ECONOMIC INTELLIGENCE WEEKLY

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85T00875R001500150036-7
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 15
• Document Creation Date: December 22, 2016
• Document Release Date: September 28, 2009
• Sequence Number: 36
• Publication Date: August 21, 1974
• Content Type: REPORT

Approved For Release 2009/09/29: CIA-RDP85T00875RO01500150036-7
Secret
Economic Intelligence Weekly
Secret
CIA No. 8139/74
21 August 1974
Copy N2 249
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ECONOMIC INTELLIGENCE WEEKLY
21 August 1974
booming steel industry faces shortages of coking coal and
scrap that will hold output below previously anticipated
levels.) (See page 1.)
Reported OPEC Investments Buoy the Dollar; Reports
that oil producers are investing more funds in the United
Britain's Labor Party, hoping to avoid backlash at the
polls, has narrowed the scope of its program for increasing
state control over industry. The Conservatives, in anticipa-
tion of a fall election, have come up with an economic
package designed to appeal to party moderates and the
middle class . The package calls for restraints on pay,
prices, and public expenditures and for the encourage-
ment of private investment.
Japan: Searching for Foreign Funds; Tokyo is seeking as
much as $2 billion in medium-and long-term loans to help
pay its oil bills in the remainder of 1974.
(See page 4.) 25X1
Italy's Austerity Program: Amended But Not Gutted; The
Rumor government's austerity package of tax increases
was pushed through parliament with amendments that
lessened the impact on low-income groups.
(See page 3.) 25X1
The Greek Government has announced a series of
measures to deal with the country's pressing economic
problems, the result of overexpansion in 1973 and the
dislocations of the Cypriot crisis. The measures include
the reduction of quantitative restrictions on financing,
particularly for industrial enterprises, cuts in the budget
deficit, and a tight rein on credit expansion.
25X1 Input Squeeze Hits Steel Industry; The Free World's
States helped push the dollar up sharply on foreign
exchange markets last wick.F - - - - - - I (See page 5.)
The Price of Gold rose by $3.00 an ounce last week to 25X1
$155.25.
Copper Prices in London reacted to news of pending
settlement of US copper strikes by sliding 3 cents a poured
to 81.5 cents on Monday. Lead and zinc followed copper
prices down to monthly lows on Monday of 24.6 cents and
47 cents a pound, respectively. US steel scrap prices
dropped to their lowest level in two months to $112.80
per long ton after a steady increase since mid-May.
International Shipping Depressed by World Slowdown; 25X1
The reduced pace of the international economy has forced
down shipping rates and has led to a cutback in orders for
new ships. F-----](See page 6.)
Financing Exports to the USSR Without Eximbank; Sale
of General Electric gas compressors requires new pattern
of financial arrangements. (See page 6.)
China: Petroleum Export Prospects; PRC exports of
petroleum, mainly to Japan, could reach 5 million tons in
1974, 10 million tons in 1975, and 50 million tons (1
million b/d) in 1980. (See
page 4.)
Canadian prospects for a smaller wheat harvest and
transportation difficulties point to lower than expected
exports of wheat. If the current Lakers ship strike and
west coast dock workers slowdown are not quickly
settled, demand for US wheat could strengthen.
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Jump in US Sugar Prices; Tight supplies in the free market
for sugar have led to a 70% rise in US prices since April.
(See page 6.)
DEVELOPING COUNTRIES
Iran Nears Concorde Purchase; The managing director of
Iran Air reported the "almost certain" purchase of three
of the supersonic craft by yearend. 0 (See
page 7.)
PUBLICATION OF INTEREST
Economic Intelligence Statistical Handbook (See page 7.)
COMPARATIVE INDICATORS
Recent Data Concerning Internal Economic Activities
(See page Al.)
Recent Data Concerning External Economic Activities
(See page A-2.)
Metal Prices (See page A-3.)
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INPUT SQUEEZE HITS STEEL INDUSTRY
The Free World's booming steel industry faces shortages of coking coal and
scrap that will hold output below previously estimated levels.
Unprecedented Demand
After slipping in 1971, Free World crude steel production climbed by 10%
in 1972. In 1973, production jumped another 13%, to a record 490 million tons.
Despite the economic slowdown in several developed countries in the first
half of 1974, demand for steel has remained strong. Large orders flowed in from
the oil industry, and many other consumers expanded inventories in expectation
of rising prices. In the EC, order backlogs lengthened to two months, even though
steel mills drew down inventories. Demand also edged ahead of production in Japan
and in the United States, where output declined slightly because of shutdowns
for blast furnace maintenance. Continuing strong demand is forecast by the
International Iron and Steel Institute, the EC Commission, and most industry
officials.
Shortages of Coking Coal
Industry experts in Japan, Western Europe, and the United States cite the
shortage of coking coal as their principal concern. Pressures on supplies are reflected
Prices of Steel, Scrap, Free World
and Coking Coal Crude Steel Output
--- 500
Finished Steel
(Weighted Average
World Price)
100 r
1973
'Estimated.
Coking Coal
(US Export
Price)
350 ---I--- ~- _ L__ I
1969 70 71 72 73 74
est.
Note: Comments and queries regarding the Economic Intelligence Weekly are welcomed.
Ferrous Scrap ?'
(Weighted-US Price)
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in the 40% to 50% rise in the export price of US coking coal in 1974. Metallurgical
coal stocks in Japan, which imports most of its needs, were down 48% in June
1974 from a year earlier. The coke shortage in the EC is acute. In March 1974,
pit-head stocks of coking coal were down 50% in West Germany and the United
Kingdom, 36% in France and Belgium, and 80% in the Netherlands, compared
with March 1973.
The EC shortage stems from:
? labor disputes in the first quarter of 1974, which reduced output
in the United Kingdom and in Australia, an important supplier for
the EC;
? reduction of French and Dutch output due to high costs and
depleted reserves;
? diversion of high-grade coking coal from steel production to electric
power production in the wake of the oil supply crisis and soaring
oil prices; and
? strong domestic demand for coal in the United States and Canada,
which held down exports.
Tight Scrap Supplies
West European supplies of ferrous scrap have become increasingly tight during
the past few years. One reason is the greater use of electric-arc furnaces, which
require a large scrap input. Another reason is expanded steel production in
scrap-deficient countries such as Italy. West Germany is the only major European
source of scrap for other EC countries.
Projected EC scrap demand for 1974 is 55 million tons, with nearly 3 million
tons scheduled to be imported from outside the Community - almost half from
the United States. In fact, these import needs probably will exceed 3 million tons.
The failure of EC scrap recovery programs, especially in West Germany, has reduced
the supply of West German scrap for export while increasing import demand by
other EC nations. Meanwhile, reduced activity in scrap-producing industries such
as automobile manufacture has diminished scrap availabilities throughout the world,
and US scrap exports to the EC are limited by government quota to 197,000
tons per quarter.
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ITALY'S AUSTERITY PROGRAM:
AMENDED BUT NOT GUTTED
After lengthy discussion and numerous anlendnlents, the Rumor government
succeeded in pushing its austerity package of tax increases through parliament last
week. Tho amendments apparently will not cut the increase in revenues much below
the government's initial goal of $4.7 billion for the next 12 months. In conjunction
with tight monetary policies, the new tax bill foreshadows a drop in domestic
demand during the second half of 1974.
Rumor's coalition amended its proposals under pressure from the labor unions
and the Communist Party. The amendments lighten the tax burden on low-income
groups at the expense of corporations and high-income groups. The amended bill
provides for:
? a one-time surcharge on incomes of more than $15,000;
? an increase in income tax exemptions on wages and salaries;
? a boost in the corporate income tax rate from 25%, to 35% instead
of the 30%%o originally suggested;
? an increase from 18%, to 30'70 in the new value-added tax on luxury
goods and an expansion of the items covered; and
? an increase from 6%% to 18%% in the value-added tax on most beef
and veal products - not on all of them, as initially proposed.
This deflationary tax package should hold the deficit in the 1974 cash budget
to about $12 billion, the same as in 1973. With prices up 20% or more, the deficit
in real terms would fall sharply.
Certain of the amendments, notably the increase in the corporate income tax
rate, threaten to restrict investment rather than consumption. Private investment
has already been weakening because of tight monetary policy - another aspect
of the government's austerity program. The monetary authorities held credit
expansion in the second quarter to within the lin-As accepted in exchange for
an IMF loan; in July they even ordered the ..umnlercial banks to freeze their
short-term borrowing abroad to minimize growth in domestic credit. Interest rates
remain very high in nominal terms, with the prime rate at 18%7o to 20
The austerity program will cut import demand and lic p reduce the trade
deficit. Italy nevertheless faces a serious balance-of-paynlctits problem. The
government, therefore, is likely to follow up ratification of its tax package with
formal requests for long-term loans from West Germany and other sources.
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Secret
A. The PRC will earn about $350 million from the sale of 4 million tons
of crude to Japan during 1974 and may offer another million tons before yearend.
C. So far, exploitation of the promising offshore deposits is confined to
the shallow waters of the Pohai Gulf. Activity in the deeper waters of the
continental shelf has been limited to geological surveys.
D. Unless China encounters unexpected difficulties in achieving the output
of crude oil necessary to meet increased domestic and export requirements! Peking
will shun joint ventures, direct foreign investment, or product sharing.
E. The abundance of oil will case, not solve, China's deep-seated problems
grounded in population pressure, low productivity, and technological !ags. 25X1
JAPAN: SEARCHING FOR FOREIGN FUNDS
Tokyo is seeking as much as $2 billion in medium- and long-term loans to
help pay its oil bill in the remainder of 1974. The first-half deficit in the basic
balance of $8.4 billion was more than offset by short-term borrowing of commercial
banks in the Eurodollar and US acceptaii e markets. Concern over the rapid buildup
in short-term foreign debt motivates the shift in borrowing patterns. Some Japanese
banks, already overextended, are having trouble refinancing loans in Europe.
Although the payments picture is improving, Japan is heading for a deficit
of about $3 billion in the second half u111OSS new sources of long-term loans are
tapped. Tokyo hopes to obtain funds from the Eurodollar market, US banks, and
the oil producers themselves.
* This article presents the key findings of a forthcoming memorandum, Chiria:
Petroleum Export Prospects,
4
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25X1
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Even if these efforts are successful, Japan probably will incur a payments
deficit of $1 billion or so in the second half. Such a deficit could readily be covered
by official foreign exchange reserves. Heavy foreign borrowing by commercial banks
and a subsequent drawdown by the Bank of Japan of dollar deposits in these
banks enabled Tokyo to raise official holdings to $13.4 billion on 30 June, up
$1 billion from 31 December. The official reserve position remains strong even
though the central bank transferred $750 million to commercial banks during the
past month to compensate for the increased difficulty of borrowing abroad F~ 25X1
Reports that oil producers are investing more fluids directly in the United
States were a major factor pushing the dollar up sharply on foreign currency
exchanges last week. The pound declined nearly 2% against the dollar on news
that Kuwait was transferring some funds from the United Kingdom to the United
States. Other European currencies declined from I 'lo to 2%, in relatively active
trading. The yen was down only slightly for the week.
The reports of a movement of oil funds from sterling to dollars apparently
stem from the receipt by Kuwait of a larger portion of its mounting oil revenues
in dollars; we believe that Kuwait's sterling balances continue to increase. Under
an agreement reached in May between Kuwait and the oil companies - retroactive
to the beginning of the year -- payments are now being made predominantly in
dollars. Formerly, the taxes and royalties that c?-nstituted 75% of Kuwaiti oil
receipts were paid mainly in sterling. The remaining 25% consisted of payments
made in dollars for government-owned oil. At the current production level, company
payments in dollars for government-owned oil will make up more than half of
Kuwaiti receipts.
If Kuwait continues to receive the bulk of its revenues in dollars, the United
Kingdom will be forced to seek further financing to cover its oil import bill.
Oil-related sterling deposits by the producing countries financed much of Britain's
$4.75 billion current account deficit for the first seven months of 1974. Although
the British arranged mediunm-term Eurodollar credits this year to meet their current
account deficits, they have had to publicly borrow only $1.7 billion. This level
of public borrowing will have to increase sharply if the present trend continues.
5
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International Shipping Depressed by World Slowdown
The worldwide economic rlowdown is depressing the international shipping
and shipbuilding markets. Reduced demand for oil has caused major dislocations
in the world tanker market; charter rates have plummeted to one-fourth of their
pre-October War levels. The outlook for bulk and dry cargo shipping is likewise
gloomy. Trade has been growing more slowly in major industrial countries while
shipping capacity has been increasing substantially. The switchover of multipurpose
oil-bulk-ore carriers from the oil trade is aggravating the situation and forcing rates
down. As a result, ship orders in the second quarter of 1974 fell for the first
time in three years. Orders for new tankers plunged, especially for those in the
250,000-DWT-and-up class. Some longer range contracts have been canceled or sold,
and production schedules are being stretched out.
Jump in US Sugar Prices
Tight supplies in the fr,c market for sugar have led to a 701 rise in US
prices since April, to 31 cents per pound f.o.b. Caribbean ports. Brazil and India
have fallen behind on shipments because higher prices could be obtained in the
free market. Other countries apparently are holding back supplies in expectation
of further price increases. Contributing to the slowdown in US imports is the
scheduled expiration of the US Sugar Act after 1974; suppliers now have less
incentive to fill their quotas. Pressure on US prices should abate later this year,
when demand eases From its seasonal peak and when some suppliers probably will
step up shipments as a hedge against extension of the Sugar Act.
s
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Iran Nears Concorde Purchase
General Ali Khadenti, managing director of Iran Air, rccently stated that it
is "almost certain" that Iran will purchase three Concordcs by the end of the
year. Iran currently has preliminary purchase agreements on two Concordes and
options on a third. The supersonic aircraft was recently on display in Tehran and
has been demonstrated to many of the world's major airlines. Firm sales orders
for the Concorde currently stand at nine -- all these to the captive markets of
British Airways or Air France.
Economic Intelligence Statistical Handbook, 1974
(ER H 74-1, July 1974
The Handbook provides economic data for selected non-Communist counties
and all the Communist countries. In general, the statistics cover 1965-73 and inciude
information on economic aggregates, international trade, foreign aid, key
commodities, transportation, coin munications, and . uarg;f.
7
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INTERNAL ECONOMIC INDICATORS
GNP'
WHOLESALE PIIICES
Constant Market Prices Average Annual
Growth Rate Since
Average AnnuaI
Industrial
Growth Rain Since
Percent Change
Latest from Previous I Year Previous
0uarter Quarter 1970 Earlier Quarter
Perconr Change
Latest Irony Previous I Year 3 Months
Month Month 1970 Earlier Earlier
United States
74 II
0.3
3.6
-1.1
-1.2
United States
Jul 74
2.7
9.3
25.1
34.2
Japan
741
-5.0
5,8
-3.6
-18.6
Japan
Jul 74
1.1
11.3
34.2
13.2
West Germany
74 I
1,2
3.5
1.5
5.0
West Germany
Jun 74
0.2
7.0
13.1
10,3
France
73 IV
1.8
5.8
5.1
7.3
France
Jun 74
-1.0
12.8
34.3
13.0
United Kingdom
74 I
-3.5
1.9
-1.4
-13.3
United Kingdom
Jul 74
1.5
11.2
25.0
20.9
Italy
73 IV
1.9
3.7
5.3
7.7
Italy
May 74
0.7
14.5
43.0
35.6
Canada
74 1
1.7
5.4
3.0
7.0
Canada
May 74
0.8
11,2
23.9
30.4
Average Annual
Growth Rate Since
Average Annual
Growth Rate Since
Percent Change
Latest Irony Previous 1 Year 3 Months
Percent Change
latest from Previous
I Year 3 Months
Month Month 1970 Earlier Earlier
Month Month
19717 Earlier Earlier
United States
Jul 74
0
4.5
-0.6
4.0
Unit
ed State
s
Jun 74
1.0
6.1
11.1
11.7
Japan
Jun 74
-2.5
6.6
-0.9
-7.1
Jap
an
May 74
0.3
11.3
23.1
15.7
West Germany
May 74
1.1
3.5
0
-0.7
Wes
t German
y
Jon 74
0.4
6.3
6.9
5.5
France
May 74
2.4
6.1
2.4
-1.1
Fran
ce
Jun 74
1.1
8.0
13.8
16.9
United Kingdom
Jun 74
0
2.1
-2.6
20.3
Unit
ed Kingd
om
Jul 74
0.9
10.6
17.1
14.0
Italy
Jun 74
5.7
5.8
6.5
3.9
Italy
Jul 74
2.4
9.9
18.7
22.3
Canada
May 74
-0.5
6.2
2.6
2.5
Can
ada
Jul 74
0.8
6.6 I
11.3
15.9
RETAIL SALES'
Current Prices Average Annual
Growth Rate Since
Average Annual
Growth Rate Since
Percent Change
Latest From Previous 1 Year 3 Months
Percent Change
Latest Irani Previous I Year 3 Months
Month Month 1970 Earlier Earlier"
Man Or Month 1970 Farber Earlier"
United States
Jul 74
4.2
10.2
8.4
14.6
Unit
ed States
Jul 74
-0.1
6.7
5.4
9,5
Japan
Apr 74
1.2
12.5
13.8
-5.8
Japa
n
May 74
3.0
17.9
14.6
19.8
West Germany
Mar74
-1.3
8.2
5.6
14.6
Wes
t German
y
May 74
0
8.8
4.1
10.1
France
Apr 74
-3.1
6.1
5.0
5.5
Fran
ce
Feb 74
-0.3
11.9
9.0
l 4.9
United Kingdom
Mar 74
1.3
12.0
9.4
6.5
Unit
ed Kingdo
m
Jun 74
- 0.6
8.7
0.8
8.3
Italy
Canada
Dec 73
May 74
3.1
5.1
17.2
12.4
25.5
18.2
47.1
17.7
Italy
Cana
da,
Dec 73
Jun 74
2.6
- 2.0
21.2
13.0
17.9
11.2
22.1
21.2
I Year 3 Months 1 Month
Representative Rates
Latest Date Earlier Earlier Earlier
United States
Dealer-placed linance paper
Aug 7
11.43 6 50
9.00
9.00
Japan
Call money
Jul 31
13.25
7.50
12.00
12.63
West Germany
Interbank loans (3 Months)
Aug 7
9.44
15.08
8.70
9.10
France
Call money
Jul 31
13.50
8.75
12.88
14.25
ll
'S
di
d
United Kingdom
Sterling interbank loan 13 ntal
Aug 7
13.08
11.75
13.29
13.27
easona
y a
usta
.
"Average for latest 3 months compared
Canada
Finance paper
Aug 7
11.63
7.50
11.15
11.05
with average for previous 3 months.
Euro?Dollars Three?monih deposits
Aug 7 13.60
11.50
11.74
13.91
21August 1974
Office of Economic Research/CIA
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EXTERNAL ECONOMIC INDICATORS
EXPORTS"
Ln.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
IMPORTS"
lab.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
TRADE BALANCE"
f.o.b./f.o.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Million US $ 1974 1973 change
8,622 48,871 133.0581 41.8
Million US $ 1974 1973 Change
Jun 74 8,357 40,608 32,110 45.1
Jul 74 4,878 29,498 10,789 49.1
Jun 74 0,320 42,780 20,793 43.0
Jul 74 3,000 20,110 20,200 28.9
Jul 74 3,237 20,234 10,109 26,0
Jun 74 2,270 13,285 9,401 41.3
Jun 74 2,653 15,465 12,148 27.3
Cumulative
Lalusl 4nnth -----------
Million US S Purcenl
Jun 74
Jul 74
Jun 74
Jul 74
Jul 74
Jun 74
Jun 74
4,744
4,828
4,515
4,402
2,827
2,735
Cunudation
Million US $ Purcenl
30,939
30,420
28,508
27,521
16,852
14,931
16,937
23,250
19,405
18,398
10,708
11,101
82.7
30.8
46.5
49.6
57.4
34.5
Jun 74
Jul 74
Jun 74
Jul 74
Jul 74
Jun 74
Jun 74
1973 Change
-265
133
1.491
-615
-1,166
-556
-82
BASIC BALANCE""
Current and Long-Term-Capital Transactions
United States'
Japan
West Germany
France
United Kingdom
Italy
Canada
74 I
Jul 74
May 74
73 IV
73 IV
73 II
74 I
-263 -948 685
-1,441 2,852 -4,293
12,366 6,543 6,824
-2,393 801 -3,194
-7,287 -2,289 -4,998
-3,586 -1.307 -2,259
534 1,047 -512
Million US S 1973
I 2,065 I 2.065
-590
1,247
-431
-1,394
-336
-195
United States
Japan
West Germany
France
United Kingdrin
Italy
Canada
End of Billion US S Jun 1970
Jun 74 14.9 14.5
Jul 74 13.2 4.1
Jun 74 34.2 8.8
Jun 74 8.2 4.4
Jul 74 6.7 2.8
Jun 74 5.3 4.7
Jul 74 6.0 4.3
1972
-1,006
-5,158
1,391
-369
-1,954
971
-191
1 Year
Earlier
12.9
15.2
32.3
11.6
6.6
6.0
5.8
'Seasonally adjusted,
""Converted into US dollars at current market rates of exchange.
21 August 1974
-9,010
4,500
-2.471
-3,164
639
-195
Change
3,071
-3,852
3,108
-2,102
-1,210
-332
-4
3 Months
Earlier
14.6
12.7
32.9
8.1
7.0
6.7
6.2
EXPORT PRICES
US$
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
EXPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
IMPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Purcunl Clmogo
Latest Irma Wgvmus
Mmah Month
Jun 74
Jul, 74
Jun 74
Mar 74
Mar 74
Jeff 74
Apr 74
3.1
0.0
0.2
7.2
- 1.2
3.2
1970
11.8
17.1
14.0
13.1
11.0
10.0
14.8
Average Annual
Growth Role Sit cu
1 Year 3 Months
Enrhm Earlier
I 28.0 I 14.7
36,1
18.0
12.8
19.4
19.1
43.0
Average Annual
Growth Role Since
Purcenl Change
Lolust real Previous I year
Manlh Monlli 19711 Earlier
Jun 74 3.1 11.8 28.0
Jun 74 2.7 10.2 44.5
Jun 74 0.2 4.7 17.7
Mar 74 3.4 8.8 20.2
Mar 74 4.2 11.8 26.4
Jan74 4.9 10.9 31.3
Apr 74 2.7 12.5 38.2
Percent Change'
Latest Irom Previous
Month Month
Jun 74
Jun 74
Jun 74
Mar 74
Mar 74
Jan 74
Apr 74
0
2.3
U.2
5.9
6.4
10.8
-1.5
19 Mar
1973
1.42
-15.12
7.93
-7.27
-6.52
-17.04
3.31
Average Annual
Growth Rate Since
1970
18.5
17.7
6.4
14.2
20.9
19.6
9.9
I Year
Earlier
47.8
83.2
27.7
52.1
60.9
65.5
27.6
EXCHANGE RATES Spot Rate
As of 16 Aug 74
l
JapanIron
West Germany IMaflhlche
France Irrancl RP unit
United Kingdom Sterling)
Italy aural
Canada (Donlan
Us S
Per Unit
0.0033
0.3810
0.2076
2.3390
0.0015
1.0217
Dec 66
19.68
51.55
2.82
-16.18
-4.68
10.77
18 Dec
1971
1.69
22.78
5.43
-10.23
-11.28
2.40
19 Mar
1973
-13.17
7.60
-5.81
-4.96
-13.79
2.41
As of 16 Aug 74
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Dec 60
-14.40
10.21
29.87
-18.20
-35.10
-25.26
8.27
18 Dec
1971
-5.15
-3.33
12.94
-4.82
-20.91
-23.94
1.67
29.7
24.8
8.7
49.6
-9.8
78.7
3 Months
[other
14.7
30.6
13.5
32.7
44.5
52.2
62.0
3 Months
Earlier
34.8
27.7
9.9
177.0
107.4
125.4
57.1
9 Aug
1974
-0.06
-1.42
-1.47
- j,+o
-0.52
-0.21
9 Aug
1974
0.61
0.31
-0.43
-0.44
-0.56
0.61
0.02
"'Weighting is based on each listed country's trade with 16 other industrialized
countries to reflect the competitive impact of exchange-rate variations
among the major currencies.
Approved For Release 2009/09/29: CIA-RDP85T00875RO01500150036-7
 Approved For Release 2009/09/29: CIA-RDP85T00875RO01500150036-7
METAL PRICES
(Monthly Average Price)
'Approximates world market price frequently used by major world producers and traders,
although only small quantities of these metals are actually traded on the LME.
"Producers' price, covers most primary metals sold in the United States.
tGuoted on New York market. ft Composite orice for Chicago, Philadelphia, and Pittsburgh. tttNew York dealers' price.
140[
OPPER !.'\
0 350
a
a. 300
(Wire bar) fj ~h
TIN
1501 I I
Jul
1972 73
COMMODITIES
LEAD
10 LI
J1972 73 Jul
STEEL SCRAP
25l 1
Jul
1972 73
60
0
50
CL
U 40
101 1
lu1972 73
1251 I 1
Jul Jul
1972 73 74
Copper-LME (C per pound)
19 Aug Week
81.5 82
Ago
.8
Jul 74
Average
87.3
Aug 73
Average
94.1
Copper-US (C per pound)
85.6 85
.6
85.6
59.5
Lead-LME (C per pound)
24.6 25
.7
24.8
19.7
Lead-US (C per pound)
24.5 24
.5
24.5
16.5
Zinc-LME (C per pound)
47.0 49
.4
50.0
41.2
Zinc-US (C per pound)
35.0 35
.0
34.8
20.3
Tin-LME (C per pound)
391.9 339
.4
386.8
226.1
Tin-US (C per pound)
418.8 414
.2
426.6
243.6
Steel scrap ($ per long ton)
112.8 119
.2
126.7
55.1
Platinum ($ per troy ounce)
187.5 187.
5
190.1
'165.1
Approved For Release 2009/09/29: CIA-RDP85T00875RO01500150036-7