South Pacific
p. 12 · Read in the full issue
Copra Situation
Bright
World copra prices are cur rently at their highest level for five years.
THE contributing factors are a strong consumer demand from Europe, damage to palms in Fiji, and increased political tension in South- East Asia.
Mr. lan McDonald, chairman of the P-NG Copra Marketing Board, reported in March that the average March price was likely to be about £Stg.B6 a ton —the highest price since 1960, when prices ranged through J anuary £Stg.92/17/6, February £Stg.9o/2/6 to March £Stg.Bs. The price went down to £Stg.s6/2/6 in May, 1962.
Mr. McDonald said the reason for the increases could probably be found in the dealers’ market, with some short covering, and thus current prices were probably very vulnerable.
World exports of copra had slipped somewhat by 1964 and this trend might continue into 1965, and so buyers might be feeling some con cern. But there was no real reason for their concern for any fall in quantity had been more than made up by an increase in coconut oil from the Philippines and Ceylon. The im port total of copra and coconut oil, in terms of oil, had shown an in crease on 1962 and 1963 imports.
Hence, whatever might be the reason for the present higher prices, it did not seem to be supply.
“It is felt that copra prices have now reached their peak and we might expect a gradual falling away to 1964 levels,” Mr. McDonald added.
Today’s copra situation is not analagous with the record prices of 1958-59, for then there was a definite shortage of copra and coco nut oil.
Although today there is not enough copra and coconut oil to satisfy all requirements, the world supply position is much better than it was six years ago. • See also Commerce, Produce p. 131. • A bulldozer being used in phosphate mining on Ocean Island recently uncovered the remains of a human skeleton, revealing the site of a prehistoric Banaban village.