DECPG 68706 Commodity Markets Review Number 124 www.worldbank.org/prospects/commodities 9 May 2012 Non-energy commodity prices fell by 0.4 percent in April, led by declines in most metals, on concerns about the global economy. Agriculture prices were flat overall, with strong increases in fats & oils offsetting declines elsewhere. The soybean complex continued to record strong gains on further supply losses in South America. Crude oil prices slid on improving supply conditions, while U.S. natural gas prices continued to plummet due to large oversupply. Fertilizer prices rose sharply on strong demand in the Americas and emerging demand in Asia. Crude oil prices (World Bank average) fell 3.5 Agricultural prices were unchanged in April, with percent in April to $113.7/bbl, and dropped below strong increases in fats and oils prices essentially $106/bbl in early May, on easing supply conditions offsetting declines in most other groups. The largest and bearish economic news. Despite supply increase was for tea (up 13 percent) on the seasonal disruptions—notably South Sudan, Syria and arrival of new teas in India. Soybean meal and Yemen—crude availability remains ample and soybeans prices rose 10 and 6 percent, respectively, global oil stocks are increasing. Iranian crude on further supply shortfalls in South America and exports are declining sharply because of sanctions, reduced planting intentions in the U.S. Leading the and up to 1 mb/d of exports may be eliminated by declines were sorghum prices, down 7 percent, on this summer. However, OPEC production continues news of increased U.S. planting intentions. Wheat to climb, with total liquids output at the highest prices fell 6 percent due to a larger than expected ever. Iraq production has topped 3 mb/d and U.S. winter crop and better grain prospects in exports are expanding through a new offshore Australia. Sugar prices declined 6 percent following loading terminal that will add 0.4-0.5 mb/d of Iraqi India's announcement to allow exports of raw sugar. exports. Several non-OPEC producers are also Arabica coffee prices fell 5 percent amid weak raising output, particularly in the U.S. with surging demand and substitution to lower-priced robusta shale-liquids production. The price spread between beans, and favorable production prospects in Brazil. Brent and WTI has shrunk below $15/bbl, as reversal of the Seaway pipeline has been brought forward to Metals and minerals prices fell 1.9 percent in April, May 17th which will send 0.15 mb/d of crude from with declines in most base metals, on concerns Cushing to the Gulf coast. Other pipeline projects about weakening global demand and high and rising and reversals are planned to alleviate the bottleneck stocks for most metals. The largest decrease was for in the U.S. mid-continent, but WTI will continue to aluminum on record high stocks and continued be discounted to reflect the costs of moving surplus concerns about the strong rise in Chinese oil to refineries by rail, barge and truck. production. Nickel prices fell 4 percent on rising inventories, slowing demand, and imminent large Natural gas prices in the U.S. plunged 10.1 percent supply growth. Also declining were silver and gold in April to $1.95/mmbtu—a 10th straight monthly prices due to lower investment demand. Indonesia drop and lowest level in 13 years—as rising gas banned exports of 14 raw minerals effective May 6th, production and mild weather contributed to record including copper, lead, nickel, zinc, iron ore, gold high inventories. Prices rose in early May on lower- and silver. Exceptions will be given for miners that than-expected storage injection due to sharp gains plan to build local processing facilities and add in gas-fired power generation at the expense of value. Those miners will be taxed 20 percent on ore coal, and continued decline in gas-directed drilling. shipments. Major Price Indices Agriculture Prices - Sub-Indices Indices of Nominal US$ Prices (2005=100) Indices of Nominal US$ Prices (2005=100) 250 250 225 225 Agriculture Energy Food 200 200 175 175 Raw Materials Metals and Minerals Beverages 150 150 125 125 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Prepared by Shane Streifel, John Baffes and Betty Dow, with the assistance of Katherine Rollins. record high total stocks, and continued concerns Major Movers April about over-supply given the strong rise in Urea fertilizer prices soared 20.2 percent on Chinese production. strong demand in the U.S. and concerns about Wheat prices fell 6.2 percent due to a larger than the availability of Iranian supply. expected winter crop in the U.S., and better Tea prices surged 12.7 percent propelled by the grain prospects in Australia where El Niño- seasonal arrival of the new teas in India, and induced shortfalls of the past two seasons are lower-than-expected production in Sri Lanka due ending. to dry weather. Sorghum prices dropped 7.0 percent following Soybean meal and soybeans prices increased 9.5 news of a 9 percent increase in U.S. planting and 5.9 percent, respectively, due to further intentions. The U.S. accounts for one-third of supply shortfalls in South America and reduced world sorghum exports. planting intentions in the U.S. Natural gas (U.S) prices plunged 10.1 percent DAP fertilizer prices rose 3.1 percent on strong due to large inventories and oversupply; however demand in the Americas and emerging demand gas demand for power generation is increasing in Asia. The increase may reflect uncertainty sharply at the expense of coal, and gas-directed ahead of a new price agreement for India’s drilling continues to fall. longer-term supply contracts. April Price Changes in Percent Palm oil prices rose 2.5 percent due to tight supplies in East Asia, and a weather-induced -40 -20 0 20 40 production shortfall of EU rapeseed, a substitute Urea 45.0 for palm oil. Tea Soybean meal Tin prices fell 3.4 percent due to recovering Soybeans output from earlier wet weather, rising DAP inventories, and weak demand in Asia. Palm oil Crude oil prices slid 3.5 percent because of Palmkernel oil Iron ore improving global supply conditions and rising Soybean oil stocks, and some easing of tensions with Iran. Sawnwood Apr '12/Mar '12 Nickel prices fell 3.9 percent on rising Coconut oil inventories, slowing stainless steel production, Cotton -53.6 Apr '12/Apr '11 Lead and expected large nickel supply growth from Groundnut oil several Greenfield projects. LNG Cocoa prices declined 3.9 percent following a TSP surge of exports from Côte d'Ivoire, the world's Rice Beef key cocoa supplier. Logs Coal prices decreased 4.1 percent reflecting Gold weak demand and large stocks following a mild Zinc winter in the northern hemisphere, and abundant Coffee, robusta Copper supplies from major exporting countries. Rubber Silver prices declined 4.2 percent owing to lower Phosphate rock investment demand, and weak physical demand PCL from industrial and jewelry sectors. Maize Tin Natural gas (Europe) prices fell 4.6 percent on Crude oil weak demand because of milder weather and Nickel sluggish economic growth. Cocoa Coffee arabica prices fell 4.9 percent amid weak Coal Silver demand by roasters, which are increasingly Natural gas, Eur switching to lower-priced robusta beans, and Coffee, arabica favorable production prospects in Brazil—the Sugar world's top arabica supplier. Aluminum Wheat Sugar prices decreased 5.6 percent following Sorghum India's decision to allow exports of raw sugar— Natural gas, US -45.5 India is world's second largest sugar producer after Brazil. Note: Percent changes throughout refer to change Aluminum prices declined 6.2 percent, despite over previous month (figure above includes 12-month strong demand in the U.S. transport sector, on changes in grey). Commodity Markets Review -9 May 2012 2 Commodities Price Data 2011 2012 2012 Commodity Unit 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Feb Mar Apr Energy Coal, Australia a/ $/mt 98.97 120.94 109.22 128.99 120.00 120.61 114.15 112.04 115.15 105.08 100.75 Crude oil, avg, spot a/ $/bbl 79.04 104.01 112.80 99.75 110.05 103.07 103.16 112.52 112.69 117.79 113.67 Crude oil, Brent a/ $/bbl 79.64 110.94 119.06 104.90 117.10 112.47 109.29 118.60 119.70 124.93 120.46 Crude oil, Dubai a/ $/bbl 78.06 106.03 116.36 100.40 110.56 107.01 106.16 116.07 116.15 122.28 117.25 Crude oil, West Texas Int. a/ $/bbl 79.43 95.05 102.98 93.95 102.50 89.73 94.03 102.88 102.21 106.15 103.28 Natural gas Index a/ 2005=100 91.11 107.35 105.32 98.51 107.08 112.46 111.34 106.30 103.96 107.11 102.38 Natural gas, Europe a/ $/mmbtu 8.29 10.52 11.49 9.45 10.31 10.88 11.42 11.51 11.12 11.97 11.42 Natural gas, US a/ $/mmbtu 4.39 4.00 2.33 4.18 4.37 4.12 3.32 2.46 2.52 2.17 1.95 Natural gas LNG, Japan a/ $/mmbtu 10.85 14.66 16.19 11.99 13.71 16.35 16.58 16.25 16.03 16.00 16.00 Non Energy Commodities Agriculture Beverages Cocoa b/c/kg 313.3 298.0 232.2 334.3 307.4 303.5 246.8 234.1 235.6 235.9 226.7 Coffee, Arabica b/c/kg 432.0 597.6 470.7 620.0 636.5 597.7 536.2 486.9 494.2 443.7 422.1 Coffee, robusta b/c/kg 173.6 240.8 222.7 241.5 262.6 243.1 215.9 222.1 224.7 228.3 224.4 Tea, auctions (3), avg b/c/kg 288.5 292.1 259.5 288.7 299.7 300.3 279.5 254.9 256.7 242.4 273.3 Tea, Colombo auctions b/c/kg 329.0 326.4 299.7 356.3 319.7 313.0 316.7 292.7 297.0 275.4 320.8 Tea, Kolkata auctions b/c/kg 280.5 277.9 209.2 229.2 313.0 312.8 256.4 205.3 209.4 178.6 220.6 Tea, Mombasa auctions b/c/kg 256.0 271.9 269.7 280.6 266.3 275.3 265.4 266.7 263.8 273.3 278.5 Food Fats and Oils Coconut oil b/$/mt 1,124 1,730 1,388 2,073 1,996 1,474 1,377 1,400 1,411 1,338 1,353 Copra $/mt 750 1,157 916 1,379 1,342 991 917 933 945 888 867 Groundnut oil b/$/mt 1,404 1,985 n.a. 1,723 1,830 2,142 n.a. n.a. n.a. n.a. n.a. Palm oil b/$/mt 901 1,125 1,126 1,251 1,147 1,079 1,025 1,107 1,106 1,153 1,182 Palmkernel oil $/mt 1,184 1,648 1,375 2,131 1,874 1,338 1,250 1,366 1,362 1,370 1,400 Soybean meal b/$/mt 378 398 409 437 400 399 357 392 387 421 461 Soybean oil b/$/mt 1,005 1,299 1,267 1,349 1,311 1,324 1,214 1,253 1,255 1,287 1,308 Soybeans b/$/mt 450 541 532 565 557 553 488 518 512 543 575 Grains Barley b/$/mt 158.4 207.2 221.0 198.1 209.5 210.4 210.9 215.6 213.4 222.8 237.2 Maize b/$/mt 185.9 291.7 276.7 282.8 312.6 302.1 269.3 277.7 279.5 280.7 274.0 Rice, Thailand, 5% b/$/mt 488.9 543.0 543.8 511.2 493.1 567.7 600.1 542.5 537.5 548.0 547.8 Rice, Thailand, 25% $/mt 441.5 506.0 n.a. 465.4 456.8 532.0 570.0 n.a. n.a. n.a. n.a. Rice,Thai, A.1 $/mt 383.7 458.6 523.6 411.3 419.2 476.2 527.6 520.4 518.3 526.8 533.3 Rice, Vietnam 5% $/mt 429.2 513.6 437.1 478.8 479.7 544.8 551.2 436.9 430.4 428.7 437.9 Sorghum $/mt 165.4 268.7 265.9 255.2 270.5 287.5 261.8 269.6 269.2 274.0 254.9 Wheat, Canada $/mt 312.4 439.6 n.a. 449.0 474.6 429.8 405.2 378.1 379.9 372.9 n.a. Wheat, US, HRW b/$/mt 223.6 316.3 275.7 330.5 339.3 315.6 279.7 278.8 277.8 283.9 266.3 Wheat, US SRW $/mt 229.7 285.9 257.8 320.8 301.9 270.5 250.5 258.9 263.1 259.8 254.6 Other Food Bananas, EU $/mt 1,002 1,125 1,171 1,251 1,250 1,030 968 1,143 1,245 1,221 1,257 Bananas, US b/$/mt 868 968 1,047 964 1,004 953 951 1,052 1,068 1,144 1,030 Fishmeal $/mt 1,688 1,537 1,321 1,740 1,648 1,426 1,336 1,300 1,292 1,300 1,383 Meat, beef b/c/kg 335 404 424 410 406 394 407 425 428 427 424 Meat, chicken b/c/kg 189.2 192.6 202.6 188.2 191.0 194.3 197.0 201.6 201.0 204.6 205.6 Meat, sheep c/kg 531.4 663.1 644.4 637.1 668.5 686.5 660.2 644.5 645.6 645.1 644.3 Oranges b/$/mt 1,033 891 784 824 878 1,038 824 771 779 803 823 Shrimp, Mexico b/c/kg 1,004 1,193 1,039 1,246 1,244 1,198 1,085 1,055 1,047 1,047 992 Sugar, EU domestic b/c/kg 44.18 45.46 42.88 44.69 47.02 46.13 44.01 42.85 43.23 43.15 42.99 Sugar, US domestic b/c/kg 79.25 83.92 74.31 86.56 80.28 86.72 82.09 75.66 74.14 76.35 70.26 Sugar, world b/c/kg 46.93 57.32 52.10 62.70 52.56 60.72 53.29 52.75 53.18 53.13 50.16 continued on next page Commodity Markets Review -9 May 2012 3 Commodities Price Data 2011 2012 2012 Commodity Unit 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Feb Mar Apr Raw Materials Timber Logs, Cameroon $/cum 428.6 484.8 463.7 451.6 489.6 515.1 483.0 463.6 466.6 465.8 464.0 Logs, Malaysia b/$/cum 278.2 390.5 368.4 326.2 382.1 444.7 409.0 373.3 375.0 357.1 353.7 Plywood c/sheets 569.1 607.5 612.8 588.5 603.2 621.0 617.5 612.8 612.3 611.0 613.1 Sawnwood, Cameroon $/cum 812.7 825.8 758.4 833.1 872.2 823.1 774.6 755.5 757.3 758.5 767.0 Sawnwood, Malaysia b/$/cum 848.3 939.4 886.2 921.6 959.2 965.2 911.8 882.9 885.1 886.5 896.4 Woodpulp $/mt 866.8 899.6 791.3 891.5 942.0 930.5 834.6 781.1 780.3 784.2 822.0 Other Raw Materials Cotton A Index b/c/kg 228.3 332.9 221.5 456.9 386.7 259.4 228.4 221.5 222.1 219.4 221.6 Rubber, RSS3 b/c/kg 365.4 482.3 385.1 573.2 530.1 465.3 360.6 385.3 400.3 392.9 384.5 Rubber, TSR20 c/kg 338.1 451.9 368.2 525.1 467.3 456.5 358.7 368.8 377.9 378.1 366.5 Fertilizers DAP b/$/mt 500.7 618.9 517.0 601.7 617.3 650.8 605.7 516.6 517.3 502.5 518.1 Phosphate rock b/$/mt 123.0 184.9 193.9 158.3 182.5 197.5 201.3 195.8 192.5 192.5 188.1 Potassium chloride b/$/mt 331.9 435.3 477.0 374.2 422.7 471.3 473.0 479.8 483.0 480.0 468.8 TSP b/$/mt 381.9 538.3 440.6 486.3 544.2 558.3 564.2 440.4 445.0 441.3 441.3 Urea, E. Europe, bulk b/$/mt 288.6 421.0 413.8 353.4 407.9 485.4 437.3 387.3 382.9 410.6 493.4 Metals and Minerals Aluminum b/$/mt 2,173 2,401 2,146 2,501 2,611 2,399 2,094 2,179 2,208 2,184 2,050 Copper b/$/mt 7,535 8,828 8,311 9,642 9,173 8,984 7,514 8,318 8,441 8,471 8,289 Gold $/toz 1,225 1,568 1,679 1,384 1,507 1,700 1,682 1,689 1,742 1,674 1,650 Iron ore, spot, cfr China $/dmt 145.9 167.8 143.2 178.6 175.8 175.9 140.8 141.8 140.4 144.7 147.6 Lead b/c/kg 214.8 240.1 208.6 260.4 255.1 245.5 199.2 209.1 212.1 205.7 207.1 Nickel b/$/mt 21,809 22,910 19,212 26,870 24,355 22,024 18,393 19,636 20,394 18,661 17,940 Silver c/toz 2,020 3,526 3,235 3,179 3,857 3,885 3,182 3,262 3,417 3,293 3,155 Steel products index 2005=100 124.0 143.4 137.7 135.4 147.7 146.8 143.8 137.9 137.4 137.5 137.2 Steel cr coilsheet $/mt 816 892 900 867 900 900 900 900 900 900 900 Steel hr coilsheet $/mt 716 792 800 767 800 800 800 800 800 800 800 Steel, rebar $/mt 563 630 640 600 640 640 640 640 640 640 640 Steel wire rod $/mt 712 762 790 684 782 790 790 790 790 790 790 Tin b/c/kg 2,041 2,605 2,273 2,986 2,885 2,466 2,085 2,291 2,429 2,299 2,220 Zinc b/c/kg 216.1 219.4 201.9 239.3 225.5 222.4 190.4 202.5 205.8 203.6 200.2 World Bank commodity price indices for low and middle income countries( 2005 =100) Energy 144.7 188.1 200.7 181.2 197.6 187.2 186.6 200.6 201.0 208.4 200.9 Non Energy Commodities 173.9 209.9 193.3 221.5 217.2 212.3 188.8 192.8 194.0 195.4 194.7 Agriculture 170.4 209.0 193.3 220.4 215.1 209.7 190.7 192.5 193.4 195.4 195.4 Beverages 182.1 208.2 169.5 219.8 218.7 210.7 183.7 171.7 173.5 165.2 162.9 Food 169.6 210.1 205.2 217.8 212.4 212.6 197.6 203.5 203.4 209.5 210.2 Fats and Oils 184.5 222.7 221.6 240.8 227.1 220.3 202.5 216.5 215.5 226.2 236.6 Grains 171.8 238.5 226.2 233.5 245.8 245.4 229.3 226.8 226.7 229.7 224.6 Other Food 148.2 167.8 164.5 173.2 162.8 172.9 162.2 165.2 166.4 169.1 162.4 Raw Materials 166.3 206.7 176.4 227.2 219.7 201.9 177.8 176.5 179.1 176.7 176.1 Timber 130.5 153.5 144.8 144.4 154.9 162.4 152.2 144.9 145.3 143.6 144.4 Other Raw Materials 205.4 264.8 211.0 317.7 290.7 245.2 205.8 211.1 215.9 213.0 210.8 Fertilizers 187.2 267.0 264.0 230.2 262.6 290.9 284.2 260.1 258.9 263.3 275.7 Metals and Minerals c/ 179.6 205.5 185.3 222.7 216.4 208.7 174.0 185.7 188.0 187.7 184.1 Base Metals d/ 169.2 193.2 177.2 210.6 203.8 194.4 164.1 178.2 181.5 179.6 174.1 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 -9 May 2012 4 Selected Commodity Prices, Nominal US dollars, 2007-2012 Commodity Markets Review -9 May 2012 5 Selected Commodity Prices, Nominal US dollars, 2007-2012 Cont’d Commodity Markets Review -9 May 2012 6 Selected Commodity Prices, Nominal US dollars, 2007-2012 Cont’d Commodity Markets Review -9 May 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 -9 May 2012 8