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Futures data from September 18th showed a significant downward pressure on copper prices, likely driven by risk aversion ahead of the Federal Reserves interest rate meeting. With expectations of a rate cut materializing and the Feds overall neutral stance, copper prices retreated from their highs during the US trading session. The Fed cut rates as expected, but Powell, in a post-meeting statement, stated the move was a risk management decision, adding that he saw no need for a rapid rate adjustment. While global raw material tightening has eased, supply-side pressures have yet to materialize. Demand for end-consumption remains uncertain, along with the macroeconomic environment. In the short term, copper prices are looking for a breakout driver after hitting the upper limit of volatility, with the market fluctuating between "recession" and soft landing scenarios. The September Fed meeting was uneventful, and while a major upward macro driver has yet to materialize, the long-term supply-demand imbalance remains the primary concern. For now, high volatility is likely to persist until real conditions improve. Trading remains cautious regarding changes in demand and the overseas macroeconomic environment.On September 18th, Meta Platforms (META.O) announced the launch of a new generation of Ray-Ban smart glasses, with significantly longer battery life and 3K video recording capabilities. The technical name of this new pair of glasses is Ray-Ban Meta Gen 2, with a starting price of US$379. At the same time, Meta also launched its first glasses with a built-in display. The latest model is Meta Ray-Ban Display, with a starting price of US$799. The glasses have a built-in screen in the right lens, which can display text messages, video calls, turn-by-turn map navigation, and visual query results of Meta AI services. These glasses also introduce a new control system. Although users can still operate them by swiping along the frame like previous models, the main interface is controlled by a wristband worn on the hand that recognizes gestures. At the same time, Meta also announced the launch of Oakley Vanguard smart glasses, which are targeted at athletes.Meta Platforms (META.O) announced the establishment of Meta Horizon Studio.Meta Platforms (META.O): Ray-Ban Display smart glasses start at $799 and will be available starting September 30.Meta Platforms (META.O) said its new smart glasses with a display will come with a wristband that allows the glasses to be controlled by gestures.

U.S. States Battle to Share Diminishing Colorado River Water Supplies

Skylar Williams

Feb 03, 2023 11:45

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The Colorado River, which supplies 40 million people in seven U.S. states with potable water, is drying up, straining a water distribution treaty in the midst of the greatest drought in 1200 years, which is compounded by climate change.


California left the six states of Arizona, Colorado, Nevada, New Mexico, Utah, and Wyoming on Tuesday in response to a U.S. government deadline requiring them to negotiate their own supply cuts or face the possibility of federally mandated reductions.


Kevin Moran, a specialist in water policy at the Environmental Defense Fund, described today's events as a step forward.


"After twenty years of drought and the effects of climate change, six of the seven basin states are playing catch-up to minimize water use from the Colorado River," Moran told Reuters.


When the states signed its pact a century ago, the river was expected to produce 20 million acre-feet of water annually. An acre-foot (1,233 cubic meters) of water is sufficient to supply two urban households with water for one year.


The real flow has decreased to an average of 12.5 million acre-feet over the past two decades, leaving state water managers with more rights on paper than actual availability.


California receives the greatest allocation, of which 80 percent is utilized by its $50 billion agriculture sector.


Many experts believe that the state's choice to opt out of the deal increases the likelihood that the water dispute will reach the nation's top courts.


David Hayes, a lecturer at Stanford University Law School, stated, "We have a scenario where certain water rights holders in California say, 'We're not willing to give up additional water, and we believe we have legal rights and are willing to go to court if necessary.'"


"And there is insufficient time to fight these issues," Hayes, a former senior climate adviser to President Joe Biden, warned.


He identified the need for significant conservation efforts to safeguard reservoirs from overuse and drought exacerbated by climate change, a condition that, if left uncontrolled, might threaten water supply to Las Vegas or California from the Hoover Dam.


Although California was deluged for weeks beginning in late December by seven atmospheric rivers that dumped up to 30 inches (76 centimeters) of rain in some regions, the Colorado River basin received little of this precipitation.


California cannot resolve its long-term crisis without substantial investments to capture more storm water, repair flood plains, and recycle wastewater, despite forecasts of more such atmospheric rivers of increasing magnitude and frequency.


In at least 1,200 years, 2000-2021 was the driest 22-year period for southwestern North America, according to a paper published in Nature in 2017.


Sharon Megdal, director of the Water Resources Research Center at the University of Arizona, stated, "Something will have to give."


As temperatures rise, mountain snows melt more rapidly in the spring, and the state lacks the storage capacity to accommodate the runoff.


She noted that a letter signed by the six states demonstrated that they all acknowledged the need for a change in operating protocols for the Colorado River and its supplies.


"I believe that people would like to believe that we can find a way to keep these economic activities, our type of businesses, and our livelihoods going," Megdal added.