Word: coppers
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Dates: during 1960-1969
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Luck played a part in the comeback. Vast shoals of anchovies offshore have turned Peru's once-struggling fishing industry into one that will earn upwards of $180 million in exports, mainly of fishmeal, this year. Also, the worldwide copper shortage, made more acute by growing U.S. demands for the Viet Nam war, should send Peru's mineral exports well beyond last year's record $309 million...
...shortage will probably get worse before it gets better. Among other things, Zambia's political decision to stop shipping copper through Rhodesia creates a bottleneck that may by year's end leave 150,000 tons of Zambian copper awaiting transport. To copper producers, the great danger is that higher prices and uncertain supplies may cause copper users to switch rather than fight...
Some big customers are already looking for ways to cut copper requirements...
...result is a world copper shortage and strong upward push on prices. Earlier this year the price rose to a breath taking 98¾? a lb. on the London Metal Exchange, a small-volume speculative market to which users turn when regular sources fail. In April, Chile, unable to resist temptation, broke a producers' agreement that had pegged the price at 42? a lb., went up to 62?. Zambia then decided to sell at L.M.E. prices, now 72?, and Peru-based companies followed suit. Last week Chile again hiked its price, this time...
This week copper company representatives from Chile, Peru, Zambia and the Congo are meeting in Lubumbashi, formerly Elisabethville, to consider the situation. But despite the danger to copper, prospects for an early return to the old pegged prices are slim...