34 COMMODITY MARKETS AND THE DEVELOPING COUNTRIES COMMODITY PRICE OUTLOOK. TABLE Al. COMMODITY PRICES AND PRICE PROJECTIONS IN CONSTANT I 990 DOLLARS

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1 TABLE Al. COMMODITY PRICES AND PRICE PROJECTIONS IN CONSTANT I 990 DOLLARS Short-term Long-term Actual projections projections Commodity Unit Coal, US $/mt Crudeoil, avg, spot $/bbl Natural gas, Europe $/mmbtu Natural gas, US $/mmbtu Cocoa /kg Coffee, othermilds /kg Coffee, robusta /kg Tea, auctions, avg /kg Tea, London, all /kg Coconut oil $/mt 1, Copra $/mt Groundnut meal $/mt Groundnut oil $/mt 1,509 1,193 1, Palm oil $/mt 1, , Soybeanmeal $/mt Soybean oil $/mt 1, , Soybeans $/mt ,4 Maize $/mt Rice, Thai, 5% $/mt Sorghum $/mt Wheat, US, HRW $/mt Bananas $/mt Beef, US /kg Oranges $/mt Shrimp /kg 1, ,529 1,079 1,071 1, , ,194 1,151 1, Sugar, world /kg Logs, Malays a $/m Logs, Cameroon $/M Sawnwood, Malaysia $/m Cotton 4/kg Rubber, RSSI, Malaysia /kg [ Tobacco $/mt 4,290 3,162 3,807 3,392 2,535 2,395 2,214 2,671 2,871 2,753 2,641 2,444 2,268 DAP $/mt ISI Phosphate rock $/mt Potassium chloridea $/mt TSP $/mt Urea $/mt Aluminum $/mt 2,217 2,023 1,517 1,639 1,071 1, ,318 1,468 1,446 1,477 1,388 1,356 Copper $/mt 5,645 3,032 2,066 2,661 1,799 2,094 2,463 2,010 2, ,664 1,592 1,548 Gold $/toz Iron ore /dmtu Lead 4/kg Nickel $/mt 11,348 9,056 7,140 8,864 4,978 5,752 6,903 6,568 6,563 6,447 6,562 5,930 5,367 Silver O/toz , Tin 4/kg 1,465 2,330 1, Zinc 4/kg I Not available. Note: Computedfrom unroundedataandeflated bymuv(1990c100). ForecastasofApr I a. Aso known as muriate of potash. Source: World Bank, International Economics Department, Commodity Polity and Analysis Unt. 34 COMMODITY MARKETS AND THE DEVELOPING COUNTRIES

2 COMMODITY PRICE OUTLOOK TABLE A2. COMMODITY PRICES AND PRICE PROJECTIONS IN CURRENT DOLLARS Short-term Long-term Actuol projections projections Commodity Unit Coal, US $/mt i Crude oil, avg, spot $/bbl Natural gas, Europe $/mmbtu Natural gas, US $/mmbtu Cocoa /kg Coffee, othermilds /kg Coffee, robusta /kg Tea, auctions, avg /kg Tea, London, all /kg Coconut oil $/mt Copra $/mt Groundnutmeal $/mt Groundnutoil $/mt , Palm oil $/mt Soybean meal $/mt Soybean oil $/mt Soybeans $/mt Maize $/mt Rice, Thai, 5% $/mt Sorghum $/mt Wheat, US, HRW $/mt Bananas $/mt Beef, US /kg Oranges $/mt Shrimp /kg ,023 1,049 1,079 1,139 1,308 1,354 1, ,370 1,404 1,453 1,542 Sugar,world /kg Logs, Malaysia $/m Logs, Cameroon $/m Sawnwood, Malaysia $/m ,000 1,141 Cotton /kg Rubber, RSSI, Malaysia /kg Tobacco $/mt 1, ,612 3,392 2,695 2,639 2,639 3,051 3,150 3,160 3,220 3, DAP $/mt Phosphate rock $/mt I Potassium chloride, $/mt TSP $/mt Urea $/mt Aluminum $/mt ,456 1,041 1,639 1,139 1,477 1,806 1, ,660 1,800 1,920 2,122 Copper $/mt 1,416 2,182 1,417 2,66 1,93 2,307 2,936 2, ,094 2,028 2,201 2,423 Gold $/toz Iron ore /dmtu Lead /lkg Nickel $/mt ,519 4,899 8,864 5,293 6,340 8,228 7,50/ 7,200 7, ,400 Silver toz , Tin /kg ,677 1, Zinc c/kg / Not available. Note: Computed from unrounded data. Forecast as of April a. Also known as muriate of potash, Source: World Bank, International Sconomics Department, Commodity Policy and Analysis Un t. MAY

3 TABLE A3. WEIGHTED INDEX OF COMMODITY PRICES IN CURRENT DOLLARS AND IN CONSTANT I 990 DOLLARS 1990= 100 Agriculture Nonenergy Raw motenails Metols commod- Totol Total Other Total raw and ities ogriculture food Groins foods materals minerals Year (100) (100' (69.!)' (16.9)' (29.4)' (10.1)' (6.9)' (12.4)' (22.8)' (9.3)' (2.7)' (28.2)' Current dollars [00.0 I , [ Constant / 990 dollars [ [ I Note: F gures for are projections. Weights used are the average export va ues for low- and middle- ncome economies. Forecast of April 22, [997. a. Percentage share of commodity group in nonenergy index, Source: Wor[d Bank, Internationa Economics Department, Commodity Po icy and Analysis Unit, TABLE A4. INFLATION INDICES FOR SELECTED YEARS G-5 MIUV index, US GDP deflator Yeor 1990=100 % change 1990= 100 % change Note: Figures for are projections, except 1996 US GDP deflator is a pre iminary estimate. Forecast of Apr 122, Growth rates for years 1985, 1990, 2000, 2005, and 20 0 are compound annual rates of change between adjacent end-point years; all others are annual growth rates from the previous year. a. Unit value index in US do lar terms of manufactures exported from the G-5 countr es (France, Germany, Japan, UK, and US), weighted proportonally the countries' exports to the developing countries. Source: G-5 MUV index, G-S GDP/GNP deflator, and G-7 CPI: World Bank. US GDP deflator: US Department of Commerce. 36 COMMODITY MARKETS AND THE DEVELOPING COUNTRIES

4 TABLE A5. COMMODITY PRICE PROBABILITY DISTRIBUTIONS IN CONSTANT 1990 DOLLARS 70% probability distribution Commodity Unit Coal, US $/mt Crude oil, avg. spot $/bbl Natural gas, Europe $/mmbtu Natural gas, US $/mmbtu Cocoa /kg Coffee, other milds /kg Coffee, robusta /kg Tea, auctions, avg. /kg Tea, London, all /kg Coconut oil $/mt Copra $/mt Groundnutmeal $/mt Groundnut oil $/mt Palm oil $/mt Soybean meal $/mt Soybean oil $/mt Soybeans $/mt Maize $/mt Rice, Thai, 5% $/mt Sorghum $/mt Wheat, US. HRW $/mt Bananas $/mt Beef, US /kg Oranges $/mt Shrimp /kg 1,135-1,294 1,015-1, , ,524 Sugar, world f/kg Logs, Malaysia $/m Logs, Cameroon $/m Sawnwood. Malaysia $/m Otheraw materials Cotton f/kg Rubber, RSSI, Malaysia f/kg Tobacco $/mt 2,527-3,216 2,257-3,249 1,981-3,302 1,638-3,250 DAP $/mt Phosphate rock $/mt Potassium chloridea $/mt TSP $/mt Urea $/mt Aluminum $/mt 1,340-1,605 1,220-1,714 1,173-1,858 1,029-1,874 Copper $/mt 1,955-2,336 1,539-2,163 1,321-2,094 1,179-2,148 Gold $/toz Iron ore /dmtu Lead f/kg Nickel $/mt 5,382-7,745 4,900-8,123 4,725-8, ,301 Silver /toz Tin f/kg Zinc f/kg Note: Forecast of Apr 122, a. Also known as muriate of potash, Source: World Bank, International Economics Department, Commodity Po icy and Ana ysis Unit. MAY

5 TABLE A6. COMMODITY PRICE PROBABILITY DISTRIBUTIONS IN CURRENT DOLLARS 70% probobility distribution Commodity Unit Coal, US $/mt Crude oil, avg. spot $/bbl , Natural gas, Europe $/mmbtu Natural gas, US $/mmbtu Cocoa /kg Coffee, othermilds /kg Coffee, robusta /kg Tea, auctions, avg. /kg Tea, London, all /kg Coconut oil $/mt Copra $/mt Groundnut meal $/mt Groundnut oil $/mt Palm oil $/mt Soybean meal $/mt i Soybean oi $/mt Soybeans $/mt Maize $/mt Rice, Thai, 5% $/mt Sorghum $/mt Wheat, US, HRW $/mrt Bananas $/mt Beef, US /kg Oranges $/mt Shrimp /kg 1,245-1,420 1,165-1,603 1,067-1,881 1,068-2,107 Sugar, world /kg Logs, Malaysia $/m Logs, Cameroon $/m Sawnwood, Malaysia $/m ,350 Cotton f/kg , Rubber, RSSI, Malaysia f/kg Tobacco $/mt 2,7723,528 2,591-3,729 2,415-4,025 2, DAP $/mt Phosphate rock $/mt Potassium chlor dea $/mt TSP $/mt Urea $/mt Aluminum $/mt 1,470-1,760 1,400-1,968 1,430-2,265 1,422-2,592 Copper $/mt 2,145-2,563 1,767-2,482 1,611-2,553 1,631-2,971 Cold $/toz Iron ore /dmctu Lead kg Nicke $/mt 5,904-8,496 5,624-9,324 5,760-10,320 4,920-11,480 Silver f/toz Tin f/kg Zinc f/kg Note: Forecast of Apr 122, a. Also known as munate of potash. Source: Worid Bank, International Economics Department, Commodity Policy and Analysis Unit. 38 COMMODITY MARKETS AND THE DEVELOPING COUNTRIES

6 TABLE A7. RECENT COMMODITY PRICES Annual averages Quarterly averages Monthly averages Jan-Dec Jan-Dec Jan-Mar Jon-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Jan Feb Mar Commodity Unit / Coal Australia $/mt US $/mt Crude oil, avg., spot, $/bbl Brent' $/bbl Dubaia $/bbl West Texas mnt.' $/bbl Natural gas Europe $/mmbtu US $/mmbtu Cocoab /kg Coffee Other mildsb /kg Robusta' 0/kg Tea Auctions (4), average' /kg I n b Londonauctio /kg Coconut oilb $/mt Copra $/mt Groundnut meal $/mt Groundnut oil' $/mt Palm aill $/mt Soybean mealb $/mt Soybean oilb $/mt Soybeansb $/mt Maizeb $/mt Rice Thai, 5 %b $/mt Thai, 35% $/mt Thai,AI.Special $/mt Sorghum' $/mt I Wheat Canada $/mt US, HRW 1 b $/mt US, SRW $/mt ' Bananas $/mt Beef ' /kg Fishmeal $/mt Lamb %/kg Oranges' $/mt Shrimp /kg 1,354 1,312 1,393 1,203 1,366 1,326 1,353 1,393 1,389 1,389 1,400 Sugar EU, domesticb /kg US, domesticb g/kg Worldb g/kg Logs Malaysia $/m Cameroon $/m Plywood /sheet Sawnwood ab Malaysi $/m Ghana $/m Woodpulp $/mt MAY

7 TABLE A7. RECENT COMMODITY PRICES (CONTINUED) Annual averages Quarterly averages Monthly averages Jan-Dec Jan-Dec Jan-Mar Jan-Mar Apr Jun Jul-Sep Oct-Dec Jan-Mar Jan Feb Mar Commodity Unit Cottonb /kg Jute $/mt Rubber Malaysiab /kg NY /kg Singapore /kg Sisal $/mt Wool /kg DAP $/mt Phosphaterock' $/mt t.0 Potassiumchloride $/mt TSPb $/mt Urea $/mt Aluminumb $/mt 1,806 1,506 1,596 1,598 1,553 1,443 1,429 1,596 1,576 1,580 1,632 Copper' $/mt 2,936 2,295 2,421 2,572 2,476 1,979 2,153 2,421 2,435 2,406 2,421 Gold $ toz Iron oreb /dmtu Leadb kg Nickel' $/mt 8,228 7,501 7,567 8,033 7,926 7,192 6,852 7,567 7,072 7,735 7,896 Silver /toz Steel products (8) index' 1990= Steel Cold rolled coilsheet /mt Hot rolled coilsheet /mt Rebar /mt Wire rod /mt Tinb /g ZincP /kg World Bank commodity price indices for low- and middle-income countries (1990 = 100) Petroleum Nonenergycommodities Agriculture Fatsand oils Raw materials Otherrawmaterials Note: Prices as of April 4, Monthly updates of commodity prices are availab e on the internet at a. Included n the petroleum index. b. Included in the nonenergy index. c. Not included the nonenergy index. Source: World Bank, International Economics Depantment, Commodity Policy and Analysis Unit. 40 COMMODITY MARKETS AND THE DEVELOPING COUNTRIES

COMMODITY PRICE OUTLOOK. TABLE Al. COMMODITY PRICES AND PRICE PROJECTIONS IN CONSTANT 1990 DOLLARS

COMMODITY PRICE OUTLOOK. TABLE Al. COMMODITY PRICES AND PRICE PROJECTIONS IN CONSTANT 1990 DOLLARS TABLE Al. COMMODITY PRICES AND PRICE PROJECTIONS IN CONSTANT 1990 DOLLARS Short-term Long-term Actuol projections projections Commodity Unit 1970 1980 1985 1990 1994 1995 1996 1997 1998 1999 2000 2005