Copra Market Still Depressed
p. 98 · Read in the full issue
But Recovery Possibly On Way
Conditions in the copra markets of the world continued in their de pressed state throughout most of October, although there was evidence of some price recovery during the week ended on October 16, general manager of the PNG Copra Marketing Board reported in Port Moresby in late October. He added: “The main factors influencing world prices continue to be the un settled currency conditions, the dock strikes in the United States, and a general surplus in supplies available in UK/Europe , ... .
“President Nixon using the Taft/Hartley law ordered the West Coast strikers back to work for a cooling-off period, but the present unsettled conditions will probably continue until some satisfactory negotiations are concluded and the strikes end.
“The decline in world prices forced a further reduction of $B.OO a ton in tentative prices currently being paid by the PNG Copra Market ing Board and with effect from October 1, these were reduced to.
Hotair 5103.00 per ton, FMS $lOO.OO, Smoke $98.00.
“All prices were inclusive of the bounty payment of $3.00 per ton paid on behalf of the Copra Industry Stabilisation Board.’