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Peru Declares Emergency in Bid to Restore Southern Copper’s Cuajone Mine

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Peru’s government will declare a state of emergency near Southern Copper’s (NYSE:SCCO) Cuajone mine, Prime Minister Anibal Torres said Wednesday, which could lead to the restoration of production at the mine.

The government was running out of patience with protests against mining companies that had shut down 20% of the country’s copper output.

Cuajone suspended operations on February 28 after residents of a nearby community shut down water supply to the mine, demanding financial compensation and a share of future profits.

Protests spread during the week to MMG’s giant Las Bambas mine, which produced nearly 300K metric tons in 2021 while Cuajone added another 170K tons.

Protests reportedly began Wednesday at Glencore’s (OTCPK:GLCNF) (OTCPK:GLNCY) Antapaccay mine but apparently had not blocked a key transport road shared by Antapaccay, Las Bambas and Hudbay Minerals’ (HBM) Constancia mine.

Demonstrations in recent months also have targeted Constancia and Antamina, Peru’s largest copper mine and co-owned by Glencore and BHP (BHP).

ETFs: (COPX), (CPER), (JJCTF), (JJC)

Copper prices have been trading near all-time highs, with Goldman Sachs forecasting new records this summer.

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Source: seekingalpha.com

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Maersk, MSC to End Global Alliance in Container Shipping Shakeup

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The world’s two biggest shipping lines – A.P. M?ller-Maersk (OTCPK:AMKBY) (OTCPK:AMKAF) and Mediterranean Shipping Co. – said Wednesday they will end their 2M vessel sharing partnership in 2025, a move S&P Global Platts said will shake up the container shipping market and .

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Article: seekingalpha.com

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U.S. Natural Gas Slides Below $3 for First Time in 19 Months

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U.S. natural gas futures fell below $3 for the first time since May 2021, trading as low as $2.992/MMBtu Wednesday before the front-month February contract (NG1:COM) settled at a new 52-week low, -5.8% to $3.067/MMBtu.

Since fears that suppliers couldn’t meet wintertime demand pushed U.S. natgas prices to a 14-year high of ~$10/MMBtu in August, U.S. and Europe have refilled their buffer inventories ahead of winter, and relatively warm temperatures in the Northern Hemisphere so far have held down demand for heating.

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Source Here: seekingalpha.com

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Sens. Warren, Welch Urge Moderna to Reconsider COVID-19 Shot Price Increase

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Democratic Sens. Elizabeth Warren (Mass.) and Peter Welch (Vt.) are asking Moderna (NASDAQ:MRNA) CEO Stephane Bancel to reconsider a price hike for COVID-19 vaccines once they become available through the commercial market.

Moderna (MRNA), like rival Pfizer (), has said it plans to hike the price of its COVID shot to between $110 and $130 per dose, far higher than what the federal government has been paying for them.

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Original Article: seekingalpha.com

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