Philippines

Copra Market

What Happens When Controls Come Off

AS the keynote to the immediate future of the world copra market is pro vided by the largest individual pro ducer, Philippines, the following extract from a United States official publication is of general interest. At latest advices the value of copra on the Manilla market (which is free and uncontrolled) was £75 per ton in Australian currency: “Copra shipments from the Philippines in the first 11 months of 1946 amounted to 510,000 long tons, according to pre liminary data. The monthly volume of shipments recently exceeded all previous records in the Philippine copra trade, “On December 6, 1946, price restrictions were abandoned when the Commodity Credit Corporation announced its agree ment to the Philippine proposal for ter mination of its contract for exclusive purchase of exportable copra. Several weeks earlier the market had risen sharply, anticipating the end of copra price control.

“Production of copra probably will de cline in early 1947, but it is expected to equal the pre-war rate with a total out put for the year of about 750,000 long tons. The quantity available for ex portation may be about 650,000 tons, allowing 100,000 tons to be processed by Philippine crushers. Small quantities of crude coconut oil will be available for exportation during 1947.”