commodity prices
p. 11 · Read in the full issue
Dramatic recovery in commodity prices
Spot prices for many mining and agricultural commodities on the international market have doubl ed in the past year this is good news for many countries in the Pacific, especially Fiji and Papua New Guinea.
The latter may expect, for ex ample, that better returns for agricultural commodities will be accompanied by the prospect that Bougainville Copper will resume paying supertax this year on cop per and gold.
Despite its present problems,
Fiji can perhaps take some com fort from the fact that the prob lems of sugar-producing coun tries are worldwide.
As one industry expert writes: “On the world scene, the latest year’s total raw sugar output of nearly 100 million tonnes is ex pected to drop to about 95 mill ion tonnes in 1983-84. This should tend to work down stocks which stood at a high level of more than 36 million tonnes at the end of the 1982-83 season.”
Sir Roderick Proctor of the
Bundaberg Sugar Co., Queens land, told the company’s share holders last month; “The prediction of a better balance in the supply and de mand position and the positive tone in the market have arisen in part because of poor weather which delayed and reduced beet plantings in Europe, droughts in South Africa, Fiji, the Philip pines, Thailand, Indonesia and until March, Australia, and floods in Cuba.”
The London daily price of sugar, which reached a trough in September 1982, had by last month recovered all its losses since the end of 1981.
Due to the relative failure of the Philippines copra crop (PIM Sep. p 55), and other factors, the price of copra moved as high as SUS66O a long ton in August (cif Rotterdam price). In October 1982, it had hit a low point of $265.
London cocoa futures were 1593 pounds sterling a tonne in August, compared with 916 pounds sterling in August 1982 (cif North European ports).
A ceremonial canoe was a point of interest for Bob Hawke, Australian Prime Minister, when Francis Saemala, new High Com missioner for Solomon Islands, presented his credentials in Can berra. - John Crowther for AIS.