Price and volatility transmission between primary and scrap metal markets

The relationship between primary and scrap prices has been hypothesized for the most part as unidirectional, characterized by spillovers from primary to scrap prices. The purpose of this study is to evaluate empirically the dynamic interactions between primary and scrap metal prices through multivariate time series methods. In addition, the study expands the investigation at the level of volatility transmission, which has not been previously examined. The metal prices utilized are for copper, lead, and zinc for the period 1984–2001. The paper demonstrates differing long run and short run links. Scrap prices do not improve the long run interpretation of primary prices, but information flows from the scrap to the primary markets exist in the short run. Additionally, the copper and lead markets exhibit bidirectional information flows in terms of volatility transmission. The analysis provides valuable insight into the interactions of the primary and scrap metal sectors which can be used to improve forecasting and planning.     

Understanding world metals prices—Returns,volatility and diversification

In recent times, the prices of internationally traded metals have reached record highs and there is considerable uncertainty regarding their future. This phenomenon is partially driven by strong demand from a small number of emerging economies, such as China and India. This paper uses a long time-series (1900–2007) on 21 metals prices to investigate their properties, and presents unique features of their volatility, including a decomposition into within- and between-group components. If most volatility is commodity-specific rather than “global”, then metals-exporting dependent economies can smooth income via diversification.     

关于挥发酚测定中有关问题的探讨

本文对在挥发酚测定中，通过提纯显色剂纯度及控制去离子水的电导率，以达到降低测定空白值的目的，提出了较新的见解。     

Theory of storage,inventory and volatility in the LME base metals

The theory of storage, as related to commodities, makes two predictions involving the quantity of the commodity held in inventory. When inventory is low (i.e. a situation of scarcity), spot prices will exceed futures prices, and spot price volatility will exceed futures price volatility. Conversely, during periods of no scarcity, both spot prices and spot price volatility will remain relatively subdued. We test these predictions for the six base metals traded on the London Metal Exchange (aluminium, copper, lead, nickel, tin and zinc), and find strong validation for the theory. Including Chinese inventories reported by the Shanghai Futures Exchange strengthens the relationship further. We also introduce the concepts of excess volatility, inventory-implied spot price and inventory-implied spot volatility and illustrate some applications.     

2,4-二氯苯酚溶液的挥发性及其处理对策

研究了温度、pH、曝气等因素对2，4-二氯苯酚溶液挥发性的影响。结果表明，高温、低pH及高曝气量可提高2，4-二氯苯酚的挥发程度。研究表明，直接电解法处理此类废水效率较低，针对此情况提出了应注意的事项及基本处理对策。     

Estimating the volatility of mining projects considering price and operating cost uncertainties

In the real option pricing model of valuation and decision making, the estimation of future volatility is a key input parameter. For traded commodities or financial assets, past volatility is used as a proxy for predictions. But, for projects, this approach is not feasible because, in most cases, historical data of traded projects are not available. As an alternate solution, it is usually assumed that project volatility is equal to that of commodity price. In order to investigate this assumption, we estimate the project volatility considering that both commodity price and operating cost evolve as a geometric Brownian motion (GBM). Results of a hypothetical gold mining project indicate that project volatility is higher than that of commodity price and it only drops to price volatility under very unrealistic industry conditions, such as very high prices or very low production costs. In addition, we find that project volatility is independent of production capacity and taxation, but depends on increments in price and cost, as well as strongly on their degree of correlation.     

Thermal volatilization properties of atmospheric nanoparticles

Thermal volatilization is explored as a means of inferring the chemical composition of atmospheric aerosol particles with diameters smaller than 10 nm (nanoparticles). Such particles contain too little mass for quantitative chemical determination by traditional analytical methods. Aerosols were subjected to increasing temperature in an oven and particle loss was measured as a function of temperature with the TSI model 3025 ultrafine condensation particle counter (UCPC), which is capable of counting particles with diameters as small as 3 nm. Particle nucleation was observed down stream of the oven when it was heated above about 400°C. To reduce this artifact, the sample air down stream of the oven was cooled to condense the hot gases and/or the freshly nucleated particles before they reached the UCPC. Controlled experiments were done with pure ammonium sulfate (NH₄)₂SO₄ particles. The experimental design was optimized based on the known concentration of pure (NH₄)₂SO₄ particles vaporized in the oven and the diffusion of this material to the walls of the sampling tube before the particle counter.     

4-氨基安替比林分光光度法测定挥发性酚的不确定度分析

测量不确定度是近年兴起的一种对测量结果可信程度的表示方式，这种方式将会在环境监测分析中推广和应用。依据《测量不确定度评定与表示指南》，在挥发性酚测量时找出影响测量的各个因素（分量），建立满足测量不确定度所需的数学模型。并对其进行评定，再将这些分量的不确定度合成，最终估算出挥发性酚的总不确定度。其结果能如实反应测量的置信度和准确度。     

Predicted changes in summertime organic aerosol concentrations due to increased temperatures

Changes in summertime organic aerosol (OA) concentrations in the Eastern U.S. are investigated for different temperature change scenarios using the chemical transport model PMCAMx-2008. OA is simulated using the volatility basis set approach, assuming that the primary emissions are semi-volatile and that the intermediate volatile and semi-volatile organic compounds are oxidized in the gas phase, resulting in products with lower volatility. For the basic temperature change scenario where biogenic emissions are kept constant, ground-level OA decreases by −0.3% K⁻¹ on average. Increases in the north (+0.1% K⁻¹) and decreases in the south (−0.5% K⁻¹) are predicted. The effect of the uncertain temperature dependence of the aging rate constant is modest, changing the OA by only 0.1% K⁻¹ over the temperature-independent case. For the more realistic scenario in which biogenic OA precursor emissions are allowed to increase with temperature (up to 10% K⁻¹), however, average OA increases by 4.1% K⁻¹, with even higher increases in southern regions. These results suggest that as temperature increases, complicated changes in production, partitioning and chemical aging will take place. Nevertheless, the change in biogenic emissions and subsequent production of biogenic OA is more than an order of magnitude more important than the changes in the rates of chemical and physical atmospheric processes.     

如何降低水中VOC分析的检测限

环境中挥发性有机污染物（ＶＯＣ）的存在很复杂,随着ＶＯＣ治理的进步,环境水中ＶＯＣ浓度有不断降低的趋势,要求ＶＯＣ分析具有更低的检测限。通过对环境水前处理过程采用优化吹扫捕集条件来扩大试样量,选择高灵敏度的检测器以及降低前处理过程的空白值,提纯分析用水;优化ＶＯＣ色谱分离条件,确保色谱峰良好分离来降低试样和空白值的标准偏差的研究,表明可以有效降低水中ＶＯＣ分析方法的检测限。