DECPG 63159 Commodity Markets Review Number 114 For more information visit www.worldbank.org/propsects/commodities 10 June 2011 Non-energy commodity prices fell by 4.7 percent in May, in part due to dollar appreciation against major currencies early in the month. There were decreases in all main indices with the exception of fertilizers which rose 7 percent on reduced production in China because of power shortages. Agriculture prices generally declined on improved supply prospects, while the decrease in metal prices was tied to worries of slower economic growth, including in China. Crude oil prices fell 7 percent on concerns about global demand. Crude oil prices dropped 7.0 percent in May, Agriculture prices decreased 5.5 percent in May on averaging $108.1/bbl. The selloff occurred at the improved supply prospects. Cotton prices plunged beginning of the month on concerns about global 24 percent on weak demand and an expected economic growth and oil demand. Prices were fairly surplus for the 2011/12 season. Sorghum and maize flat during the rest of the month, supported by prices fell 10 percent and 4 percent, respectively, on expectations of tighter markets in the second half of a higher than expected U.S. stocks report. However, the year, and continued supply concerns supply risks remain because of wet spring weather surrounding political unrest in North Africa and the and late plantings in the United States. Beef prices Middle East. The loss of 1.3 mb/d of Libyan light- fell 5 percent on sluggish demand in Japan and sweet crude has tightened markets, as OPEC has improved supplies from Australia following flooding done little to replace these volumes—in part earlier this year. Coffee arabica prices fell 3 percent because of difficulty supplying light quality crude, due to an expected large crop in Brazil. Partly but also weak demand due to seasonal refinery offsetting these declines, logs (Malaysia) prices rose maintenance. Inventories have declined, especially 12 percent due to increased demand from Japan to for products, and crude stocks are only high in the build temporary homes following the earthquake. United States, mainly in Cushing OK because of Wheat prices gained 6 percent on supply concerns higher imports from Canada. Global oil demand is from drought conditions in Europe. expected to be significantly higher in the second half of the year, and most analysts see the need for Metals and minerals prices fell 4.6 percent in May, much higher OPEC production to prevent a on concerns about slowing demand and policy substantial draw in inventories. tightening in China. All base metal prices fell, accompanied by rising inventories in most cases. Tin OPEC producers failed to agree on increases in prices dropped 11 percent due to a sharp increase in production at their meeting June 8th. Saudi Arabia, Indonesia’s production where weather conditions Kuwait, Qatar and the UAE, proposed raising output improved. Lead prices fell 10 percent due to falling by 1.5 mb/d from current levels, which would have battery demand in China’s electric bike sector. Zinc resulted in substantive additional oil to the market. prices decreased 8 percent on high and rising However, six countries—Algeria, Angola, Ecuador, inventories, while nickel prices fell on expectations Iran, Libya Venezuela—opposed the measure, and of new mine supply in the second half of this year. the meeting ended without consensus. The The largest price decline was for the precious metal, organization did not even try to realign quotas with silver (-13 percent), on investor liquidation following production (they are more than 1.3 mb/d above the large run-up in prices this year. The only metal to quota) nor discuss the replacement of lost Libyan oil. record an increase was gold on safe haven buying, in OPEC’s next scheduled meeting is December 14th. part due to investor switching from silver. Major Price Indices Agriculture Prices - Sub-Indices Indices of Nominal US$ Prices (2000=100) Indices of Nominal US$ Prices (2000=100) 400 400 Raw Materials Metals and Minerals 350 350 Energy 300 300 Beverages Food 250 250 Agriculture 200 200 150 150 May-09 Nov-09 May-10 Nov-10 May-11 May-09 Nov-09 May-10 Nov-10 May-11 Prepared by Shane Streifel, John Baffes and Betty Dow, with the assistance of Katherine Rollins. a large surplus in 2011/12 began to weigh on the Major Movers May1 market. Lead prices fell 10.1 percent due to reduced Urea fertilizer prices soared 16.7 percent on demand in China, first from a decline in electric reduced production in China due to power bike sales this year, and also because of shortages, and tight supply conditions in the government environmental inspections of United States due to flooding on the Mississippi battery plants that have reduced production and River system. lead demand. Logs (Malaysia) prices surged 12.2 percent due Tin prices decreased 11.4 percent on a jump in to increased demand for the building of Indonesia’s production due to improved weather temporary homes in Japan following the March from earlier heavy, wet-weather conditions. earthquake, and limited supply owing to Rubber prices declined 12.6 percent due to Malaysian government forestry management. slowing demand in China as well as from Wheat prices jumped 5.7 percent as persistent considerable currency appreciation in Thailand drought in parts of Europe fueled fears of a lower and Malaysia. crop. Silver prices dropped 13.4 percent on investor Coffee robusta prices rose 3.9 percent, in part liquidation following the huge run-up in prices because of weather problems in Indonesia (the (136 percent over the past year). world's second largest robusta supplier after Cotton prices plunged 23.6 percent due to weak Vietnam). demand and a larger than expected surplus for Palmkernel oil prices increased 3.1 percent due the 2011/12 season; stocks are likely to reach to lower Indonesian exports because of rising 10.2 million tons, up from current season's domestic requirements. (ending July) 8.7 million tons. Gold prices rose 2.2 percent on investor safe haven buying because of various macro/financial May Percent Changes in Price (Nominal US $) concerns, and the switch out of silver holdings. Coal prices fell 2.8 percent owing to relatively -20 0 20 40 60 80 weak demand in Asia, and limited recovery in Urea, bulk demand from Japanese utilities that were Logs, Malaysia affected by the earthquake. Wheat, US, HRW 95.6 Coffee arabica prices declined 3.0 percent due Coffee, robusta Palmkernel oil 90.1 to adequate supplies, especially in view of an Gold expected large crop in Brazil. TSP Aluminum prices fell 3.0 percent due to rising Natural gas, US stocks and weakening U.S. demand. China’s Sawnwood Malaysia demand remains strong, but potential power Potassium chloride shortages this summer could impact production. Palm oil Coconut oil 125.0 Beef prices decreased 5.3 percent on sluggish Phosphate rock demand in Japan and improved supplies from Groundnut oil Australia following flooding earlier this year. Soybeans Copper prices fell 5.6 percent due to concerns Soybean meal about demand, especially in the United States Natural gas, Europe and Europe, and a continued climb in inventories. Rice, Thai, 5% May'11/Apr '11 DAP However, ongoing supply concerns are keeping Iron ore, spot prices relatively high. LNG May '11/May '10 Crude oil prices declined 7.0 percent due to Soybean oil concerns about demand, but markets have Cocoa tightened with the loss of oil from Libya and Tea, avg 3 auctions Yemen, and falling inventories. Coal, Australia Coffee, arabica Nickel prices fell 8.2 percent, despite lower Aluminum inventories, on expectations that the market will Maize 88.4 tip into surplus in the second half of the year due Beef to start-up of a number of mining projects. Copper Zinc prices decreased 8.2 percent on high and Crude oil, average spot rising stocks, a reflection of strong production Nickel Zinc growth and slowing demand. Sorghum Sorghum and maize prices fell 9.8 and 3.6 Sugar, world percent, respectively, following USDA's higher Lead than expected stock assessment earlier in May. Tin Sugar prices declined 9.9 percent as prospects of Rubber RSS3 Silver -23.6 101.3 1 Cotton, A Index 145.9 Percent change of average May 2011 prices compared to average April 2011 prices in nominal U.S. dollars (graph includes 12-month changes in grey). Commodity Markets Review -10 June 2011 2 Commodities Price Data 2010 2011 2011 Commodity Unit 2009 2010 2011 Q2 Q3 Q4 Q1 Q2 Mar Apr May Energy Coal, Australia a/ $/mt 71.84 98.97 125.71 95.19 99.49 93.55 107.63 128.99 126.13 122.50 119.10 Crude oil, avg, spot a/ $/bbl 61.76 79.04 104.71 77.06 78.18 75.51 85.42 99.75 108.65 116.24 108.07 Crude oil, Brent a/ $/bbl 61.86 79.64 110.44 76.65 78.69 76.41 86.79 104.90 114.44 123.07 114.46 Crude oil, Dubai a/ $/bbl 61.75 78.06 105.07 75.86 77.98 74.04 84.37 100.40 108.58 115.70 108.46 Crude oil, West Texas Int. a/ $/bbl 61.65 79.43 98.62 78.67 77.85 76.08 85.09 93.95 102.92 109.96 101.28 Natural gas Index a/ 2000=100 153.47 156.11 170.06 170.29 147.50 155.07 151.58 165.48 162.89 176.96 176.88 Natural gas, Europe a/ $/mmbtu 8.71 8.29 9.80 8.84 7.51 8.26 8.54 9.45 9.37 10.36 10.30 Natural gas, US a/ $/mmbtu 3.95 4.39 4.22 5.15 4.32 4.28 3.80 4.18 3.97 4.24 4.31 Natural gas LNG, Japan a/ $/mmbtu 8.94 10.85 12.35 10.32 10.95 11.22 10.91 11.99 12.50 13.00 12.80 Non Energy Commodities Agriculture Beverages Cocoa b/c/kg 288.9 313.3 324.9 329.7 321.0 305.9 296.6 334.3 339.3 313.4 308.2 Coffee, Arabica b/c/kg 317.1 432.0 632.7 353.7 392.0 468.5 513.9 620.0 643.9 661.7 641.7 Coffee, robusta b/c/kg 164.4 173.6 250.4 150.8 161.0 183.2 199.4 241.5 260.4 258.8 268.9 Tea, auctions (3), avg b/c/kg 272.4 288.5 293.0 279.0 276.4 295.1 303.5 288.7 275.8 302.2 296.5 Tea, Colombo auctions b/c/kg 313.7 329.0 342.7 335.1 316.2 322.1 342.4 356.3 357.1 337.2 307.5 Tea, Kolkata auctions b/c/kg 251.5 280.5 262.2 215.8 274.0 320.6 311.7 229.2 196.5 302.6 320.7 Tea, Mombasa auctions b/c/kg 252.0 256.0 274.0 286.1 238.9 242.7 256.3 280.6 273.8 266.7 261.5 Food Fats and Oils Coconut oil b/$/mt 725 1,124 2,081 834 955 1,159 1,546 2,073 1,925 2,089 2,097 Copra $/mt 480 750 1,395 557 634 769 1,038 1,379 1,280 1,421 1,419 Groundnut oil b/$/mt 1,184 1,404 1,706 1,359 1,352 1,301 1,604 1,723 1,650 1,680 1,680 Palm oil b/$/mt 683 901 1,212 808 813 875 1,108 1,251 1,180 1,149 1,159 Palmkernel oil $/mt 700 1,184 2,050 922 1,034 1,161 1,619 2,131 1,977 1,899 1,958 Soybean meal b/$/mt 408 378 423 369 342 378 424 437 418 403 402 Soybean oil b/$/mt 849 1,005 1,331 917 875 984 1,242 1,349 1,307 1,315 1,294 Soybeans b/$/mt 437 450 561 417 409 452 522 565 553 556 556 Grains Barley b/$/mt 128.3 158.4 202.5 143.6 146.9 161.9 181.1 198.1 202.6 208.9 209.4 Maize b/$/mt 165.5 185.9 295.1 162.7 157.7 181.7 241.5 282.8 290.5 319.3 307.9 Rice, Thailand, 5% b/$/mt 555.0 488.9 499.8 535.3 452.4 457.0 510.8 511.2 492.8 484.3 481.4 Rice, Thailand, 25% $/mt 458.1 441.5 458.6 477.0 399.1 418.5 471.4 465.4 455.5 448.3 448.4 Rice,Thai, A.1 $/mt 326.4 383.7 412.8 400.7 333.8 376.9 423.1 411.3 408.3 409.0 421.2 Rice, Vietnam 5% $/mt - 428.8 482.0 433.2 366.1 411.1 504.7 479.8 464.0 484.3 486.4 Sorghum $/mt 151.1 165.4 263.3 156.9 142.6 153.6 208.6 255.2 266.1 289.6 261.3 Wheat, Canada $/mt 300.5 312.4 456.8 279.0 260.9 326.1 383.6 449.0 432.5 460.9 476.0 Wheat, US, HRW b/$/mt 224.1 223.6 336.6 195.4 177.4 237.9 283.6 330.5 316.7 336.1 355.3 Wheat, US SRW $/mt 186.0 229.7 317.2 193.5 186.9 253.4 284.9 320.8 303.1 314.9 308.6 Other Food Bananas, EU $/mt 1,145 1,002 1,264 1,014 1,029 933 1,033 1,251 1,246 1,294 1,270 Bananas, US b/$/mt 847 868 986 781 862 922 909 964 996 1,027 1,011 Fishmeal $/mt 1,230 1,688 1,758 1,660 1,814 1,663 1,613 1,740 1,796 1,776 1,793 Meat, beef b/c/kg 264 335 411 314 342 331 353 410 414 425 403 Meat, chicken b/c/kg 188.8 189.2 189.2 183.9 190.2 193.6 189.3 188.2 189.8 190.5 190.8 Meat, sheep c/kg 427.6 531.4 647.9 447.6 486.8 572.5 618.7 637.1 642.4 662.2 666.0 Oranges b/$/mt 909 1,033 838 1,009 1,084 1,163 878 824 852 881 836 Shrimp, Mexico b/c/kg 945 1,004 1,246 827 945 n.a. 1,222 1,246 1,246 1,246 1,246 Sugar, EU domestic b/c/kg 52.44 44.18 45.62 46.38 42.66 43.29 44.38 44.69 45.78 47.26 46.79 Sugar, US domestic b/c/kg 54.88 79.25 84.43 84.31 69.62 78.20 84.86 86.56 87.51 84.28 78.18 Sugar, world b/c/kg 40.00 46.93 58.04 51.82 34.93 42.98 58.01 62.70 57.85 53.70 48.39 continued on next page Commodity Markets Review -10 June 2011 3 Commodities Price Data 2010 2011 2011 Commodity Unit 2009 2010 2011 Q2 Q3 Q4 Q1 Q2 Mar Apr May Raw Materials Timber Logs, Cameroon $/cum 421.5 428.6 464.9 431.4 408.0 426.3 448.5 451.6 462.6 477.5 492.0 Logs, Malaysia b/$/cum 287.2 278.2 341.5 253.6 253.5 293.5 312.1 326.2 334.8 343.5 385.2 Plywood c/sheets 564.6 569.1 593.5 557.2 566.3 572.3 580.5 588.5 592.2 596.3 605.6 Sawnwood, Cameroon $/cum 748.9 812.7 849.1 804.1 787.1 811.8 847.8 833.1 840.1 883.4 862.5 Sawnwood, Malaysia b/$/cum 805.5 848.3 933.8 787.8 832.6 879.8 892.9 921.6 929.2 946.2 958.1 Woodpulp $/mt 614.6 866.8 913.4 780.9 875.5 912.9 897.8 891.5 909.6 937.4 955.0 Other Raw Materials Cotton A Index b/c/kg 138.2 228.3 442.6 178.8 199.3 205.2 330.1 456.9 506.3 477.6 364.9 Rubber, RSS3 b/c/kg 192.1 365.4 563.3 318.6 372.7 337.5 432.8 573.2 541.9 585.3 511.6 Rubber, TSR20 c/kg 180.0 338.1 504.9 309.8 302.3 314.4 425.9 525.1 483.9 497.1 452.3 Fertilizers DAP b/$/mt 323.1 500.7 606.4 464.8 458.2 494.1 585.6 601.7 605.5 617.1 609.8 Phosphate rock b/$/mt 121.7 123.0 168.0 102.1 125.0 125.0 140.0 158.3 160.0 182.5 182.5 Potassium chloride b/$/mt 630.4 331.9 390.9 334.0 316.1 334.2 343.2 374.2 380.0 413.8 418.3 TSP b/$/mt 257.4 381.9 508.4 316.9 357.4 389.6 463.8 486.3 494.0 535.6 547.5 Urea, E. Europe, bulk b/$/mt 249.6 288.6 359.6 281.0 237.2 279.2 357.0 353.4 327.8 340.4 397.4 Metals and Minerals Aluminum b/$/mt 1,665 2,173 2,556 2,163 2,096 2,090 2,343 2,501 2,556 2,678 2,596 Copper b/$/mt 5,150 7,535 9,476 7,232 7,027 7,243 8,637 9,642 9,503 9,493 8,960 Gold $/toz 973 1,225 1,429 1,109 1,196 1,227 1,367 1,384 1,424 1,480 1,513 Iron ore, contract, fob Brazil b/¢/dmtu 101.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Iron ore, spot, cfr China $/dmt 80.0 145.9 178.4 131.0 159.2 137.4 155.9 178.6 169.4 179.3 177.1 Lead b/c/kg 171.9 214.8 258.8 222.1 195.0 203.2 239.0 260.4 262.4 270.1 242.8 Nickel b/$/mt 14,655 21,809 26,251 19,959 22,476 21,191 23,609 26,870 26,710 26,408 24,237 Silver c/toz 1,469 2,020 3,505 1,693 1,838 1,901 2,647 3,179 3,595 4,280 3,708 Steel products index c/ 2000=100 227.1 229.7 259.5 211.5 241.1 232.4 233.9 250.5 265.1 272.5 273.5 Steel cr coilsheet c/ $/mt 783 816 880 725 838 850 850 867 900 900 900 Steel hr coilsheet c/ $/mt 683 716 780 625 738 750 750 767 800 800 800 Steel, rebar c/ $/mt 486 563 616 546 621 533 550 600 600 640 640 Steel wire rod c/ $/mt 969 712 722 751 767 678 653 684 700 760 795 Tin b/c/kg 1,357 2,041 3,012 1,721 1,786 2,055 2,601 2,986 3,059 3,236 2,868 Zinc b/c/kg 165.5 216.1 234.2 228.9 202.6 201.3 231.5 239.3 234.1 236.2 216.7 World Bank commodity price indices for low and middle income countries( 2000 =100) Energy 214.3 271.2 354.3 266.1 267.7 259.5 291.3 339.5 365.4 389.0 363.9 Non Energy Commodities 208.8 266.5 336.8 250.4 253.7 260.1 302.0 339.7 333.7 340.5 324.6 Agriculture 197.8 231.3 296.9 216.6 215.4 228.6 264.7 300.4 295.5 300.0 283.5 Beverages 219.9 253.8 304.7 242.5 246.9 259.2 266.4 304.8 312.1 307.2 301.9 Food 205.1 224.1 282.1 213.1 201.0 222.0 260.4 284.9 277.4 279.9 275.7 Fats and Oils 216.2 244.4 314.2 224.7 219.8 241.1 292.1 321.0 307.2 304.0 304.1 Grains 214.9 215.8 294.9 205.1 186.6 212.5 259.1 289.4 287.4 304.0 302.5 Other Food 181.6 204.9 228.1 205.1 189.4 205.3 219.7 233.2 229.1 226.6 214.1 Raw Materials 168.7 237.5 329.0 211.9 234.4 229.2 274.4 335.7 331.0 345.1 292.9 Timber 138.9 143.5 162.0 132.7 138.6 149.4 153.3 158.7 160.7 163.9 170.3 Other Raw Materials 201.4 340.3 511.6 298.6 339.1 316.5 406.9 529.3 517.3 543.2 427.0 Fertilizers 293.0 280.0 356.0 259.0 253.3 278.5 329.3 343.5 335.9 361.8 387.7 Metals and Minerals d/ 221.9 337.2 416.5 318.6 332.2 322.5 375.4 419.9 411.9 421.1 401.7 Base Metals e/ 208.9 297.8 369.3 287.0 280.9 286.5 336.8 373.4 370.9 374.2 352.1 a/ Included in the energy index (2000=100) b/ Included in the non-energy index (2000=100) c/ Steel not included in the non-energy index d/ base metals plus iron ore e/ 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 June 2011 4 Selected Commodity Prices, Nominal US dollars, 2006-2011 Gold ($/troy oz) 1750 1500 1250 1000 750 500 May-06 May-07 May-08 May-09 May-10 May-11 Silver (cents/ troy oz) 5000 4000 3000 2000 1000 0 May-06 May-07 May-08 May-09 May-10 May-11 Commodity Markets Review -10 June 2011 5 Selected Commodity Prices, Nominal US dollars, 2006-2011 Cont’d Bananas, US ($/mt) 1100 900 700 500 May-06 May-07 May-08 May-09 May-10 May-11 Commodity Markets Review -10 June 2011 6 Selected Commodity Prices, Nominal US dollars, 2006-2011 Cont’d Commodity Markets Review -10 June 2011 7 Description of Price Series C o al (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 o il, av erage spot price of Brent, Dubai and West Texas Intermediate, equally weighed C ru de o il, U.K. Brent 38` API, f.o.b. U.K ports, spot price C ru de o il, Dubai Fateh 32` API, f.o.b. Dubai, spot price C ru de o il, 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 ro pe) , 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 o c o a (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 o ffee (ICO), International Coffee Organization indicator price, other mild Arabicas, average New York and Bremen/Hamburg markets, ex-dock C o ffee (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 o c o n u t o il (Philippines/Indonesia), bulk, c.i.f. Rotterdam C o pra (Philippines/Indonesia), bulk, c.i.f. N.W. Europe Gro u n dn u t o il (any origin), c.i.f. Rotterdam P alm o il (Malaysia), 5% bulk, c.i.f. N. W. Europe P almkern el Oil (Malaysia), c.I.f. Rotterdam So ybean meal (any origin), Argentine 45/46% extraction, c.i.f. Rotterdam beginning 1990; previously US 44% So ybean o il (Any origin), crude, f.o.b. ex-mill Netherlands So ybean 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 So rgh 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, EEC 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 o rld) , International Sugar Agreement (ISA) daily price, raw, f.o.b. and stowed at greater Caribbean ports L o gs (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 o gs (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 o o d (Africa and Southeast Asia), Lauan, 3-ply, extra, 91 cm x 182 cm x 4 mm, wholesale price, spot Tokyo Saw n w o o d (C amero o n ) , sapele, width 6 inches or more, length 6 feet or more, f.a.s. Cameroonian ports Saw n w o o d (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 Wo o dpu lp (Sweden), softwood, sulphate, bleached, air-dry weight, c.i.f. North Sea ports C o tto n (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 Commodity Exchange Ltd (SICOM) nearby contract beginning 2004; during 2000 to 2003, Singapore RSS1; previously Malaysia RSS1 Ru bber (Asia), TSR 20, Technically Specified Rubber, SICOM nearby contract DA P (diammonium phosphate), standard size, bulk, spot, f.o.b. US Gulf P h o s ph ate ro c k (Morocco), 70% BPL, contract, f.a.s. Casablanca P o tas s iu m c h lo ride (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 o pper (LME), grade A, minimum 99.9935% purity, cathodes and wire bar shapes, settlement price Go ld (UK), 99.5% fine, London afternoon fixing, average of daily rates I ro n o re (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 ro n o re s po t (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 So u 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 Commodity Exchange, Sopisco News, Sri Lanka Tea Board, Statistisches Bundesamt, US Department of Agriculture, US NOAA Fisheries Service, VALE and World Gas Intelligence. Fo r mo re in fo rmatio n v is it w w w .w o rldban k.o rg/pro ps ec ts /c o mmo dities Commodity Markets Review -10 June 2011 8