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 Water Reducing Agent still face uncertainty.
Introduction to Naphthalene Sulfonate Water Reducing Agent:
It is the product of naphthalene sulfonated by sulfuric acid and then condensed with formaldehyde, which belongs to an anionic surfactant. The appearance of this kind of water-reducing agent depending on different products is light yellow to dark brown powder. It is soluble in water and has a good dispersing effect on many powder materials such as cement. The water reduction rate is 25%.
Preparation method of Naphthalene Sulfonate Water Reducing Agent:
The synthetic route of naphthalene sulfonate superplasticizer is as follows:
naphthalene → sulfonation → hydrolysis → condensation → neutralization → filtration → drying → product
The raw material for production is naphthalene. First, the sulfonation reaction is carried out with concentrated sulfuric acid. The mole ratio of naphthalene to sulfuric acid is 1:1.3-1.4. The reaction temperature was 160 - 165℃ and the reaction time was 3h. Then the reactants were cooled to 120℃ for hydrolysis. At this time, naphthalene sulfonic acid was stable, while naphthalene sulfonic acid was easy to hydrolyze, thus reducing the amount of naphthalene sulfonic acid to facilitate the next polycondensation reaction. The hydrolysis time was about 30min. The condensation reaction is an important reaction in the production of a naphthalene sulfonate water reducer. At a certain temperature, the sulfonated naphthalene was condensed with formaldehyde to form a polymer compound. This reaction strongly affects the performance of the product. In order to find the optimal process parameters, the effects of condensation time, condensation temperature, and the ratio of formaldehyde and naphthalene on product properties were investigated by means of uniform design. The optimal temperature condition is 104℃. The optimal reaction time was 6h. The optimal condition of formaldehyde dosage is 0.75. The maximum expected theoretical value is 18.3.
Industrial production process of Naphthalene Sulfonate Water Reducing Agent:
(1) naphthalene: Naphthalene is solid at room temperature, and it is necessary to put naphthalene into the naphthalene kettle for heating and melting.
(2) sulfonation: The sulfonation process is to add concentrated sulfuric acid to the sulfonation kettle and react with it to produce naphthalene sulfonic acid. There are two types of naphthalene sulfonic acid: α -naphthalene sulfonic acid and β -naphthalene sulfonic acid.
(3) hydrolysis: As α -naphthalene sulfonic acid is produced in the sulfonation reaction, its presence is not conducive to the condensation reaction, so it needs to add water to hydrolyze α -naphthalene sulfonic acid.
(4) condensation: After the end of hydrolysis reaction to condensation kettle drop formaldehyde, and β -naphthalene sulfonic acid reaction to generate naphthalene sulfonated formaldehyde condensation.
(5) neutralization: After condensation, the material enters the neutralization kettle, drops liquid alkali, neutralizes the excess sulfuric acid in the sulfonation reaction, and stops dropping when the PH reaches 7-9.
The control system mainly monitors the production status of four different reaction reactors and their batching tanks. The production line can also carry out four production lines at the same time. Taking production line A as an example, there are one naphthalene reactor, two sulfonation reactors, four condensation reactors, and one neutralization reactor. Each reaction kettle has a feed valve, discharge valve, emptying valve, hot oil valve, cooling water valve, steam pressure valve, flush valve, etc., the reaction kettle with a raw material tank, two sulfonated kettles shared a sulfuric acid tank, every two condensation kettles would be equipped with a set of formaldehyde tank and dilution tank, each condensation kettle has a hydrolysis tank, liquid alkali tank to neutralize the alkali added drops in the kettle.
Applications of Naphthalene Sulfonate Water Reducing Agent:
Naphthalene water-reducing agent is a kind of concrete additive invented by Dr. Hwab Kenichi in Japan in 1962. It is a kind of chemical synthetic product of naphthalene sulfonate formaldehyde condensation, with industrial naphthalene, concentrated sulfuric acid, formaldehyde, and alkali as the main raw material. Adding a naphthalene water-reducing agent to concrete can not only improve the strength of concrete but also improve its various properties, such as wear resistance, corrosion resistance, permeability resistance, etc. Therefore, naphthalene water-reducing agent is widely used in roads, bridges, tunnels, docks, civil buildings, and other industries.
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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 Water Reducing Agent will be influenced by that.
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