Word: coppers
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...week and sent it out for a membership vote. Administration economists think that they see signs-more trustworthy than the many false ones of the past-that inflation is at last beginning to abate. Those signs are only beginning to show up in the price indexes, but prices of copper and some other metals have fallen lately and the Council of Economic Advisers is getting some reports of under-the-table deals by manufacturers to sell at a discount goods that they cannot move at high list prices...
...domestic and international political seers. The "Chilean road to socialism" was still being paved, but no one really knew where it would lead. Inflation was climbing above 200 percent. The black market thrived like a parasite on the rationed existence of the people. International credit was all but nonexistent. Copper prices had fallen on the world market, leaving Chile bereft of its most profitable source of international monetary reserves. There were threats of violence and whisperings of coups...
Inspired by the heady success of the Organization of the Petroleum Exporting Countries in pumping up the price of oil, four countries that account for 70% of the world's copper exports last week adopted some of OPEC's tactics. Zambia, Zaire, Chile and Peru, members of a cartel called the Intergovernmental Council of Copper Exporting Countries (CIPEC) announced plans to reduce shipments of the metal by 10%. Said Fernandez Maldonado, Peru's Minister of Energy and Mines: "The Arabs have shown...
...move was prompted by sagging copper prices, down from $3,200 a ton earlier this year to less than $1,400. Demand has decreased with the worldwide recession and cutbacks in manufacturing. If CIPEC succeeds in raising prices, many industries will be affected. Copper is an important ingredient in cars, planes and trains as well as in plumbing materials, pots and pans, and even intrauterine devices. The U.S. and the Soviet Union, the two largest copper producers, both mine nearly enough for their own needs. Europe and Japan, however, rely heavily on CIPEC copper...
...cutback in shipments without a reduction in production. Almost in response, the Chilean government announced that it would close down the Exotica Mine for six months; the mine, one of Chile's largest, last year produced about 32,000 tons, or only 4% of Chile's copper exports. That should certainly not be enough to kick up prices-unless more member countries also close their mines...