66774 DECPG Commodity Markets Review Number 121 www.worldbank.org/prospects/commodities 10 February 2012 The dollar price of non-energy commodities rose by 2.9 percent in January—the first increase in six months—on various weather-related supply constraints, improving macro sentiment, and in part due to dollar depreciation (down 0.6 percent against a broad group of major trading partners). The largest increases were for metals on expectations of higher demand, while several agriculture prices rose due to drought conditions, notably in South America. Crude oil prices moved higher on rising geopolitical tensions. Crude oil prices (World Bank average) rose by 2.7 Agriculture prices rose by 2.2 percent in January— percent in January to $107.1/bbl on rising the first increase in five months—on numerous geopolitical tensions in a number of oil producing supply concerns, notably drought conditions in Latin countries (e.g., Iran, Iraq, Nigeria, South Sudan and America and elsewhere. The largest gains were for Yemen) and improving macro indicators. The spread raw materials, up 5 percent, with rubber prices between Brent and WTI averaged $10/bbl but climbing 7 percent on weather-related supply widened sharply in early January to near $20/bbl reductions in Asia, while cotton prices rose 6 due to increasing stocks at Cushing OK. Reversal of percent on higher import demand in China. Fats and the Seaway pipeline was delayed until June that will oils prices rose 4 percent, led by 5-7 percent gains in then move crude from the U.S. mid-continent to the soybeans and soymeal due to an expected shortfall Gulf coast. Meanwhile the price of Brent moved in Argentina’s soybean output because of dry above $118/bbl in early January on extremely cold weather. Maize and sorghum prices rose 4-5 percent weather in Europe that is boosting heating oil due to drought-related supply losses in South demand. Prices have also been supported by America and Mexico. Cocoa prices rose 5 percent on unexpected production outages in the North Sea persistent drought in West Africa, especially in Côte and elsewhere, and by European refiners arranging d’Ivoire. The only product to record a large decline to replace Iranian crude ahead of the EU embargo was rice, down 7 percent, on higher Indian exports. and U.S. sanctions (on banks dealing with Iran) that will come into full force July 1st. Saudi Arabia has Metals and minerals prices jumped 5.6 percent in pledged to offset any losses from Iran, and has also January on expectations of higher demand and stated that it now prefers to keep oil prices at $100 falling stocks for some metals. It follows very strong per barrel. imports into China in 4Q11. Tin prices rose 11 percent due to falling stocks and a sharp drop in Natural gas prices in the U.S. plunged 15.3 percent Indonesia’s exports because of seasonal rains. Nickel in January to $2.7/mmbtu (less than 1/5 Asian LNG prices increased 9 percent on rising global stainless prices) due to mild weather, surplus inventories, and steel output, but large increases in global nickel steady rise in shale gas production. Companies have capacity are coming on stream in the near to announced plans to curtail dry-gas shale production, medium term. Copper prices rose 6 percent on and they also continue to shift investments toward declining inventories, while aluminum prices were liquids-rich or pure-oil shale developments. also up 6 percent on a number of announced Fertilizer prices fell 2.7 percent in January due to production cuts. Lead prices rose 4 percent on weak global demand and surplus supply. Major falling stocks, while zinc prices were also up 4 producers plan to cut output in 1Q12. percent on higher Chinese imports. Major Price Indices Agriculture Prices - Sub-Indices Indices of Nominal US$ Prices (2005=100) Indices of Nominal US$ Prices (2005=100) 250 250 225 225 Agriculture Food 200 200 Beverages Energy 175 175 Metals and Minerals Raw Materials 150 150 125 125 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Prepared by Shane Streifel, John Baffes and Betty Dow, with the assistance of Katherine Rollins. Crude oil prices rose 2.7 percent due to rising Major Movers January geopolitical concerns in a number of oil Tin prices surged 10.7 percent on falling stocks producing countries. and a sharp drop in Indonesia’s tin exports, in Rice prices fell 6.7 percent as sharply higher part because of seasonal wet weather. exports from India more than offset a weather- Nickel prices jumped 8.7 percent on rising global induced shortfall from Thailand. stainless steel production (the main market for Natural gas (U.S) prices plunged 15.3 percent on nickel), but the industry faces large increases in weak demand from mild winter weather, surplus new nickel capacity and market surpluses in 2012 inventories, and rising shale gas production. and beyond. Companies have announced plans to reduce Soybean meal prices rose 7.3 and 5.1 percent, output, but these cuts only account for 1 percent respectively, due to a drought-induced soybean of U.S. production. shortfall in Argentina, and the overall strength of TSP and DAP fertilizer prices dropped 17.9 and grain prices. 7.8 percent, respectively, due to weak demand Rubber prices gained 7.1 percent supported by a and oversupply, but key international producers seasonal slowdown in supply, as well as a have planned cutbacks in the first quarter to moderate negative affect from La Niña which is arrest the decline in prices. expected to dissipate over the next few months. January Price Changes in Percent Copper prices increased 6.3 percent due to -40 -20 0 20 40 declining LME inventories (fourth straight month), and following record refined copper Tin Nickel imports into China in December. Soybean meal Cotton prices rose 6.1 percent because of Rubber improving global demand and higher cotton Copper Cotton -43.6 purchases by the Chinese government. Aluminum Aluminum prices increased 6.0 percent following Maize announcements of additional production cuts Soybeans Cocoa (because of low aluminum prices and rising Coal power costs), and some consumer restocking in Urea Jan '12/Dec '11 the U.S. and Europe. Zinc Maize and sorghum prices rose 5.5 percent and Lead Jan '12/Jan '11 Sorghum 3.6 percent, respectively, due to drought- Palm oil induced losses in South America and Mexico. Iron ore Cocoa prices gained 5.0 percent because of Crude oil Sugar persistent dry weather in West Africa—especially Wheat Côte d'Ivoire which accounts for one-third of Silver global supplies. Soybean oil Coal prices increased 5.0 percent owing to Logs Gold higher prompt demand and supply tightness in Coconut oil Australia (port congestion and vessel queues). PCL Urea fertilizer prices increased 4.1 percent Coffee, arabica Beef mainly as traders sought to cover prompt Groundnut oil deliveries, but otherwise the global market is Phosphate rock well supplied. Palmkernel oil Zinc prices rose 4.0 percent, despite rising Natural gas, Eur Tea stocks, on the back of strong Chinese imports in Sawnwood December that may have continued into January. LNG 41.9 Lead prices increased 3.6 percent on falling Coffee, robusta Rice stocks and declining high-cost secondary smelter DAP production in China. Natural gas, US - 40.4 Palm oil prices rose 3.3 percent due to seasonally TSP low production and increased import demand, especially for biodiesel production. Note: Percent changes throughout refer to change Iron ore prices increased 2.8 percent owing to over previous month (figure above includes 12-month supply disruptions in Brazil because of wet changes in grey). weather in the southern part of the country. Commodity Markets Review -10 February 2012 2 Commodities Price Data 2010 2011 2011 2012 Commodity Unit 2010 2011 2012 Q4 Q1 Q2 Q3 Q4 Nov Dec Jan Energy Coal, Australia a/ $/mt 98.97 120.94 115.14 107.63 128.99 120.00 120.61 114.15 113.80 109.66 115.14 Crude oil, avg, spot a/ $/bbl 79.04 104.01 107.07 85.42 99.75 110.05 103.07 103.16 105.41 104.23 107.07 Crude oil, Brent a/ $/bbl 79.64 110.94 111.16 86.79 104.90 117.10 112.47 109.29 110.50 107.91 111.16 Crude oil, Dubai a/ $/bbl 78.06 106.03 109.78 84.37 100.40 110.56 107.01 106.16 108.59 106.22 109.78 Crude oil, West Texas Int. a/ $/bbl 79.43 95.05 100.29 85.09 93.95 102.50 89.73 94.03 97.12 98.56 100.29 Natural gas Index a/ 2005=100 91.46 106.22 107.24 89.62 97.56 106.03 111.29 110.02 109.13 109.59 107.24 Natural gas, Europe a/ $/mmbtu 8.29 10.52 11.45 8.54 9.45 10.31 10.88 11.42 11.32 11.53 11.45 Natural gas, US a/ $/mmbtu 4.39 4.00 2.68 3.80 4.18 4.37 4.12 3.32 3.24 3.16 2.68 Natural gas LNG, Japan a/ $/mmbtu 10.85 14.66 16.25 10.91 11.99 13.71 16.35 16.59 16.78 16.50 16.25 Non Energy Commodities Agriculture Beverages Cocoa b/c/kg 313.3 298.0 230.8 296.6 334.3 307.4 303.5 246.8 252.7 219.7 230.8 Coffee, Arabica b/c/kg 432.0 597.6 523.0 513.9 620.0 636.5 597.7 536.2 540.3 521.9 523.0 Coffee, robusta b/c/kg 173.6 240.8 213.2 199.4 241.5 262.6 243.1 215.9 214.4 217.0 213.2 Tea, auctions (3), avg b/c/kg 288.5 292.1 266.9 303.5 288.7 299.7 300.3 279.5 278.7 269.5 266.9 Tea, Colombo auctions b/c/kg 329.0 326.4 305.8 342.4 356.3 319.7 313.0 316.7 315.5 311.1 305.8 Tea, Kolkata auctions b/c/kg 280.5 277.9 230.3 311.7 229.2 313.0 312.8 256.4 254.9 236.1 230.3 Tea, Mombasa auctions b/c/kg 256.0 271.9 264.5 256.3 280.6 266.3 275.3 265.4 265.8 261.3 264.5 Food Fats and Oils Coconut oil b/$/mt 1,124 1,730 1,451 1,546 2,073 1,996 1,474 1,377 1,479 1,445 1,451 Copra $/mt 750 1,157 965 1,038 1,379 1,342 991 917 980 968 965 Groundnut oil b/$/mt 1,404 1,985 n.a. 1,604 1,723 1,830 2,142 n.a. 2,225 n.a. n.a. Palm oil b/$/mt 901 1,125 1,061 1,108 1,251 1,147 1,079 1,025 1,053 1,027 1,061 Palmkernel oil $/mt 1,184 1,648 1,366 1,619 2,131 1,874 1,338 1,250 1,298 1,367 1,366 Soybean meal b/$/mt 378 398 367 424 437 400 399 357 354 342 367 Soybean oil b/$/mt 1,005 1,299 1,218 1,242 1,349 1,311 1,324 1,214 1,217 1,204 1,218 Soybeans b/$/mt 450 541 498 522 565 557 553 488 486 474 498 Grains Barley b/$/mt 158.4 207.2 213.3 181.1 198.1 209.5 210.4 210.9 211.5 212.5 213.3 Maize b/$/mt 185.9 291.7 272.8 241.5 282.8 312.6 302.1 269.3 274.4 258.6 272.8 Rice, Thailand, 5% b/$/mt 488.9 543.0 546.7 510.8 511.2 493.1 567.7 600.1 615.3 585.8 546.7 Rice, Thailand, 25% $/mt 441.5 506.0 534.0 471.4 465.4 456.8 532.0 570.0 584.3 565.5 534.0 Rice,Thai, A.1 $/mt 383.7 458.6 517.7 423.1 411.3 419.2 476.2 527.6 549.8 544.0 517.7 Rice, Vietnam 5% $/mt 429.2 513.6 475.7 504.7 478.8 479.7 544.8 551.2 568.7 504.4 475.7 Sorghum $/mt 165.4 268.7 265.7 208.6 255.2 270.5 287.5 261.8 265.4 256.4 265.7 Wheat, Canada $/mt 312.4 439.6 381.6 383.6 449.0 474.6 429.8 405.2 407.7 393.7 381.6 Wheat, US, HRW b/$/mt 223.6 316.3 274.9 283.6 330.5 339.3 315.6 279.7 281.0 269.0 274.9 Wheat, US SRW $/mt 229.7 285.9 253.9 284.9 320.8 301.9 270.5 250.5 253.2 244.7 253.9 Other Food Bananas, EU $/mt 1,002 1,125 926 1,033 1,251 1,250 1,030 968 971 940 926 Bananas, US b/$/mt 868 968 939 909 964 1,004 953 951 956 942 939 Fishmeal $/mt 1,688 1,537 1,307 1,613 1,740 1,648 1,426 1,336 1,339 1,309 1,307 Meat, beef b/c/kg 335 404 420 353 410 406 394 407 416 419 420 Meat, chicken b/c/kg 189.2 192.6 199.2 189.3 188.2 191.0 194.3 197.0 196.7 198.0 199.2 Meat, sheep c/kg 531.4 663.1 648.0 618.7 637.1 668.5 686.5 660.2 663.6 650.7 648.0 Oranges b/$/mt 1,033 891 731 878 824 878 1,038 824 682 758 731 Shrimp, Mexico b/c/kg 1,004 1,193 1,069 1,222 1,246 1,243.8 1,198 1,085 1,083 1,069 1,069 Sugar, EU domestic b/c/kg 44.18 45.46 42.16 44.38 44.69 47.02 46.13 44.01 44.26 42.93 42.16 Sugar, US domestic b/c/kg 79.25 83.92 76.48 84.86 86.56 80.28 86.72 82.09 83.61 79.83 76.48 Sugar, world b/c/kg 46.93 57.32 51.94 58.01 62.70 52.56 60.72 53.29 52.95 50.79 51.94 continued on next page Commodity Markets Review -10 February 2012 3 Commodities Price Data 2010 0 2011 2012 Commodity Unit 2010 2011 2012 Q4 Q1 Q2 Q3 Q4 Nov Dec Jan Raw Materials Timber Logs, Cameroon $/cum 428.6 484.8 458.3 448.5 451.6 489.6 515.1 483.0 481.1 466.7 458.3 Logs, Malaysia b/$/cum 278.2 390.5 390.5 312.1 326.2 382.1 444.7 409.0 403.3 387.9 390.5 Plywood c/sheets 569.1 607.5 615.0 580.5 588.5 603.2 621.0 617.5 617.5 615.0 615.0 Sawnwood, Cameroon $/cum 812.7 825.8 750.8 847.8 833.1 872.2 823.1 774.6 771.4 753.9 750.8 Sawnwood, Malaysia b/$/cum 848.3 939.4 877.0 892.9 921.6 959.2 965.2 911.8 892.8 888.4 877.0 Woodpulp $/mt 866.8 899.6 770.0 897.8 891.5 942.0 930.5 834.6 838.3 794.5 770.0 Other Raw Materials Cotton A Index b/c/kg 228.3 332.8 222.5 330.1 456.9 386.7 259.4 228.1 230.8 209.7 222.5 Rubber, RSS3 b/c/kg 365.4 482.3 362.6 432.8 573.2 530.1 465.3 360.6 337.2 338.4 362.6 Rubber, TSR20 c/kg 338.1 451.9 350.4 425.9 525.1 467.3 456.5 358.7 333.0 334.7 350.4 Fertilizers DAP b/$/mt 500.7 618.9 530.0 585.6 601.7 617.3 650.8 605.7 611.3 575.0 530.0 Phosphate rock b/$/mt 123.0 184.9 202.5 140.0 158.3 182.5 197.5 201.3 202.5 202.5 202.5 Potassium chloride b/$/mt 331.9 435.3 476.3 343.2 374.2 422.7 471.3 473.0 474.0 475.0 476.3 TSP b/$/mt 381.9 538.3 435.0 463.8 486.3 544.2 558.3 564.2 570.0 530.0 435.0 Urea, E. Europe, bulk b/$/mt 288.6 421.0 368.4 357.0 353.4 407.9 485.4 437.3 470.9 353.8 368.4 Metals and Minerals Aluminum b/$/mt 2,173 2,401 2,144 2,343 2,501 2,611 2,399 2,094 2,080 2,022 2,144 Copper b/$/mt 7,535 8,828 8,040 8,637 9,642 9,173 8,984 7,514 7,581 7,565 8,040 Gold $/toz 1,225 1,568 1,652 1,367 1,384 1,507 1,700 1,682 1,738 1,642 1,652 Iron ore, spot, cfr China $/dmt 145.9 167.8 140.3 155.9 178.6 175.8 175.9 140.8 135.5 136.4 140.3 Lead b/c/kg 214.8 240.1 209.6 239.0 260.4 255.1 245.5 199.2 199.4 202.2 209.6 Nickel b/$/mt 21,809 22,910 19,855 23,609 26,870 24,355 22,024 18,393 17,873 18,267 19,855 Silver c/toz 2,020 3,526 3,077 2,647 3,179 3,857 3,885 3,182 3,327 3,013 3,077 Steel products index 2005=100 124.0 143.4 138.7 126.1 135.4 147.7 146.8 143.8 142.9 141.7 138.7 Steel cr coilsheet $/mt 816 892 900 850 867 900 900 900 900 900 900 Steel hr coilsheet $/mt 716 792 800 750 767 800 800 800 800 800 800 Steel, rebar $/mt 563 630 640 550 600 640 640 640 640 640 640 Steel wire rod $/mt 712 762 790 653 684 782 790 790 790 790 790 Tin b/c/kg 2,041 2,605 2,144 2,601 2,986 2,885 2,466 2,085 2,129 1,938 2,144 Zinc b/c/kg 216.1 219.4 198.2 231.5 239.3 225.5 222.4 190.4 193.5 190.5 198.2 World Bank commodity price indices for low and middle income countries( 2005 =100) Energy 144.7 188.0 192.4 155.5 181.1 197.5 187.1 186.4 189.8 187.6 192.4 Non Energy Commodities 173.9 209.9 189.1 197.9 221.5 217.2 212.3 188.8 188.7 183.7 189.1 Agriculture 170.4 209.0 189.0 195.9 220.4 215.0 209.7 190.8 190.7 184.9 189.0 Beverages 182.1 208.2 176.4 193.6 219.8 218.7 210.7 183.7 185.5 174.2 176.4 Food 169.6 210.1 197.7 198.5 217.8 212.4 212.6 197.6 199.1 193.4 197.7 Fats and Oils 184.5 222.7 207.9 219.6 240.8 227.1 220.3 202.5 204.6 199.9 207.9 Grains 171.8 238.5 224.5 207.9 233.5 245.8 245.4 229.3 233.3 221.7 224.5 Other Food 148.2 167.8 160.1 162.1 173.2 162.8 172.9 162.2 160.9 159.1 160.1 Raw Materials 166.1 206.6 174.2 190.8 227.0 219.7 201.9 177.8 173.0 169.9 174.2 Timber 130.5 153.5 146.1 139.4 144.4 154.9 162.4 152.2 149.3 147.1 146.1 Other Raw Materials 205.1 264.7 205.0 247.1 317.4 290.5 245.1 205.9 199.0 194.8 205.0 Fertilizers 187.2 267.0 258.2 217.1 230.2 262.6 290.9 284.2 291.8 265.5 258.2 Metals and Minerals c/ 179.6 205.5 181.5 199.9 222.7 216.4 208.7 174.0 173.0 171.9 181.5 Base Metals d/ 169.2 193.2 173.5 190.6 210.6 203.8 194.4 164.1 164.7 163.0 173.5 a/ Included in the energy index (2005=100) b/ Included in the non-energy index (2005=100) c/ base metals plus iron ore d/ Includes aluminum, copper, lead, nickel, tin and zinc $ = US dollar ¢ = US cent bbl = barrel cum = cubic meter dmtu = Dry Metric Ton Unit kg = kilogram mmbtu = million British thermal units mt = metric ton toz = troy oz n.a. = not available n.q. = no quotation Commodity Markets Review -10 February 2012 4 Selected Commodity Prices, Nominal US dollars, 2007-2012 Commodity Markets Review -10 February 2012 5 Selected Commodity Prices, Nominal US dollars, 2007-2012 Cont’d Commodity Markets Review -10 February 2012 6 Selected Commodity Prices, Nominal US dollars, 2007-2012 Cont’d Commodity Markets Review -10 February 2012 7 Description of Price Series C oal (Australia), thermal, f.o.b. piers, Newcastle/Port Kembla, 6,300 kcal/kg (11,340 btu/lb), less than 0.8%, sulfur 13% ash beginning January 2002; previously 6,667 kcal/kg (12,000 btu/lb), less than 1.0% sulfur, 14% ash C ru de oil, av erage spot price of Brent, Dubai and West Texas Intermediate, equally weighed C ru de oil, U.K. Brent 38` API, f.o.b. U.K ports, spot price C ru de oil, Dubai Fateh 32` API, f.o.b. Dubai, spot price C ru de oil, West Texas Intermediate (WTI) 40` API, f.o.b. Midland Texas, spot price Natu ral Gas I n dex , composite index weighted by consumption volumes for Europe, US and Japan liquefied natural gas (LNG). Natu ral Gas (Eu rope) , average import border price, including UK. As of April 2010 includes spot price component. June 2000 - March 2010 excludes UK Natu ral Gas (U.S.) , spot price at Henry Hub, Louisiana Natu ral gas L NG (Japan ) , import price, cif, recent two months' averages are estimates. C oc oa (ICCO), International Cocoa Organization daily price, average of the first three positions on the terminal markets of New York and London, nearest three future trading months. C offee (ICO), International Coffee Organization indicator price, other mild Arabicas, average New York and Bremen/Hamburg markets, ex-dock C offee (ICO), International Coffee Organization indicator price, Robustas, average New York and Le Havre/Marseilles markets, ex-dock Tea , av erage three auctions, arithmetic average of quotations at Kolkata, Colombo and Mombasa/Nairobi. Tea (Colombo auctions), Sri Lankan origin, all tea, arithmetic average of weekly quotes. Tea (Kolkata auctions), leaf, include excise duty, arithmetic average of weekly quotes. Tea (Mombasa/Nairobi auctions), African origin, all tea, arithmetic average of weekly quotes. C oc on u t oil (Philippines/Indonesia), bulk, c.i.f. Rotterdam C opra (Philippines/Indonesia), bulk, c.i.f. N.W. Europe Grou n dn u t oil (any origin), c.i.f. Rotterdam P alm oil (Malaysia), 5% bulk, c.i.f. N. W. Europe P almkern el Oil (Malaysia), c.I.f. Rotterdam Soybean meal (any origin), Argentine 45/46% extraction, c.i.f. Rotterdam beginning 1990; previously US 44% Soybean oil (Any origin), crude, f.o.b. ex-mill Netherlands Soybean s (US), c.i.f. Rotterdam Barley (Canada), feed, Western No. 1, Winnipeg Commodity Exchange, spot, wholesale farmers' price Maize (US), no. 2, yellow, f.o.b. US Gulf ports Ric e (Thailand), 5% broken, white rice (WR), milled, indicative price based on weekly surveys of export transactions, government standard, f.o.b. Bangkok Ric e (Thailand), 25% broken, WR, milled indicative survey price, government standard, f.o.b. Bangkok Ric e (Thailand), 100% broken, A.1 Super from 2006 onwards, government standard, f.o.b. Bangkok; prior to 2006, A1 Special, a slightly lower grade Ric e (Vietnam), 5% broken, WR, milled, weekly indicative survey price, Minimum Export Price, f.o.b. Hanoi Sorgh u m (US), no. 2 milo yellow, f.o.b. Gulf ports Wh eat (C an ada) , no. 1, Western Red Spring (CWRS), in store, St. Lawrence, export price Wh eat (US) , no. 1, hard red winter, ordinary protein, export price delivered at the US Gulf port for prompt or 30 days shipment Wh eat (US) , no. 2, soft red winter, export price delivered at the US Gulf port for prompt or 30 days shipment Ban an as (Central & South America), major brands, c.i.f. Hamburg Ban an as (Central & South America), major brands, US import price, free on truck (f.o.t.) US Gulf ports Fis h meal (any origin), 64-65%, c&f Bremen, estimates based on wholesale price, beginning 2004; previously c&f Hamburg Meat, beef (Australia/New Zealand), chucks and cow forequarters, frozen boneless, 85% chemical lean, c.i.f. U.S. port (East Coast), ex-dock, beginning November 2002; previously cow forequarters Meat, c h ic ken (US), broiler/fryer, whole birds, 2-1/2 to 3 pounds, USDA grade "A", ice-packed, Georgia Dock preliminary weighted average, wholesale Meat, s h eep (New Zealand), frozen whole carcasses Prime Medium (PM) wholesale, Smithfield, London beginning January 2006; previously Prime Light (PL) Oran ges (Mediterranean exporters) navel, European Union indicative import price, c.i.f. Paris Sh rimp , (Mexico), west coast, frozen, white, No. 1, shell-on, headless, 26 to 30 count per pound, wholesale price at New York Su gar (EU) , European Union negotiated import price for raw unpackaged sugar from African, Caribbean and Pacific (ACP) under Lome Conventions, c.I.f. European ports Su gar (US) , nearby futures contract, c.i.f. Su gar (w orld) , International Sugar Agreement (ISA) daily price, raw, f.o.b. and stowed at greater Caribbean ports L ogs (Wes t A fric a) , sapele, high quality (loyal and marchand), 80 centimeter or more, f.o.b. Douala, Cameroon beginning January 1996; previously of unspecified dimension L ogs (Malays ia) , meranti, Sarawak, sale price charged by importers, Tokyo beginning February 1993; previously average of Sabah and Sarawak weighted by Japanese import volumes P lyw ood (Africa and Southeast Asia), Lauan, 3-ply, extra, 91 cm x 182 cm x 4 mm, wholesale price, spot Tokyo Saw n w ood (C ameroon ) , sapele, width 6 inches or more, length 6 feet or more, f.a.s. Cameroonian ports Saw n w ood (Malays ia) , dark red seraya/meranti, select and better quality, average 7 to 8 inches; length average 12 to 14 inches; thickness 1 to 2 inch(es); kiln dry, c. & f. UK ports, with 5% agents commission including premium for products of certified sustainable forest beginning January 2005 Woodpu lp (Sweden), softwood, sulphate, bleached, air-dry weight, c.i.f. North Sea ports C otton (Cotton Outlook "CotlookA index"), middling 1-3/32 inch, traded in Far East, C/F beginning 2006; previously Northern Europe, c.i.f. Ru bber (Asia), RSS3 grade, Singapore Exchange (SGX, previously SICOM) nearby contract beginning 2004; during 2000 to 2003, Singapore RSS1; previously Malaysia RSS1 Ru bber (Asia), TSR 20, Technically Specified Rubber, Singapore Exchange (SGX, previously SICOM) nearby contract DA P (diammonium phosphate), standard size, bulk, spot, f.o.b. US Gulf P h os ph ate roc k (Morocco), 70% BPL, contract, f.a.s. Casablanca P otas s iu m c h loride (muriate of potash), standard grade, spot, f.o.b. Vancouver TSP (triple superphosphate), bulk, spot, beginning October 2006, Tunisian origin, granular, fob; previously US origin, f.o.b. US Gulf Urea, (Black Sea), bulk, spot, f.o.b. Black Sea (primarily Yuzhnyy) beginning July 1991; for 1985-91 (June) f.o.b. Eastern Europe A lu min u m (LME) London Metal Exchange, unalloyed primary ingots, high grade, minimum 99.7% purity, settlement price beginning 2005; previously cash price C opper (LME), grade A, minimum 99.9935% purity, cathodes and wire bar shapes, settlement price Gold (UK), 99.5% fine, London afternoon fixing, average of daily rates I ron ore (Brazil) , VALE Carajas sinter feed, annual contract price, f.o.b. Ponta da Madeira, 66.5 - 67.9% Fe. Unit in dry metric ton unit (dmtu) denotes mt 1% Fe-unit. This annual pricing basis has terninated. I ron ore s pot (any origin) fines, spot price, c.f.r. China, 62% Fe beginning December 2008; previously 63.5% L ead (LME), refined, 99.97% purity, settlement price Nic kel (LME), cathodes, minimum 99.8% purity, settlement price beginning 2005; previously cash price Silv er (Handy & Harman), 99.9% grade refined, New York Steel products price index, 2000=100, (Japanese), composite price index for eight selected steel products based on quotations f.o.b. Japan excluding shipments to the US, including China after 2002, weighted by product shares of apparent combined consumption (volume of deliveries) at Germany, Japan and the United States. The eight products are as follow: rebar (concrete reinforcing bars), merch bar (merchant bars), wire rod, section (H-shape), plate (medium), hot rolled coil/sheet, cold rolled coil/sheet and galvanized iron sheet for building which replaces galvanized sheet for appliances. Tin (LME), refined, 99.85% purity, settlement price Zin c (LME), high grade, minimum 99.95% purity, settlement price beginning April 1990; previously special high grade, minimum 99.995%, cash prices Sou rc es include: Africa Tea Brokers Ltd Weekly Market Report, Bloomberg, Canadian Grain Commission, Canadian Wheat Board, Cotton Outlook, Coal Week International, Fertilizer International, Fertilizer Week, FRuiTROP, INFOFISH, INTERFEL Fel Actualités hebdo, International Cocoa Organization, International Coffee Organization, International Rubber Study Group, International Tea Committee, International Tropical Timber Organization, Internatonal Sugar Organization, ISTA Mielke GmbH Oil World, Japan Lumber Journal, Japan Metal Bulletin, Meat Trades Journal, MLA Meat & Livestock Weekly, Platts International Coal Report, Platts Metals Week, Singapore Exchange, Sopisco News, Sri Lanka Tea Board, Statistisches Bundesamt, US Department of Agriculture, US NOAA Fisheries Service, VALE and World Gas Intelligence. For more in formation v is it w w w .w orldban k.org/pros pec ts /c ommodities Commodity Markets Review -10 February 2012 8