The significance of futures trading in minerals and oil

Futures trading has been introduced for aluminium and oil in recent years and the range of contracts available on various minerals and oil products continues to widen. Concern has been expressed by producers of a number of minerals, including nickel and platinum, that the introduction of futures trading may introduce a speculative element to price determination that will create inappropriate or excessively volatile prices. It is the purpose of this article to analyse the role of futures trading in relation to trade in underlying commodities in general and especially for trade in minerals and oil. Evidence from oil and platinum markets, in particular, is adduced and examined in the light of earlier evidence of the influence of futures trading on underlying commodities. The contribution of futures trading is examined in detail and conclusions are reached on the significance of futures trading for minerals and oil.     

我国出口贸易中的碳排放转移测算研究

国际贸易中碳排放转移关系到贸易双方的碳权分配与碳排放责任,处理好贸易出口和碳排放关系非常重要。本研究应用投入产出法及模型,对我国2002—2011年出口贸易的碳排放进行测算。结果显示,出口贸易与出口贸易隐含碳排放呈现出同比增长关系,从出口规模和结构看,电气、机械及器材制造业,基本金属及金属制品业,通用、专用设备制造业,化学原料和化学制品制造业等行业的碳排放位居前列,行业高碳结构性特征明显;短期内出口贸易与出口隐含碳的正相关关系不会有明显变化,但从长期来看二者的正相关关系将会趋于减弱。本研究提出以碳减排为约束,转变出口贸易结构,促进传统制造业优化升级,发展低碳贸易产品和绿色产业等建议。     

Interactions between energy consumption,international trade,and real income in Canada: An empirical investigation from a new version of the Solow growth model

This study investigates the empirical relationship between energy consumption, international trade, and real income in Canada which has an important role in global energy and trade. It employs bound tests to level relationships and conditional error correction models through ARDL specification to a new version of the Solow Growth model. Using annual data of the 1960–2010 period, results reveal a long-term relationship between energy consumption, international trade, and real income in Canada. It is also found that energy exporting activity is the determinant (driver) of energy consumption through the channel of real income and energy consumption is the determinant (driver) of exports through the channel of real income in the long term of the Canadian economy. Exports and energy use are the determinants (drivers) of real income in the long term of the Canadian economy; therefore, as conditional Granger causality tests suggest there is feedback relationship between energy consumption, international trade, and real income in the long term of the Canadian economy. The present study suggests that any energy conservation policies are likely to have negative influence on output and international trade in Canada.     

Assessing the potential of yield improvements, through process scrap reduction, for energy and CO2 abatement in the steel and aluminium sectors

Targets to cut 2050 CO₂ emissions in the steel and aluminium sectors by 50%, whilst demand is expected to double, cannot be met by energy efficiency measures alone, so options that reduce total demand for liquid metal production must also be considered. Such reductions could occur through reduced demand for final goods (for instance by life extension), reduced demand for material use in each product (for instance by lightweight design) or reduced demand for material to make existing products. The last option, improving the yield of manufacturing processes from liquid metal to final product, is attractive in being invisible to the final customer, but has had little attention to date. Accordingly this paper aims to provide an estimate of the potential to make existing products with less liquid metal production.Yield ratios have been measured for five case study products, through a series of detailed factory visits, along each supply chain. The results of these studies, presented on graphs of cumulative energy against yield, demonstrate how the embodied energy in final products may be up to 15 times greater than the energy required to make liquid metal, due to yield losses. A top-down evaluation of the global flows of steel and aluminium showed that 26% of liquid steel and 41% of liquid aluminium produced does not make it into final products, but is diverted as process scrap and recycled. Reducing scrap substitutes production by recycling and could reduce total energy use by 17% and 6% and total CO₂ emissions by 16% and 7% for the steel and aluminium industries respectively, using forming and fabrication energy values from the case studies. The abatement potential of process scrap elimination is similar in magnitude to worldwide implementation of best available standards of energy efficiency and demonstrates how decreasing the recycled content may sometimes result in emission reductions.Evidence from the case studies suggests that whilst most companies are aware of their own yield ratios, few, if any, are fully aware of cumulative losses along their whole supply chain. Addressing yield losses requires this awareness to motivate collaborative approaches to improvement.     

Minerals in East-West trade: An overview

This paper examines recent trends in East-West trade in general. During the later 1960s and early 1970s trade between East and West grew faster than world trade. But after 1976 this growth slowed as trade between Eastern Europe and the West collapsed, although the USSR continued to trade with the West. It is shown that the second oil price rise in 1979 produced enhanced terms of trade for the USSR. The major products traded between East and West are identified and it is noted that the future direction of East-West trade will be profoundly influenced by whether or not the USSR undertakes significant economic reform.     

Recycling opportunities in the UK for aluminium-bodied motor cars

The purpose of this paper is to review, and draw attention to, issues raised by the recycling of wrought aluminium from motor cars, even though the time horizon for significant arisings of such aluminium scrap is in the order of 20 years from now. Recycling of specific grades of wrought aluminium will be viable only when a means of positively identifying different types of scrap is available. A solution must be reliable, rapid, and low-cost; probably used in conjunction with a vehicle shredder. Such a system of identification will eliminate the need for costly hand-dismantling and segregation. Simple segregation of cast and wrought alloy will, however, be essential when wrought aluminium from car bodies dominates the scrap arisings. Such segregation will produce two high-value scrap products. The first of which will be similar to the A380 casting alloy specification, maintaining the current supply of this scrap, and the second will be a composite of wrought alloys. These issues are relevant to the aluminium scrap industry, which will have to accommodate future changes in the composition of the scrap it receives, and the motor industry, which may adopt in-house recycling of wrought alloy in order to offset the high purchase cost of aluminium.     

The USSR, China, India and the world metals industry to 2010

Remarkable changes are occurring within the economies of the USSR, China and India that are influencing mineral industry activities. These three countries account for a major share of world minerals production and consumption. Their domestic reforms may ultimately have a serious impact on the global mining industry. This paper examines the present status of the Soviet, Chinese and Indian mineral industries, and forecasts conditions to 2010. Long-term characteristics analysed include industrial production, intensity of use, consumption, mine and plant expansion and trade policy. Six metals are highlighted in the study – aluminium, copper, lead, nickel, steel and zinc.     

The terms of trade debate and the policy implications for primary product producers

The terms of trade debate initiated by Raul Prebisch and Hans Singer over 60 years ago continues to this day and is unlikely to be resolved soon. However, even if Prebisch and Singer are right and the terms of trade of countries exporting primary products are falling, to suggest that these countries should diversify away from the production of mineral commodities and other primary products, as many have done, may be poor policy advice, encouraging countries to abandon a promising source of wealth with which to foster economic development.     

Decision factors for e-waste in Northern Mexico: To waste or trade

Currently, around the globe, environmental and social problems derive from the inappropriate recycling of electronic products. Moreover, improper recycling is not the only issue to address in electronic products. Others include: energy intensity in their manufacture, employment generation related to the international trade in used electronics, and access to technology by low-income communities. Nevertheless, policies and controls created to provide socially and environmentally sound management of used electronics do not match the complexity of the system. In order to understand the e-waste system, particularly used computers, as a whole, a field study was done between 2010 and 2011 in ten Mexican cities. Ninety-five diverse stakeholders were interviewed to uncover factors regarding the decision to waste or trade still-usable computers. Structured analysis was used to create Data Flow Diagrams (DFDs) to describe the critical parts of the system. The results show that perceived value and geographical location determine the rate in which computers are disposed and the opportunities to waste or trade them, including the trade of their materials. Among businesses and other organizations, legislation has a stronger effect. Technological change is another important factor, largely driving the change in materials and new products. Designing policies responding to this diversity may prevent unforeseen problems and stimulate solutions.     

正确认识绿色贸易壁垒

绿色贸易壁垒能促进广大发展中国家不断提高产品的环境保护水平,保护本国的生态环境,但在环保大潮的冲击下,一些贸易企业会由于产品不符合要求而面临出口困境。本文以绿色贸易壁垒产生的原因及应采取的措施等方面进行论述,指出绿色贸易壁垒既是挑战又是机遇,要正确认识绿色贸易壁垒。     

基于生命周期分新的电解铝清洁生产评价指标研究

本文利用生命周期评价对电解铝生产过程进行了全面分析，结合清洁生产的内涵和电解铝生产工艺的系统边界图，从炭素阳极、电解制铝、铝加工和烟气净化等四个子模块出发，把电解铝清洁生产评价指标体系分为五项一级指标，即管理与工艺设备指标、资源消耗指标、产品指标、环境指标、废物回收利用指标，一级指标又分解为13项二级指标和28项三级指标。     

基于生命周期分析的电解铝清洁生产评价指标研究

本文利用生命周期评价对电解铝生产过程进行了全面分析,结合清洁生产的内涵和电解铝生产工艺的系统边界图,从炭素阳极、电解制铝、铝加工和烟气净化等四个子模块出发,把电解铝清洁生产评价指标体系分为五项一级指标,即管理与工艺设备指标、资源消耗指标、产品指标、环境指标、废物回收利用指标,一级指标又分解为13项二级指标和 28项三级指标。     

生态服务贸易及其测度方法初探

随着区域间经济联系日益密切,生态服务的市场交换行为伴随着货物贸易快速增加,已成为生态服务贸易的主要形式。市场型生态服务贸易导致生态服务使用在区域间的巨大不公平,已对区域可持续发展产生了重大影响。从隐含自然资源产品提供、隐含能源提供和污染物净化三个方面设计了生态服务贸易的测度框架,并构建了生态不对等交换指数评价生态服务交换的不对等程度。     

无机聚合硅铝混凝剂的合成及其在含油污水净化中的应用

本文以价廉、来源广的水玻璃及硫酸和硫酸铝（简称AS）为原料，制备无机聚合硅铝混凝剂（简称PSA)。对影响PSA产品稳定性的因素进行了讨论；考察了PSA在含油污水混凝脱油净化中的应用性能；并与聚氯化铝（简称PAC）及AS的性能进行了对比。结果表明，PSA是一种高效的含油污水脱油净化用混凝剂，可以使含油污水的处理费用大幅度下降。     

Does Fair Trade Compete with Carbon Footprint and Organic Attributes in the Eyes of Consumers? Results from a Pilot Study in Scotland,The Netherlands and France

Several studies on ethical and social food attributes have shown that consumers, especially in developed countries, are willing to pay a price premium for fair trade foods products. However, there is a scant literature on how consumers’ preferences and willingness to pay (WTP) for fair trade products are affected by the presence of other ethical food attributes. To fill this gap, a choice experiment was conducted in Scotland, the Netherlands and France to assess consumers’ preferences and WTP for ethical attributes, i.e., fairtrade, organic, and lower carbon footprint, of bananas and to find out whether this ethical food attributes are competing in real markets. The results showed that in the three countries consumers are willing to pay a price premium for the three ethical food attributes. The results showed that in the current market situation these ethical foods are not generally competing against each other. Nonetheless, they are likely to become competing for consumer’s money at least when: (1) the price of organic foods is decreased significantly, (2) the price for fairtrade food products is set higher than consumers’ WTP, and (3) bananas labeled as having lower carbon footprint are made available in retail stores and sold at a price lower than consumers’ WTP.     

Bauxite and alumina - Jamaica's reach for the future

Jamaica has developed a new strategy designed to allow it to expand its bauxite and alumina production, to diversify both its markets and its sources of investment and, to move downstream into the production of aluminium and semi-finished products. Some benefits of this new strategy are already evident, several bauxite mines are being expanded, alumina plants are being re-opened while others are adding additional capacity, and the countries of Europe, Asia and North America are showing renewed interest in investing in Jamaica. With its new strategy, Jamaica intends to participate more fully in the world economy.     

Elicitation of willingness to pay for upgradeable products with calibrated auction-conjoint method

Understanding consumer preferences is a key element of new product development and sustainable consumption. Among sustainable products, we consider new products with upgradability properties. Upgradeability helps to prolong the lifespan of a product, satisfying changing consumer preferences and needs. This additional created value must be measured by willingness to pay premiums. This paper uses a method which valorizes each attribute of the product and analyzes the determinants of these premiums. A key advantage of the calibrated auction-conjoint method is the possibility of estimating numerous attributes with a large number of attribute levels. The results support the idea that consumers are willing to pay premiums for upgradeable, sustainable products, although these premiums are rather weak for some durable products in the study.     

The growth of develop-for-import projects

This article examines develop-for-import projects financed by development loans and mixed credits supplied by export-import banks and other financial institutions of the central governments of France, Japan and the Federal Republic of Germany. The projects discussed are those producing bauxite, alumina, aluminium, chromium, copper, iron, manganese, molybdenum, nickel and tungsten, in developing market economies, Australia and Canada. The article estimates the volume of these metals committed to France, Japan and FRG to pay for loans and credits, examines the types of financial arrangement involved in develop-for-import projects, and considers the compatibility of these arrangements with the multilateral liberalized world trading system developed by the General Ageement on Tariffs and Trade (GATT) over the past 40 years. To the extent that these arrangements do not fully reflect changes in international market forces, world trade in metals will tend to be distorted and discriminatory.     

Extra- and intra-European Union exchanges of recovered materials and products

On the basis of the data Comext from Eurostat, this paper presents 2001 data on the main exchanges (flows) intra-European Union (EU) and with the rest of the world (extra-EU), by countries (for the main countries which are concerned), tonnage and value, by categories of recovered materials and products. A synoptic table is established, the results are summarized, and initial comments are provided. Moreover the evolution from 1995 to 2001 is discussed.The second part of the paper examines what these data tell us:

* whether they are consistent with the main theories of international trade, and which factors explain these exchanges,

* what is the extent of foreign trade of recovered products and materials,

* to what extent the EU appears as ‘an economic entity’,

* and possible effects of the enlargement of the EU.

Global Trade in GM Food and the Cartagena Protocol on Biosafety: Consequences for China

The UN Cartagena Protocol onBiosafety adopted in Montreal, 29 January, 2000and opened for signature in Nairobi, 15–26 May,2000 will exert a profound effect oninternational trade in genetically modifiedorganisms (GMOs) and their products. In thispaper, the potential effects of variousarticles of the Protocol on international tradein GMOs are analyzed. Based on the presentstatus of imports of GMOs and domestic researchand development of biotechnology in China,likely trends in imports of foreign GM food andrelated products after China accedes to WTO isexplored. Also, China's potentialcountermeasures to control and regulate importsof GMOs in line with implementation of theProtocol are discussed. China, in recent times,has increased its food and agricultural importssubstantially from USA and Canada. Chinaimported soybean 10.42 mill. tons in 2000 andabout 15 mill tons in 2001, of which majorityare from USA where GM soybean accounts for60%. The plantation of US Monsanto'stransgenic Bt cotton was increased to more than1 million ha in China in 2001. Though China haspaid great attention to develop biotechnology,it appears to have little scope to export GMOsand GM products. So China may consider a rangeof administrative measures to implement theCartagena Protocol and to regulate its importof GMOs and GM agricultural products.Consequently, the Regulation on Safety ofAgri-GMOs was issued on June, 2001 and followedthree detailed rules issued in Jan. of 2002,with a priority to limit foreign GMOs importingby safety certification and labeling system.These were outlined taking into accountpolicies adopted in Western countries such asgreen barriers to international trade.