquid film, the liquid film is relatively firm and the bubbles are not easy to burst. Foaming agents are rosin size, resin saponin grease, aluminum petroleum sulfonate, etc. Air entraining agents include rosin thermopolymers, Nonionic surfactants, alkylbenzene sulfonates, carboxylic acids and their salts, etc. In addition, there is a kind of aerating agent whose aerating effect is that the castable produces bubbles due to chemical and physical action during mixing and after pouring, which is uniformly distributed in the slurry. The aerating agent usually uses metal aluminum powder, which is highly active and reacts with water to replace hydrogen. The escaped H2 gas forms bubbles in the castable. However, the addition of aluminum powder should not be too large, otherwise the strength of castables will be greatly reduced. This kind of admixture is used to prepare lightweight porous castables.
Properties and functions of defoamers
The substance that can make the bubbles disappear quickly when the refractory castable is mixed and shaken is called defoamer. Defoamer is also a surface active material, its ability to reduce liquid surface tension is much stronger than foaming agent, so that the strength of the liquid film formed is very low, which can greatly reduce the stability of foam. And the spreading speed on the liquid surface is also faster, and the faster the spreading speed is, the stronger the defoaming effect is. The types of defoamers include alcohols, fatty acids and fatty acid salts, amides, organosilicon compounds, etc.
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Southern Copper Corp (SCCO.N) recently said its Peruvian mine remained closed after a six-week standoff with protesters and blamed the Peruvian government for failing to intervene in the safety of its 1,300 workers and their families.
The company said in a statement that a recent agreement to end protests at the Cuajone mine required the company to withdraw complaints against protest leaders because railways transporting minerals and supplies remained blocked. Production has been suspended since the end of February.
Peru's Energy Ministry said in a separate statement that it had also reached an agreement with Southern Copper to start talks to find common ground with local communities.
"If we shut down for a year, the government will stop receiving more than 3.1 billion soles ($830 million) in taxes and royalties, and 8,000 direct and indirect jobs will be lost. This is what we want to avoid, "Southern Copper added in the statement.
Peru has faced a wave of protests from indigenous communities, who accuse mining companies of not providing enough jobs and funding to poor local residents.
Central bank officials said last week that protests against copper mines such as MMG's Las Bambas and Southern Copper's Cuajone were dragging down the economy.
Peru is the world's second-largest copper producer and mining is an important source of tax revenue for the country. It is estimated that the supply and prices of the concrete foaming agent will be influenced by that.
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