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A Republican senator has proposed repealing Californias vehicle emissions regulations.U.S. EIA natural gas storage for the week ending July 31 was 33 billion cubic feet, compared with an expected 30 billion cubic feet and a previous reading of 28 billion cubic feet.The U.S. EIA natural gas storage data for the week ending July 31 will be released in ten minutes.On August 6th, Tesla (TSLA.O) announced that earlier this year, SpaceX and Tesla launched Project Terafab—the worlds largest chip manufacturing initiative, integrating logic chips, memory chips, and advanced packaging technologies within a single facility. In April, Tesla broke ground on its new R&D wafer fab at its Texas Gigafactory North Campus, the precursor to Terafab. Today, we are officially announcing that Terafab will be located in Grimes County, Texas. This facility will be an advanced semiconductor wafer fab designed to bridge the huge gap between current global chip supply capacity and future computing demands. SpaceX and Teslas combined chip demand is projected to exceed 1 terawatt (TW) of computing power, a scale far exceeding current global supply capacity. We are highly grateful to existing chip suppliers and encourage them to expand capacity where possible, but the widening gap between future supply and demand is the core reason for the existence of Project Terafab. Terafab aims to manufacture new computing power at an unprecedented scale and speed. The project plans to build a vertically integrated factory with a manufacturing area exceeding 100 million square feet. The facility will encompass the manufacturing, packaging, and testing of advanced logic and memory chips. Centralizing these processes in one location will facilitate rapid iterative improvements and accelerate the deployment of new computing capabilities.Tesla (TSLA.O): TeraFab aims to produce more than 1 terawatt of computing power per year.

Copper Decreases Due to COVID Unrest in China, While Gold Decreases

Aria Thomas

Nov 28, 2022 16:15

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Copper prices fell significantly on Monday as a result of rising social discontent in China over more COVID-19 lockdowns, while gold prices dipped as investors awaited fresh hints of U.S. monetary policy from this week's big economic statistics.


Copper futures expiring in March declined 1.3% to $3.5835 a pound by 18:50 ET (23:50 GMT) on Tuesday as traders predicted further demand destruction in China.


China is seeing a wave of civil disobedience in reaction to its strict zero-COVID policy, with protests and police clashes in a number of major cities as popular discontent with lockdown measures increases.


In the last three years, the zero-COVID policy has resulted in a number of lockdown measures that have severely impeded business activity and the mobility of individuals.


This also lowered China's appetite for imports of raw materials, resulting in a decline in copper prices in expectation of a decline in demand. The country's potential for violent demonstrations is a new hindrance to economic progress.


Copper prices are down more than 20% so far this year, as the global economy has slowed owing to rising inflation and interest rates, and as a result, metal demand has declined.


The markets largely overlooked signs of a declining copper supply, as major copper producers in Chile and Peru lowered output.


In anticipation of this week's lectures by numerous Federal Reserve speakers, including Chairman Jerome Powell, gold prices decreased modestly as the dollar strengthened.


However, Friday will be overshadowed by crucial nonfarm payroll data from the United States. Due to the continued strength of the labor market, the Fed has ample room to continue raising interest rates, which is bad for metal markets.


Gold on the spot market fell 0.2% to $1,752.08, while gold futures fell 0.2% to $1,181.85. As the December contract expiry date approaches, gold prices saw a minor backwardation, where spot prices were higher than futures prices.


In reaction to Federal Reserve suggestions that it will raise interest rates at a slower rate in the coming months, the price of gold has increased dramatically during the previous two weeks.


Notwithstanding, uncertainty about where U.S. interest rates may peak led some profit-taking in bullion prices, especially as U.S. inflation continued to move well over the Fed's objective.

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