Higher
p. 17 · Read in the full issue
Copra Price
MOF Rate May Now Hold
INHERE has been an improvement *■ in the world copra price, which ad sagged in recent months to around 60 Sterling. It is now (November 1) at about £75 Sterling per ton, iuropean ports.
The main cause of the slump was le arrival in the markets of large uantities of Indonesian copra. The etter price is due to belief that idonesia is going to produce in the nmediate future about 200,000 tons ss copra than was anticipated. There also reduced production in the iilippines; and there is an un pected shortage of whale oil, the arket price of which has increased om £66 Sterling per ton to £BO.
The last official London price, £77 g. per ton on November 4, is about [ual to £96 Australian, in Euro an ports.
This is helpful to both the MOF crests (which now are buying for out £7O Australian per ton copra lich is worth over £9O Aust. in irope) and to the Australian inter, who now has reason to hope it the expected 10 per cent, cut in ; MOF contract price for 1953 will t materialise. If the market holds over £7O Stg. per ton until the J of the year, the British MOF ce should not be further reduced.