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This South American country aims to achieve refining localization and position itself as the largest producer. Congressman Rodrigo Rollemberg has proposed the establishment of "Brazil Rare Earths Corporation" (Terras Raras Brasileiras SA, or Terrabras), which will focus on mineral research, exploration, and commercialization. The company's operating model will be similar to that of the state-controlled oil producer Petrobras. Its capital structure may include private enterprises, development banks, and sovereign funds, but the federal government will retain a minimum shareholding to ensure control.

Specifically, regarding the crude oil market, on one hand, geopolitical negotiations still present uncertainties, with the risk of a return to high oil price volatility remaining; on the other hand, the shortage of spot supply has become an established fact, and compared to the resumption of air routes, the resumption of crude oil production in Gulf countries may require more time. According to Bloomberg data, OPEC crude oil output in March was already below the June 2020 low, decreasing by about 7.56 million barrels per day compared to the previous month. Therefore, the downside space for oil prices may be relatively limited, and if progress in geopolitical negotiations falls short of expectations, the risk of high volatility returning still exists.For the gold market, CICC believes that there may be room for correction in the previously priced-in expectations of interest rate hikes. Whether it is an oil price correction following easing geopolitical tensions, a shift of monetary policy back towards an accommodative stance, or intensifying supply shocks increasing recessionary pressures and highlighting the safe-haven value, cyclical investment demand and gold prices are both expected to have opportunities for recovery in the second half of the year. In addition, as of March this year, the central bank of China has increased its gold reserves for 17 consecutive months, with the amount held in March further rising to 4.98 tonnes. Medium- to long-term demand for gold purchases by central banks is expected to continue providing structural support for gold prices.

This personnel change marks an important shift in the company’s financial management leadership. During their tenure, Degetto was responsible for overseeing the company’s financial strategy and operations. The specific reasons for their departure and subsequent arrangements have not yet been detailed in the documents. Normally, companies report management changes promptly to regulatory authorities in accordance with relevant regulations. The conclusion of the Chief Financial Officer’s term is expected to have some impact on Hawaiian Electric’s financial governance and subsequent strategic execution.