Copra Goes Down,
p. 24 · Read in the full issue
Down and Down
The price of Philippines copra dropped again in April, taking it down to a record post-war low of £Stg.sl /17 /5 c.i.f., London, Nth.
European ports on April 11.
THE market recovered somewhat towards the end of the month and the average for April was £Stg.sB/15/-. This is away below that “sensible price” of £Stg.63 c.i.f. which the big consumers in Europe set over a year ago when the copra boom was just beginning to taper off. At that figure, they intimated, they would again become interested in copra for the manufacture of margarine.
Tire current low seems to indicate that that interest is now well overdue.
The April price is also well below the price where, according to the Chairman of the Papua-New Guinea Copra Marketing Board, Mr. lan McDonald, they would have to look seriously at P-NG “tentative” prices For May, however, the Board has de cided to allow them to stand al £AS4/10/-; £AS3 and £AS2 for the three grades.
The London price on May 3 had recovered to £Stg.s9/18/7 c.i.f.