Copra Coming Down)
p. 19 · Read in the full issue
BANG! (That’s The Sound Of Copra Coming Down)
Copra really took a hammering during December, reported Mr. lan McDonald, Chairman of the Papua and New Guinea Copra Market ing Board. And planters all over the South Pacific couldn’t do anything else but sorrowfully agree.
The c.i.f. price, delivered weights, UK/Continent fell during the month of December by about £Stg.s, giving an average of £Stg.6l/2/6.
The dov/nward trend of the copra market over the last six months of 1960 has made it necessary for the P-NG Marketing Board to revise its tentative price and, commencing from January 1, the three grades of copra delivered to Board’s depots will be: Hot Air, £AS4/10/-; F.M.S., £AS3; Smoke, £AS2. All grades are thus down £lO on the prices paid in the previous six months. A The downward trend of the copra market did in fact persist throughout 1960, and the average c.i.f. price each month in the last year is of interest: , January, £Stg.92/17/6; February, £Stg.9o/2/6; March, £Stg.Bs; April, £Stg.77/5/-; May, £Stg.73/10/-; June, £Stg.69; July, £Stg.6B/7/6; August, £Stg.67/15/-; September, £Stg.62/15/-; October, £Stg.63/2/6; November, £Stg.64/17/6; December, £Stg.6l/2/6.
The average for the year was thus £Stg.73 per ton (average price references are given to the nearest 2/6).
The average price of copra for each of the three years since the termination of the UK Ministry of Food Contract has been: 1958, £Stg.73/12/6; 1959, £Stg.9o/12/6; 1960, £Stg.73.