Copra prices
p. 113 · Read in the full issue
continue to fall
Mr. K. G. Oliver, general mana ger of the PNG Copra Marketing Board, reported on August 18: Copra prices continued their downward trend during the second week of August and eventually reached the low levels of mid-May, 1969. The further reductions were brought about by continuing selling pressures from origin. Apart from the background of high production during this current season, the mar ket has been further unsettled, re cently, by the diversion of supplies from strike-bound United States west coast ports to Europe, Trade on the latter market has been mainly among dealers and al though occasional resistance was shown at the cheaper levels, it was not until the latter part of the sec ond week that there was any con cern that the market might be over sold.
The Copra Marketing Board re cently announced that the usual an nual price adjustment on copra de livered during the calendar year 1970 would be paid on September 15. The adjustment, on 117,368 tons, will be at the rate of $32,265 per ton and will require a total pay ment of almost $3.8 million.