Representatives of the world's major copper exporting nations met in Peru for three days this week -17, 18, 19 November.
Representatives of the world's major copper exporting nations met in Peru for three days this week -17, 18, 19 November. One of the major topics to come under discussion was the 65 per cent decline in copper prices.
The President of the Intergovernmental Council of Copper Exporting Countries (CIPEC), Mr. Ackson Soko, demanded a fairer price for copper and attacked the London Metal Exchange as a pricing medium.
He claimed that copper-exporting countries would continue to experience fluctuating prices as long as the Exchange operated under the present system. He said the Exchange did not reflect the true supply and demand situation and was not responsive to change.
He suggested that a mutual agreement between the producer and the consumer was the ultimate way out of price instability. The creation of a buffer stock to regulate the amount of copper available has also been suggested.
CIPEC was formed several years ago to coordinate the policies of copper-exporting countries. It controls 45 per cent of the copper production in the non-communist world and 70 per cent of the exports.