V Minerals and Metals
Author:
International Monetary Fund
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Abstract

In 1988, the prices of a number of metals rose to record levels (Chart 7 and Table 61). In terms of SDRs the average annual price of nickel increased by 172 percent, that of aluminum by 57 percent, zinc by 50 percent, and copper by 40 percent. When measured in terms of U.S. dollars, the rise in prices is even sharper. Notwithstanding the strong upward trend, prices for nickel, aluminum, and copper fluctuated widely during the year. The dollar price of nickel increased by 123 percent from January to April, fell by 36 percent over the following six months, and recovered by 46 percent during the remaining two months of the year. The price of copper fell by 17 percent from January to August and rose 59 percent over the following four months. After a steep rise in the price of aluminum (by 79 percent) during the first half of the year, the price weakened during subsequent months and in December was 31 percent below the peak June level. Zinc prices moved steadily upward during the year. Small increases were recorded in prices of lead, tin, and phosphate rock, while the SDR price of iron ore in 1988 remained unchanged at the 1987 level.

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