Morgan Downey's Commodity News
The gen alpha daily zeitgeist of the physical commodity world
Oil · Gas · Power · Coal · Ags · Metals · Rare Earths · Shipping · Environment · RWA
Wednesday, June 10, 2026 · 41 stories
Markets at a glance
WTI Crude
88.08
-0.1%
-0.12
Nat Gas
3.142
+0.1%
+0.002
Dutch TTF
49.20
+0.9%
+0.45
Last price as of Wed, Jun 10, 6:00 AM ET · 1-day change vs prior settle. Continuous front-month futures.
Downey's Take
Cotton down $1.97 (-2.5%) on improved weather boosting crop prospects and firm dollar.
Platinum down $41 (-2.4%) on broad precious metals weakness amid renewed Middle East tensions.
Gold down $95 (-2.2%) on renewed US-Iran hostilities lifting dollar and oil, raising rate-hike concerns.
Silver down $1.23 (-1.9%) on broad precious metals weakness amid renewed Middle East tensions.
Wheat up $10 (+1.7%) on El Niño heightening global crop risks and short-covering ahead of USDA report.
Cocoa down $65 (-1.7%).
Kicker: Macquarie recommends long cocoa calendar spread buying Jul26/selling Dec26 on expected seasonal grind recovery.
Drivers and the Kicker trade idea are sourced from third-party news and bank or desk commentary. Informational only, not BoxWood trade advice.
The marquee commodity stories of the day
Oil
What's moving · US-Iran strikes and China’s May crude imports at 7.82M bpd (8-year low) drive oil volatility with prices near $91 Brent.
| Market |
Last |
1D |
YTD |
1Y |
5Y |
| WTI Crude |
88.08 |
-0.1%
-0.12 |
+53.4% |
+29.2% |
+25.3% |
| Brent |
91.33 |
-0.1%
-0.12 |
+50.1% |
+30.9% |
+25.9% |
| RBOB Gasoline |
2.979 |
-0.1%
-0.002 |
+74.7% |
+37.5% |
+34.6% |
| Heating Oil |
3.527 |
-0.4%
-0.015 |
+66.3% |
+59.9% |
+64.5% |
Oil holds steady amid fresh US-Iran clashes and stock draws
Jeslyn Lerh ·
Reuters · Wed, Jun 10, 2026
Oil prices traded sideways after early gains on renewed US strikes against Iran following a helicopter incident near the Strait of Hormuz. A forecast US crude stock draw for the eighth straight week lent support, with Brent at $91.70 and WTI at $88.43. Renewed hostilities cloud near-term direction despite limited supply disruption pricing.
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China May crude imports fall 29% to 8-year low
China imported 7.82 million barrels per day of crude in May, down 29% year-over-year to the lowest level in more than eight years. Traders cite the drop by the top importer as key to holding oil below $100 despite the effective closure of the Strait of Hormuz. Lower refining activity and product exports drove the decline.
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Oil trims gains after US Iran strikes
Brent crude slipped toward $91 after rising as much as 2% intraday on news of US military action against Iran. WTI traded near $88 as markets assessed the brief campaign following the downing of a US helicopter. Traders remain focused on whether strikes escalate or de-escalate supply risks.
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Oil drops 3% as US strikes Iran
Oil prices closed about 3% lower with Brent at $91.45 and WTI at $88.20 after US strikes on Iran in retaliation for an Apache helicopter incident. The move followed a brief halt in Iran-Israel exchanges and comes amid ongoing Middle East tensions. Markets digested the developments alongside other risk factors.
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Oil rises on US-Iran hostilities
Asian equities fell while oil prices edged higher on the latest US-Iran exchange of strikes, the biggest since an earlier ceasefire. Brent rose 0.7% to $92.08 and WTI 0.6% to $88.73, moving off recent seven-week lows. Markets priced only modest supply disruption risk despite Hormuz concerns.
Read →
US Natural Gas
What's moving · Henry Hub futures hold near $3.15/MMBtu as hot weather lifts Southeast cash prices and power/LNG demand competes.
| Market |
Last |
1D |
YTD |
1Y |
5Y |
| Henry Hub |
3.142 |
+0.1%
+0.002 |
-14.8% |
-10.4% |
-0.2% |
Southeast prices soar as power and LNG demand compete
Transco Zone 4 cash prices widened their premium to Henry Hub amid rising power-burn and LNG feedgas demand in the Southeast. Hot weather forecasts are boosting electricity generation needs while LNG export facilities pull additional supply. The competition highlights tightening regional balances despite national storage surpluses.
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Natural gas futures claw back after sell-off
NYMEX natural gas futures recovered Tuesday morning after an early-week selloff, with bargain buyers stepping in. Physical prices for next-day delivery rose on mounting heat expected to drive power demand higher. Traders appear to view recent weakness as overdone amid supportive summer fundamentals.
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Storage surplus faces mixed EIA report impacts
The upcoming EIA storage report is forecast to show an injection that trims the year-over-year surplus while widening the gap versus the five-year average. South Central region inventories flipped to a deficit in late May amid flat production and rising demand. Analysts expect the data to have nuanced effects on near-term pricing.
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Global Nat Gas & LNG
What's moving · Petronas signs 20-year, 2MTPA LNG supply deal with JERA as Malaysia-Japan energy ties deepen.
| Market |
Last |
1D |
YTD |
1Y |
5Y |
| Dutch TTF · €/MWh |
49.20 |
+0.9%
+0.45 |
+74.7% |
+37.0% |
+71.5% |
| Dutch TTF · $/MMBtu |
16.67 |
+0.9%
+0.15 |
+74.7% |
+37.0% |
+71.5% |
| JKM · $/MMBtu |
18.89 |
-0.1%
-0.01 |
+96.6% |
+51.7% |
+72.9% |
Petronas inks 20-year LNG deal to supply JERA 2M tons yearly
Petronas will supply Japan's JERA with 2 million metric tons of LNG per year for 20 years starting 2028 under a new long-term agreement. The deal, announced by leaders of both countries, extends a decades-long partnership and supports Japan's efforts to secure Asian LNG supplies. It bolsters global LNG trade flows from Malaysia to Northeast Asia.
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Three blasts strike Russian gas pipeline in Dagestan
Three explosions hit a 1,200 mm trunk gas pipeline in Kizilyurt, Dagestan, causing a fire that emergency crews contained. The incident on a key Russian domestic line was reported by TASS citing regional authorities. Any sustained disruption could affect regional gas supply reliability in the North Caucasus.
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US seeks to release reserves and sell more LNG, LPG to ASEAN
U.S. Deputy Secretary of State Christopher Landau said Washington aims to release strategic energy reserves and increase LNG and LPG sales to ASEAN nations. The move supports regional energy security and diversification amid global supply pressures. It positions U.S. exports as a key alternative supplier for Southeast Asia.
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ADNOC explores Canada upstream and LNG investments via XRG
ADNOC upstream CEO Musabbeh Al Kaabi said the firm is assessing Canadian upstream and LNG opportunities through its international arm XRG. Comments came at the Global Energy Show in Calgary amid Canada's push for energy development. The interest signals potential new capital inflows into North American gas and LNG projects.
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Power
What's moving · AI-driven data center demand surges US power use to new records in 2026-27 per EIA, lifting European summer prices on heat risks.
EIA: US power demand hits fresh records in 2026-27 on AI data centers.
EIA projects US electricity consumption rising to 4,271 billion kWh in 2026 and 4,397 billion kWh in 2027 from 4,195 billion kWh in 2025. Commercial demand, led by AI data centers, will surpass residential for the first time. Renewables share climbs while coal declines, tightening supply-demand balance across US grids.
Read →
GM partners on sodium-ion batteries for AI data center grid storage.
General Motors announced a partnership with Peak Energy Technologies to develop sodium-ion batteries for stationary grid storage targeting AI data center needs. The move follows Ford and aims to enable off-peak charging and vehicle-to-grid capabilities. It addresses surging power demand from hyperscalers by expanding beyond EVs into grid solutions.
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French July power prices rise 10% as summer cooling demand looms.
French July electricity futures jumped about 10% in two days amid forecasts of extreme summer heat boosting air conditioning loads. German front-month power rose only 1%, narrowing the France-Germany spread to €41/MWh. Milder conditions and lower gas costs in Germany limit its gains while highlighting regional heat-driven volatility.
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Coal
What's moving · Indonesia export controls tighten seaborne thermal coal supply, lifting Newcastle futures to $152/t highs since late 2023.
China coking coal futures hit down limit on output push.
Dalian coking coal futures hit the daily down limit after Shaanxi authorities urged miners to maintain output for summer peak demand. The notice followed a deadly accident in neighboring Shanxi that raised supply and safety concerns. The move signals efforts to stabilize domestic metallurgical coal availability.
Read →
Agriculture
What's moving · USDA crop progress shows 97% corn planted and strong conditions, lifting grains amid harvest start.
| Market |
Last |
1D |
YTD |
1Y |
5Y |
| Corn |
423 |
+0.9%
+4 |
-3.9% |
-3.1% |
-39.4% |
| Wheat |
595 |
+1.7%
+10 |
+17.4% |
+11.4% |
-12.9% |
| Soybeans |
1,119 |
+0.5%
+5 |
+8.6% |
+6.5% |
-27.5% |
| Sugar |
13.92 |
-1.1%
-0.16 |
-7.3% |
-15.2% |
-21.2% |
| Coffee |
243.3 |
+1.0%
+2.4 |
-30.2% |
-30.6% |
+53.3% |
| Cocoa |
3,845 |
-1.7%
-65 |
-36.6% |
-59.7% |
+61.4% |
| Cotton |
75.51 |
-2.5%
-1.97 |
+17.5% |
+15.3% |
-13.6% |
USDA: Corn 97% planted, conditions steady at 67% good-excellent.
USDA's June 8 Crop Progress report shows U.S. corn planting at 97% complete as of June 7, with Kentucky, Nebraska and North Carolina finished. Corn condition holds at 67% good to excellent. Soybean planting reaches 92% with 79% emerged and condition at 65% good-excellent. Winter wheat condition sits at 25% good-excellent, the lowest on record.
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Kansas wheat harvest 5% complete, ahead of average.
The 2026 Kansas wheat harvest reached 5% complete as of the latest update, ahead of the five-year average pace. USDA NASS data underpins the progress report for the state. Early harvest activity occurs against a backdrop of challenging crop conditions statewide.
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USDA: 264k MT soybeans, 103k MT corn sold to unknown/Japan.
USDA Export Sales report for the week notes 264,000 metric tons of soybeans sold to unknown destinations for 2026/27 marketing year. Corn sales total 103,000 MT, including 40,000 MT to Japan for 2025/26 and 63,000 MT for 2026/27. These new-crop commitments add to export demand signals.
Read →
Base Metals
What's moving · LME copper dips 0.36% to $13,566.5/t as Mideast volatility and macro concerns offset US tariff support.
| Market |
Last |
1D |
YTD |
1Y |
5Y |
| Copper |
6.25 |
-1.2%
-0.08 |
+10.9% |
+30.1% |
+39.1% |
LME copper slips on Mideast volatility, macro worries despite tariff hopes.
Benchmark three-month copper on the LME fell 0.36% to $13,566.5 per metric ton overnight. Other base metals also declined, with aluminum down 1.54%, zinc 0.58%, nickel 0.77% and tin 1.86%. Support lingers from expected US tariffs on copper imports, but energy price spikes from Middle East conflict and stronger US jobs data raising rate-hike odds weighed on demand outlook.
Read →
Precious Metals
What's moving · Gold slides below $4,300/oz on stronger US jobs data and rate-hike bets, pressuring the complex.
| Market |
Last |
1D |
YTD |
1Y |
5Y |
| Gold |
4,191 |
-2.2%
-95 |
-3.1% |
+26.2% |
+121.3% |
| Silver |
64.01 |
-1.9%
-1.23 |
-8.7% |
+77.0% |
+128.5% |
| Platinum |
1,671 |
-2.4%
-41 |
-17.9% |
+32.8% |
+46.0% |
| Palladium |
1,229 |
-0.1%
-1 |
-24.6% |
+13.0% |
-55.7% |
Gold falls on rate-hike fears and Middle East tensions
Spot gold traded around $4,201-$4,223/oz after settling down 3.1% on Friday amid renewed Middle East strikes and rising yields. Stronger US jobs data fueled expectations of Federal Reserve rate hikes, pressuring non-yielding metals. The move extends a weekly decline for gold and silver.
Read →
Central banks bought 244t gold in Q1 as ETFs saw outflows
People's Bank of China added 320,000 oz in May, extending its streak, while World Gold Council data showed 244 tonnes of net central bank purchases in Q1 2026. Western ETFs recorded $1.8bn net outflows in May amid higher rate expectations. Persistent official buying supports fundamentals despite investor selling.
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Platinum deficit deepens to 297 koz in 2026 forecast
WPIC revised its 2026 platinum market deficit forecast to 297 koz from 240 koz on tighter supply from South Africa and Russia. Above-ground stocks are projected to fall to under three months' cover by year-end. Investment demand is expected to rebound and widen the structural shortfall.
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Rare Earths & Critical Minerals
What's moving · China rejects US request to ease rare earth export curbs on Japan, driving supply chain scramble.
China reaffirms rare earth export ban to Japan despite US plea.
China's Ministry of Foreign Affairs reaffirmed that its months-long export ban on rare earth products to Japan remains in place, classifying them as dual-use materials for military purposes. The US had requested resumption at a May meeting to protect global high-tech supply chains. The restrictions, which have already cut exports by up to 80%, underscore Beijing's leverage in permanent-magnet feedstocks amid Taiwan tensions.
Read →
Shin-Etsu plans rare-earth smelter in Japan to cut China dependence.
Shin-Etsu Chemical will build a rare-earth smelter in Fukui Prefecture, its first new facility there in 18 years, to process materials domestically. The move targets reduced reliance on Chinese refining for EV, chip, and magnet supply chains. It follows reports of a potential $220 million investment and aligns with Japan's broader diversification push.
Read →
Taiwan eyes US, Australia, Canada ties for rare earth refining.
Taiwan's Minister of Economic Affairs Kung Ming-hsin said the island plans a pilot-scale rare earth production line within three years to meet about half of domestic demand via recycling and refining imported concentrates. Taipei is pursuing purchases from the US and talks with Australia and Canada to build non-Chinese chains. ITRI technology development supports the effort amid China's export controls.
Read →
Shipping & Freight
What's moving · Baltic Dry Index falls 3.4% to 2,818, an over-1-month low, on eighth straight decline amid Capesize weakness.
BDI drops 3.4% to 2,818 on eighth straight session
The Baltic Exchange dry bulk index fell 98 points or 3.4% to 2,818 on June 9, its lowest since May 1. Capesize slipped 5.9% to 4,441 while Panamax eased 0.6% to 2,205; Supramax rose 1.1% to 1,614. The sustained weakness in larger vessel segments pressures iron ore and coal freight rates.
Read →
BDI falls to 2,818, down 98 points on June 9
The Baltic Dry Index decreased by 98 points to 2,818 points on Tuesday, June 9, 2026. The index tracks freight rates for ships carrying commodities such as coal, grain and iron ore. It has now declined for eight consecutive sessions.
Read →
Environment
What's moving · EU plans to expand ETS to foreign flights drive compliance demand expectations higher.
EU to charge foreign flights under expanded ETS.
The EU will propose extending carbon charges to flights departing the bloc as part of an Emissions Trading System reform to be unveiled next month. Revenue will fund clean energy transition. The move targets non-EEA carriers currently exempt and could increase allowance demand from aviation.
Read →
Denmark awards Aalborg Portland $2.55B CCS subsidies.
Aalborg Portland, Denmark's top CO2 emitter, signed a contract for 16.5 billion Danish crowns in CCS subsidies starting 2030. The project targets up to 1.25 million tons of annual capture from cement production. It supports Denmark's 70% emissions cut goal and hard-to-abate sector decarbonization.
Read →
Confindustria pushes 10 proposals for ETS reform.
Confindustria presented 10 proposals to the EU ahead of Wednesday ETS revision talks to reduce carbon costs and protect competitiveness. The Italian group seeks reforms addressing industrial impacts. This comes as the Commission prepares its broader ETS review expected around July.
Read →
Real-World Assets & On-Chain Commodities
What's moving · XAUE launches Tether Gold-backed gift card expanding tokenized gold utility into corporate gifting.
XAUE launches Tether Gold gift card for corporate gifting and rewards.
XAUE launched its Gold Gift Card, the first enterprise-grade application on its platform powered by Tether Gold (XAU₮) and yield-bearing XAUE layer. The product enables conversion of tokenized gold into yield-earning holdings for corporate gifts, client rewards, and daily use, with physical redemption planned for Hong Kong and Singapore in July. It broadens tokenized gold beyond holding into programmable treasury and gifting applications.
Read →
OKX adds gold and oil perpetual futures for EU retail traders.
OKX expanded its X-Perps offering in Europe to include gold and oil futures alongside Magnificent 7 stocks. The move delivers tokenized commodity perpetual futures to EU retail traders on a regulated platform, intensifying competition in on-chain commodity derivatives. It follows Hyperliquid's success in 24/7 oil perps and signals broader institutional adoption of perpetual commodity contracts.
Read →
ICE CEO eyes perpetual futures launch after Hyperliquid oil gains.
Intercontinental Exchange CEO Jeffery Sprecher said the firm is discussing perpetual futures with regulators, citing Hyperliquid's 24/7 oil contract success. Hyperliquid's oil perps saw volumes surge to over $550 million notional during weekend closures, pricing in 80% of WTI moves before traditional exchanges opened. The comments highlight pressure on incumbents to match crypto-native commodity perpetuals.
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Corporate & Deals
What's moving · Petronas-JERA 20-year LNG deal and ADNOC Canada push drive commodity corporate activity amid Iran supply concerns.
CMR Green shares surge nearly 40% on India listing debut
Aluminium recycler CMR Green Technologies stock jumped almost 40% on its NSE/BSE debut, valuing the firm at around $578 million. Investors bought into the company's dominant position in India's non-ferrous metals recycling sector. The strong listing highlights investor appetite for metals-related plays.
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Cenovus CEO: proposed west coast pipeline unfinanceable now
Cenovus Energy CEO Jon McKenzie stated a proposed 1 million bpd Alberta-to-BC Pacific coast pipeline cannot secure private financing under current Canadian regulations. He cited the industrial carbon pricing system as making oil sands output uncompetitive. The remarks highlight regulatory barriers to expanding Canadian crude export capacity.
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Myriad acquires 23 uranium-REE targets in Arizona breccia pipes
Myriad Uranium Corp acquired mineral leases and claims covering 5,600 acres in Arizona's historically significant uranium district, including 23 breccia pipe targets with REE potential. The Wate Pipe holds a historical resource estimate of 1.12 million lbs eU3O8. The deal expands the junior miner's exposure to critical uranium and rare earth assets.
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Regulation & Government
What's moving · EU proposes 21st Russia sanctions package with oil price cap freeze and LNG curbs, pressuring energy flows.
EU proposes 21st Russia sanctions targeting banks, oil traders.
The European Commission proposed its 21st sanctions package against Russia, targeting nearly 90 banks, crypto platforms, drone production, oil traders and refiners. It includes freezing the Russian oil price cap at $44.10 per barrel for six months, new LNG tanker resale restrictions, listing 30 more shadow fleet vessels and import/export bans on high-performance metal alloys and fish. The measures aim to cut Moscow's war revenues amid higher global oil prices from the Iran conflict.
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What traders and commodity market feeds are talking about
Gold silver pull back to key support in bull trend
Traders note gold and silver correcting via time not price, holding long-term rising channels and triangle structures with intact bullish bias. RSI cooling without damage; focus on support confirmation for potential reversal. Matters as location in structure often signals best entries in secular bull market for precious metals.
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Uranium utilities seek mid long term supplies
TradeTech reports utilities buying beyond near-term needs into mid-term, long-term and post-2035 periods amid rising spot prices toward $100/lb. Bullish supply-demand catalysts noted by Citi for 2H. Matters for uranium market as it signals sustained demand growth and potential price upside.
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Gold silver bearish copper cup handle forming
Daily review highlights no reason for longs in gold or silver under bearish momentum; uranium names weak, WTI bullish but no setup. Copper eyes cup-and-handle breakout. Matters for traders seeking high-probability technical setups across metals and energy.
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Oil eases near 89-90 on de-escalation
Oil remains elevated but easing on partial de-escalation; gold firm as safe haven, silver copper mixed. Geopolitical tensions and upcoming data like CPI add volatility. Matters as higher energy prices test risk-on rally and tie into broader macro inflation concerns.
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Uranium equities pull back spot nears 100
Uranium names like PDN down sharply in global pullback; spot price discussion points to potential above $100/lb soon per analysts. Utilities confidence rising. Matters for metals sector as supply constraints and demand from nuclear growth support prices despite near-term equity weakness.
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Recent video and podcast calls from respected oil and commodity analysts
Rystad economist: deficit now, huge surplus 2027
Claudio Galimberti discusses how the current absolute oil market deficit from the Iran war and Hormuz closure could flip to a humongous surplus in 2027 once resolved. He notes market confusion from shifting signals and emphasizes a future focus on energy security over affordability or sustainability.
Watch/Listen →
JPM commodities head on sanguine prices amid shock
Natasha Kaneva analyzes why energy prices remain remarkably calm despite an ongoing supply shock, attributing it to market confidence and fundamentals. She explores scenario analysis for when calm turns to apprehension if the conflict drags on, with co-host on natural gas.
Watch/Listen →
Where commodity traders watch asymmetric risk · live odds via Polymarket
Hormuz Crisis
US-Iran tensions disrupting Strait of Hormuz oil flows. Polymarket odds, last 7 days.
Fed Policy
Fed rate decisions move USD strength and industrial energy demand expectations. Polymarket odds, last 7 days.
Hurricane Season 2026
US Gulf Coast hurricane landfall risk for upstream NG + oil supply. Polymarket odds, last 7 days.
Pandemic Watch
Tail-risk demand shock for jet fuel, gasoline, LNG. WHO general + named-pathogen probabilities. Polymarket odds, last 7 days.
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Morgan Downey's Commodity News is published by ComCurv, Inc. Curated and rewritten from public sources; every story links to its original publisher. Informational only · not financial, investment or trading advice.
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