CIPEC STUDYING COPPER MARKET BACKWARDATION
The Paris-based Intergovernmental Council
of Copper Exporting Countries (CIPEC) is closely studying the
current backwardation in world copper market prices but does
not envisage taking corrective action at present, CIPEC sources
here said.
    The organisation's executive and marketing committees
reviewed the current market situation during a series of
meetings here late last week, but took no major decisions.
    The sources noted that the backwardation - premium of
nearby supply over forward delivery - dates back several weeks
and is the longest on record.
   "It's unusual," one official said, but added CIPEC did not
have any immediate recipe to remedy the situation.
    The meetings featured a gathering of the 10 directors of
CIPEC's regional copper development and promotion centres,
which are based in Europe, Japan, India and Brazil.
    Their main aim was to prepare the ground for the annual
ministerial meeting of CIPEC, which is scheduled for Zaire in
late September.
    The last three ministerial meetings have been held in Paris
to keep down costs.
 Reuter
