Weekly commodities for week ending July 12,1980

Media

Part of Business Day

Title: Weekly commodities for week ending July 12,1980
Language: English
Source: Business Day XIV (99) July 15, 1980
Year: 1980
Subject: Commodity exchanges; Money market
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Fulltext: Business Day Business Data • Money Market • Stocks New Products • Commodity Exchange VOL. XIV NO. 99 TUESDAY, JULY 15, 1980 SECTION II PAGE 9 Extacel Natural Vitamin E and Lecithin in one capsule ; ; ■■ ■ - Market Reports EEC bigwig endorses WEEKLY COMMODITIES For week ending July 12,1980 temporary import curbs LONDON (AFP) — Gold moved up to its highest for nearly five months this week in a flurry of activity, before falling back. Elsewhere seasonal quietness appeared to be settling over the commodity markets, with prices fluctuating relatively sharply in thin trading. Coffee was an active exception with quotations falling to 16-month lows as mild weather continued in Brazil. Platinum followed gold higher, while tin fell to a ten-month low before steadying. The strength of sterling during the early part of the week, at five-year highs against the US dollar, depressed sentiment. Attention tended to be diverted away from commodities by the initial strong rise in share prices to 12-month highs on the stock exchange. Meanwhile, on the political front, rumors that the Soviet Union had offered to withdraw some troops from Eastern Europe also acted against fresh speculative interest. GOLD: Irregular — The weakness of the US dollar brought further good gains with prices reaching their highest since February. But subsequently interest slackened as the US currency improved. The decline was equally sharp in unison with New York advices, before a marginal rally developed. COPPER: Irregular - Early currency considerations were countered by a rise in US producers’ prices and the lack of progress in solving, the US copper miners’ strike. Reports of a strike by Peruvian copper workers gave an added boost to buying, although New York’s failure to follow >London’s trend brought some reaction towards the ,|er.d. Stocks were down 400 tons to 109,600 tons, /jthe lowest since November 1974, with further reductions expected. TIN: Easier — The decline in prices continued following the sharp fall in Penang and heavy trade selling developed. Stocks rose 100 tons to 1,915 tons, reflecting an easier supply positions, with further increases predicted. Prices touched their lowest since last September, with buyers wary in front of the second offering of 500 tons from the US stockpile which is due to take place next Tues day (July 15). LEAD: Irregular — The unexpected rise in stocks (up 1,850 tons to 27,375 tons) encouraged early profit-taking, but sentiment was later affected by the rise in copper stock forecasts which indicated further increases to come and buyers became more reserved in consequence. ZINC: Quiet — Prices moved comparatively narrowly in line with lead and copper. Stocks, as expected, were down 1,050 tons to 57,750 tons, with further reductions forecast. SILVER: Easier — Having fluctuated higher at first with gold, prices turned sharply easier as selling pressure built up in New York. Stocks were reduced by 160,000 ounces to 27,840,000 ounces. ALUMINUM: Steadier — A firmer trend developed following news that Alcoa, the world’s biggest producer, was cutting output to bring production more into line with demand. Alcan (Canada) made a similar move a week ago. Meanwhile, stocks were down 1,525 tons to 16,325 tons, although this fall is likely to be replaced very shortly. World stocks in May showed their first rise of the year, the International Primary Aluminum Institute said. Merchants outside the London metal exchange , quoted $1720/1740 (against $171.0/1730) a metric ton. NICKEL: Barely steady -After early steadiness as a result of the seventh successive weekly fall in stocks (down 120 tons to 5,994 tons, bringing the fall since April to 2,500 tons), buying interest faded owing to the general weakness of other metals. Merchants quoted an unchanged $2.80/3.10 per pound. OTHER METALS: Platinum moved higher reflecting heavy investment buying mainly on Swiss account and the movement in gold, before easing back to be quoted at 293.10 (against 298.90) pounds or $696 (against $703) an ounce. Cobalt eased to $18/20 (against $20/21.5) per pound following the removal of sales allocations by Zaire’s Sozacom agency. The current oversupply situation is largely due to rising production in Zaire, although other producers have also been increasing output, industry figures showed. Wolfram was quoted at $144/147 (against $143/146) a metric ton unit (ten kilos); quicksilver at $400/410 (against 395/410) a 76 pound flask; antimony $3250/3300 (against $3260/3310) a ton. SCRAP: Higher prices were quoted for copper and brass, but cheaper offers were made for whitemetal, some grades of lead and zinc, and, on a nominal basis, aluminum. RUBBER: Dull — Prices drifted off, but there was a fair interest reported at the lower levels. The steadiness of the Eastern markets where Soviet and Chinese buying was reported, was not sufficient to hold sentiment steady in London, dealers said. WOOL: Quiet — Despite the unexpected size of the increase in the floor price announced for next season’s Australian auctions, Bradford topmakers left their prices Unchanged after initial uncertainty. But it was reported that the cheap1 offers (at up to 15 pence/kilo below quoted levels) were disappearing. Meanwhile, deliveries are beginning to slow down, reflecting the start of the summer holidays. COTTON: Quiet but very steady - Trading in Liverpool encountered three blank days, before interest developed for Middle Eastern cottons. African growths also attracted attention. The Liverpool prices index moved up to its highest since the end of May. SISAL: Quiet, unchanged. JUTE: Quiet — Raw jute prices were unchanged, but jute goods turned easier following the reduction of the Bangladesh minimum export price. Bangladesh Hessians were down 5.2% and those from India fell 2.4%, while B. Twills were 5% cheaper from Bangladesh and 0.5% lower from India. TEA: Irregular -Assams eased between five and 10 pence/kilo with many withdrawals. African brighter qualities were generally dearer, and other grades eased. Sri Lankans were mostlj' firmer. Average prices (pence per kilo): quality 150 (against 149 last week): medium 97 (101) and plain 72 (70)1 GRAIN: Quiet - Domestic old crop wheat rose sharply as demand built up with still at least two weeks to go before the new crop is harvested. Steady interest was reported in futures trading as a precautionary step on weather considerations. (Continued on page 10) LONDON, July 14 (Reuter) - Luxembourg Foreign Minister Gaston Thom has said import controls may be required to help some EEC industries, but they should only be a temporary measure. In an interview with the British Broadcasting Corporation (BBC) Thorn, who is president of the EEC Council of Ministers and the expected successor next January to Britain’s Roy Jenkins as president of the mar ket’s executive council, said he opposed import controls as an answer to industrial problems. PROTECTIONISM. “Protectionism is certainly not the solution for the com munity as such at a time when we live on imports,” he said. Thorn added “of course there are some sectors where occasionally, and for a short period of time, people may need some help and we may need to cut down on imports, but that’s just for a short period,” but gave no exam ples. Thom urged EEC countries to tackle their problems together and not pursue selfish interests. “We have to convince people that nationalist solutions will not be profit able for them,” he said. “We have to find common solutions for common problems.” Japan amenable TOKYO (AFP) — Japan is ready to accept a European Community (EEC) demand for Japan to curb exports to the Common Market voluntarily in re turn for the removal of remaining import restrictions against this coun try, a government official said. In this sense, Japan will be closely watching the EEC foreign minister’s July 22 debate on a “Japan strategy” draft, drawn up by the EEC Commis sion, the official said. He also said that if EEC foreign ministers approve the commission’s Japan strategy draft, negotiations would probably start in autumn be tween the commission and the Japan ese government for elimination of import restrictions. 57 ITEMS. At these negotiations, Japan will call for the removal of restrictions of 57 items (compared with 55 items, according to the EEC calculation), the official said, adding that EEC has claimed that Japan still maintains quantitative curbs chiefly on farm products from the common mar kets. However, no such discrimination is actually being practised, he argued. The official forecast it would take a long time before Japan and the Com mon Market could reach final agree ment in view of wide differences be tween them. He said the 57 items in the EEC import restriction list include films, sewing machines, ball bearings, radio and television sets, passenger cars, trucks and auto parts. CEILINGS. For example, Italy now sets the ceiling for auto imports from Japan at 2,200 units a year. France’s ceiling on imports of television receiv ers from Japan is fixed at 88,000 sets and radios at 390,000 sets a year, he pointed out. Earlier, Kyodo quoted ranking of ficials of the Ministry of International Trade and Industry (MITI) as saying that MITI cduld not accept the EEC proposal for Japan’s imposition of voluntary control on its exports to Europe. Iraq poised to nationalize all foreign oil companies Plus total boycott of US Miller tolerates tight money rules of European countries WASHINGTON, July 14 (Reuter) — Treasury Secretary G. William Miller said he does not oppose the current tight monetary policies of most European counalways the risk of hold ing (monetary policy) too tight, but I don’t believe we’re at that point,” he told Reuters in an interview. “The prospects for growth of OECD this year and next are still there.” TECHNICAL PROB LEMS. Miller attributed the continued tight monetary policies of many foreign countries to ‘‘technical problems.” The mark is at the bottom of the European monetary system, which makes it hard for the country to lower interest rates and meet its EMS obligations, he said. The French franc is at the top of the EMS, but that country has the highest inflation rate on the continent, Miller said. Miller also said, “we certainly don’t want to see the yen weaken badly again.” Japan has held its discount rate steady despite a recent sharp drop in US Interest rates. The dollar has recent ly “performed well,” al though it is at the lower end ‘of its 1.7 to 1.9 mark trading range of the last 1-1/2 years, Miller said. “But it was not long ago over 1.90 which was too high,” he said. Miller said that against most currencies, the dol lar’s recent trading range has been “quite comfort able.” He claimed that Republican presidential candidate Ronald Reagan’s talk of an “irresponsible” tax cut weakened the dollar be cause the market viewed it as a sign the Democrats would abandon monetary discipline. US gold sale policy unchanged WASHINGTON, July 14 (Reuter) — US Trea sury Secretary G. William Miller told Reuters in an interview the US policy of selling gold from time to time is unchanged. Asked under what conditions the Treasury might sell gold, Miller said the US might sell the metal if gold was attract ively priced, or if the government wished to re duce its borrowing in the capital markets, to dampen speculation in gold or other com modities, or to help the balance of payments. BEIRUT, July 14 (Reuter) — Iraqi Foreign Minister Saadoun Hammadi was quoted as say ing his country favors | nationalizing all foreign ' oil companies and a total boycott of the US to support the Arab cause. In an interview with the English language weekly magazine Mon day Morning, Hammadi also said Iraq would not be surprised if Palestinian commandos make good their threat to attack oil routes should the Arabs refuse to mobilize their resources. OIL WEAPON . Reply ing to a question, Ham madi said the Iraqi gov ernment fully supports the use of the oil weapon to promote the Arabs’ position in their struggle with Israel, but is not ready to use that weapon unless all Arabs agree to use it as well. “When we talk about using the oil weapon in the battle, we’re talking about the use of an ef fective weapon, and Iraqi oil alone would not be effective,” he told the magazine. He said he told the just-concluded Arab economic and social council conference held in Jordan the “effective use of the oil weapon in the battle” should be based on two factors. 2 FACTORS. Hammadi listed the two factors as firstly, “the transfer of the ownership of the for eign companies to the national governments in , other words, the nation alization of those com panies ...” Secondly, “the fin ancial power represented by Arab assets in the US, the boycott of the US economically, politically and diplomatically, because the US position was and remains hostile to the Arab countries.” Hammadi said whether the oil weapon would be used in the battle or not “depends on whether a consensus develops on these points.” He added he could understand the threat made by several Palestin ian leaders to attack , the Arab oil routes if Pales tinian “rights” are not granted. Asked what his gov ernment’s reaction would be in the event of Ameri can military intervention in the Gulf to protect US interests, Hammadi said. “We can never, under any circumstances, ac cept the intervention of any big power, be it the US or anyone else, in the affairs of the Arabian Gulf or any other part of the Arab world. “That is out of the question. If we see the beginning of such an intervention, we will stand against it. We will miss no opportunity to keep the superpowers as far from the borders of the Arab countries as possible, the farther the better.” NUCLE-BEC YOUR ENERGY FOOD SUPPLEMENT WRINKLES AWAY. A vailable at all leading ^Supermarkets & Drug Stores. j Page 10 Tuesday, July 15, 1980 BD CURRENCY CONVERSION TABLE FOREX TRADING The guiding rate for today is P7.544 to US$1, a change of P0.0015 from yes terday’s P7.5425. Transactions at the Currency July 15, 1980 Equivalent of RP P1 in foreign currency Equivalent of foreign currency in US dollar* Equivalent of US$1 in foreign currency__ Equivalent of foreign currency in RP PJso*^ US dollar Japanese yen .004581 218.2929 7.5425 .0346 .1326 28.9017 Foreign Exchange Trading Center yes Pound sterling 2.3765 .4208 17.9248 .0558 terday amounted to German D-mark .5743 1.7413 4.3317 .2309 $8.5 million. Sellers Australian dollar 1.1632 .8597 8.7734 .1140 were Bank of the French franc .2475 4.0404 1.8668 .5357 Philippine Islands Hong Kong dollar .2037 4.9092 1.5364 .6509 ($5.5 million); and Canadian dollar .8694 1.1502 6.5574 .1525 Philippine Veterans Netherland guilder .5256 1.9026 3.9643 .2523 Bank ($3 million). Italian lire Belgian franc Singapore dollar .001204 .0358 .4744 830.5648 27.9330 2.1079 .0091 .2700 3.5782 109.8901 3.7037 .2795 INTERBANK RATE Austrian schilling Norwegian kroner .0811 .2084 12.3305 4.7985 .6117 1.5741 1.6348 .6353 The average inter Danish kroner .1856 5.3879 1.3999 .7143 bank demand rate Swiss franc .6253 1.5992 4.7163 .2120 quoted yesterday Swedish kroner .2433 ' 4.1102 1.8351 .5449 was 16.4%, accord Spanish peseta .0141 70.9220 .1063 9.4073 ing to traders from Taiwan dollar .0295 33.8983 .2225 4.4944 13 participating Thailand baht .0510 19.6078 .3847 2.5994 institutions. Traders Chinese renminbi**’* .6889 1.4516 5.1960 .1925 reported rates rang _ 'New York free exchanige rate: sellers' quotations as of July 11, 1980 as quoted by the ing from 18% to 15%. Lenders out♦Central Bank for July 14, 1980 •♦The FOREX guiding rate Is used In computing the RPpeso equivalent • ••Peking exchange rate (Reuter) numbered borrowers. Money Quotations FRIDAY, JULY 11, 1980 (Closing quotations unless otherwise stated): WORLD BULLION (Prices of gold in US dollars per ounce, in rupees per 10 grams in Bombay): London Morning Afternoon Closing London Krugerrand Paris Bombay 663.50 667.00 670.00 689.00 660.63 668.00 667.75 1,400.00 672.00 691.00 671.00 Netherlands 113.80 115.00 Belgium Conv. 776.21 785.07 Belgium Fin. 771.35 781.83 Denmark- 40.01 40.71 Norway 44.96 45.66 Sweden 52.36 53.26 Italy 25.96 26.56 Portugal 4.34 4.54 Austria 17.45 17.75 Australia 249.97 254.93 Hong Kong 43.80 44.66 Singapore 102.22 103.88 Malaysia 100.83 102.49 Spain 304.74 308.52 Market Reports (Continued from page 9) A tender was also held in Colombia on Thursday for the sale of 24,000 metric tons of raw sugar for shipment during August. On July 19/20 a tender will be held in Egypt for the purchase of 20,000 tons of white sugar to arrive during September/October. The authorities in Syria have invited submissions on July 22 for 10,000 tons of white sugar for shipment during August. At the first tender in the new series held in Brussels this week the authorities set an export restitution/levy of zero for white sugar but no licenses were awarded. There were no proposals submitted for raw beet sugar. Bids will also be examined next Wednesday in respect of 6,086 metric tons of white sugar to be delivered through UNRWA to Syria, Jordan and Israel in September. SINGAPORE/MALAYSIA RUBBER REPORT SINGAPORE (Reuter) — Thin conditions for the most part dogged a market devoid of real feature, and levels lost to cents overall, Holiday, Cutler, Bath and Company said in its weekly report. After a quiet start, Monday saw the major activity of the week as prices moved up rapidly some four cents on news of a large acceptance by China (reportedly 5,000 to 6,000 metric tons) and short-covering following fresh tension on the Thai/ Kampuchean border. London however, refused to follow influenced by strength of sterling and lack of orders, and what with western holidays in full swing, the market slipped back in lackluster trading. The July position expired midweek at a small discount, while forward premiums were about unchanged. Outside influences such as reports of Soviet negotiations with Australia and Argentina over future supplies, helped to keep imported prices steady, as did concern over serious drought conditions prevailing in the US grain producing SUGAR: Weak — Prices slumped to a three-month low as heavy selling developed. World trade influences included a cheap beet raw sale to Tunisia, the resumption of Thailand’s shipments and the lack of confirmation of a petro-sugar deal between Venezuela and Brazil involving 180,000 tons of sugar a year. Iranian buying interest and the refusal of the European Economic Community to grant export licenses at its weekly selling' tender failed to make their usual impact. OILSEEDS: Nervous — In highly sensitive weather-conscious conditions, early gains in soybean oil were pared on reports of rainfall in the American midwest. Palmoil steadied after early uncertainty on news of a cut in Malaysian production, while Authorized minimum buying rates of authorized agent banks and foreign exchange dealers from tourists, transients and residents* for July 15, 1980 US dollar 7.4670 Japanese yen 0.0338 Canadian dollar 6.42 Italian lire 0.0086 British pound 17.56 Australian dollar 8.59 Netherland guilder 3.88 Austrian schilling 0.5973 Swiss franc 4.61 Hong Kong dollar 1.48 French franc 1.81 Singapore dollar 3.50 Deutsche mark 4.24 Belgian franc 0.2643 Malaysian dollar 3.45 •In those cases where the authorized foreign exchange dealen is specifically authorized to purchase/corrvert currencies sold by residents. Source: Central Bank groundnut oil went firmer when it was learned that Brazilian crush rates are falling behind expectations. Among industrial oils, linseed oil and castor oil tended easier. COCOA: Uncertain — Early steadiness was lost following the settlement of the dock strike in Ghana, which could release 30,000 to 40,000 tons. Recent buying interest by East European manufacturers faded, and there were rumors that Nigeria and Ghana were offering new crop supplies at reduced prices. But sellers hesitated later on reports of pod-not in Brazil. COFFEE: Irregular — Having touch their lowest since March last year, prices ralied ahead of the weekend. Early gains followed news that more pro ducers had followed Brazil’s example and suspended sales, but the slide began on unconfirmed reports that Colombia had started selling again. Subsequently the producer group Pancafe, was reported to have sold sizable tonnages, which would have contradicted previous intentions. Prices have now fallen to the level which triggers off a special meeting of the International Coffee Council to consider special market measures. This meeting will be held in London on Monday, July 28. CZARNIKOW SUGAR REPORT LONDON (AFP) — There have been further falls this week and the market is now some 100 pounds below the best levels seen towards the end of May, writes Czamikow in its latest review. The trade house explains for most of this year the level of world market prices has been swayed by the interaction of two main influences. On the one hand a further tightening of the supply position is anticipated during 1980/81 while on the other there has been ample availability of sugar for prompt delivery. The long-term outlook has generated the main impetus to lift prices and the LDP reached high points in February of Stg287 metric ton and again in May of Stg362 per metric ton. Indeed, despite the easier tone of recent weeks it is still expected that higher levels could prevail in the coming season. The ability of buyers to purchase prompt sugar at discounts to the prices quoted on the terminal exchanges has, however, also been an influence for much of the time, and in periods when demand has diminished a little, the general buoyancy has given way to falling prices. Between the two peaks mentioned above the LDP fell to Stgl90 per metric tori, and in the quieter conditions of recent weeks a further downward adjustment has been taking place. A tender was called at short notice in Tunisia this week and the authorities purchased one cargo of beet raws for arrival during the second half of October at $650 per metric ton C and F. Iran is reported to have returned to the market. In fact this buyer is continually interested in suitable cargoes of white sugar but this week the authorities have been credited with purchasing two cargoes of whites at prices around $820 per metric ton C and F. Freight sources have suggested recently that agreement has been reached between Brazil and Venezuela for the supply of 180,000 tons of Brazilian sugar each year for two years. However, representatives in both countries have been unable to confirm this. Over the last few years Venezuela has covered the major part of its requirements with sugar from the Dominican Republic which this year was due to ship 300,000 tons of raws as the first tranche of a new three-year agreement. There have been rumors recently, however, that deliveries from this supplier to Venezuela may decline. A private inquiry for 20,000 to 30,000 tons of white sugar was made by Greece this week but no purchases were concluded. A tender was held in Jordan on Thursday for the purchase of 20,000 tons of white sugar for prompt delivery. First reports indicate that one cargo was acquired for July shipment at $750 per metric ton C and F. HONG KONG GOLD Local market (99.00 Fine HK$ per tael) 3,848.00 (f*rev. Clsg 3,848.00) International market (99.5 Fine US$ per ounce) 663.00/664.00 (663.00/665.00) Krugerrand HK$ 3,395.00 (3,400.00) US $ equivalent 691.00 (692.00) US-SDR RATE (The exchange value of the US dollar against the SDR) Today Previous July 74 1.33048 1.33201 1.20601 EXCHANGE RATES MANILA (In Philippine pesos per unit of foreign currency): US UK Buyer 7.468 17.477 0.033 Seller NEW YORK (One US dollar expressed in respective unit of foreign currency, unless otherwise stated): UK $2.3755 2.3765 Belgium Conv 27.89 27.92 Canada 1.1501 1.1504 France 4.0400 4.0425 Italy 830.25 830.75 Netherlands Switzerland W. Germany Denmark Norway Portugal Belgium Fin Mexico 1.9025 1.90*5 1.5990 1.6005 1.7410 1.7420 218.25 218.45 12.33 12.36 4.3875 5.3925 4.7980 4.8020 48.70 48.80 4.1100 4.1150 28.02 28.05 70.58 70:60 22.93 22.95 LONDON (One pound sterling expressed in respective unit of foreign currency;for Canada Cross - US$100 to 100 Canadian dollars): US - Canada Canada Cross W. Germany Netherlands Switzerland 2.3770 2.7279 1.1507 4.1295 4.5172 3.7933 23780 2.7364 1.1510 4.1377 4.5246 3.8000 Belgium Conv 66.27 66.37 France 9.5943 9.6118 Italy Den mark Norway Sweden Portugal Spain 1972.08 1974.93 516.42 51733 12.8007 11.3929 9.7713 29.32 115.59 167.63 12.8352 11.4263 9.8033 29.37 116.05 168.00 HONG KONG (In HK dollars per unit of foreign currency): US 4.9115 4.9135 UK 11.5200 11.7400 Singapore 2.3200 . 2.3400 US/UK US$ 2.3743 2.3750 SINGAPORE (In Singapore dollars per unit of foreign currency): US 2.1085 UK 5.0045 Australia 2.4500 Hong Kong 42.95 W. Germany 120.90 Japan 0.9690 2.1095 5.0090 2.4530 43.00 121.05 0.9700 BANK OF TOKYO SPOT RATES (In yen per unit of foreign currency): US 216.25 UK 511.98 W. Germany 124.21 Canada 187.85 Switzerland 135.44 France 53.45 218.25 519.98 125.61 191.03 137.26 54.25 TAIWAN (In Taiwanese dollars per unit of foreign currency): US 35.96/36.06 (Unch ) Australia 41.74/41.94 (41.68/41.88) Belgium. 1.29/1.30 (Unch ) Canada 31.34/31.49 (31.36/31.51) W. Germany 20.68/33.78 ( 20.66/20.76) France 8.91/8.95 .(Unch ) Hong Kong 7.31/7.35 |(Unch ) KOREA EXCHANGE BANK WON RATES (In won per unit of foreign currency): US ' 599.50 603.90 Japan (100 yen) 276.85 278.81 UK 1,424.94 1,434.96 W. Germany 345.23 347.67 Canada 523.14 526.82 Switzerland 376.36 379.29 France 148.67 149.73 Netherlands 315.75 317.97 Belgium 21.55 21.71 MISC. EXCHANGE RATES NEW YORK (In US cents per unit of foreign currency as of 1300 hrs): Far East Australia Fiji Hong Kong Indonesia Philippines Malaysia New Zealand Pakistan Singapore S. Korea Sri Lanka Thailand 116.24 15.05A 122.00A 20.36 12.87 0.1700A 13.27A 46.72 99.02 10.16A 47.39 0.1900A 6.46A 5.10A 116.32 20.37 12.95 99. L ■» 47.44 LONDON (One pound sterling expressed in respective unit of foreign currency): Australia Bahrain E,thiop ia Finland Hong Kong Kenya Kuwait Malaysia New Zealand Pakistan Philippines Saudi Arabia Sri Lanka Singapore South Africa Thailand 2.0429 0.8935 4.8400 8.5564 101.0139 11.6662 18.3500 17.10 0.6319 5.0785 2.3956 23.2000 17.35 7.8864 37.2500 5.0073 1.8153 48.00 2.0463 0.8990 4.8900 8.5755 103.2660 11.6808 18.4500 17.25 0.6339 5.0900 2.4013 23.4000 sig 7.8978 37.7500 5.0186 1.8189 sig BORROWING RATES SINGAPORE ASIAN DOLLARS (Lending/borrowing rates as of 1500hrs): Weekend Mon/Tues Tues/Wed Seven days fix One mth Three mths Fourmths Five mths Six mths Nine mths 3-5/8 9-1/16 9-i/16 9-1/8 9-3/4 9-3/8 9-9'16 9-1/2 9-9/16 9-11/16 9-3/4 9-7/8 3-1/2 8-15/16 8- 15/16 9 9- 5/8 9-1/4 9-7/16 9-3/8 9-7/16 9-9/16 9-5/8 9-3/4 EURO DOLLAR DEPOSITS RATES (US dollar deposits' rates in London): Overnight 3-5/8 Tomorrow/Next Spot/Next and Week fixed all 9-3/16 One month 9-11/16 Two 9-3/8 Three 9-1/2 Four 9-5/8 Five 9-11/16 Six and Nine 9-3/4 Twelve 9-7/8 Two years 10-7/8 Three 11-1/8 Four 11-1/4 • Five . 11-3/8 1/2 1/16 9/16 1/4 3/8 1/2 9/16 5/8 3/4 5/8 10-7/8 11 1/8
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