World Bank Commodities Price Forecast (nominal US dollars)

Commodity

Unit

Energy
Coal, Australia
Crude oil, avg, spot
Natural gas, Europe
Natural gas, US
Natural gas LNG, Japan

$/mt
$/bbl
$/mmbtu
$/mmbtu
$/mmbtu

Non Energy Commodities

Agriculture
Beverages
Cocoa
Coffee, Arabica
Coffee, robusta
Tea, auctions (3), average

Released: April 22, 2015

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

84.6
104.1
11.8
3.7
16.0

70.1
96.2
10.1
4.4
16.0

62.0
53.2
8.5
3.0
12.0

64.4
57.2
8.6
3.2
12.2

66.8
61.1
8.8
3.5
12.4

69.3
65.2
8.9
3.8
12.6

72.0
69.6
9.1
4.1
12.8

74.7
74.3
9.2
4.4
13.0

77.5
79.3
9.4
4.8
13.2

80.5
84.7
9.5
5.2
13.4

83.5
90.5
9.7
5.6
13.6

86.7
96.8
9.8
6.0
13.8

90.0
103.4
10.0
6.5
14.0

$/kg
$/kg
$/kg
$/kg

2.44
3.08
2.08
2.86

3.06
4.42
2.22
2.72

2.85
3.80
2.10
2.65

2.78
3.77
2.07
2.70

2.71
3.74
2.04
2.75

2.64
3.71
2.01
2.80

2.57
3.68
1.97
2.86

2.50
3.65
1.94
2.91

2.44
3.62
1.91
2.97

2.38
3.59
1.89
3.02

2.32
3.56
1.86
3.08

2.26
3.53
1.83
3.14

2.20
3.50
1.80
3.20

$/mt
$/mt
$/mt
$/mt
$/mt
$/mt

941
1,773
857
545
1,057
538

1,280
1,313
821
528
909
492

1,150
1,400
700
430
780
420

1,122
1,440
709
435
800
429

1,095
1,480
719
440
820
438

1,068
1,522
729
444
840
448

1,043
1,565
738
449
862
457

1,017
1,609
748
454
883
467

993
1,655
758
459
905
477

969
1,702
769
464
928
488

945
1,750
779
470
952
498

922
1,799
789
475
975
509

900
1,850
800
480
1,000
520

Grains
Barley
Maize
Rice, Thailand, 5%
Wheat, US, HRW

$/mt
$/mt
$/mt
$/mt

202.2
259.4
505.9
312.2

137.6
192.9
422.8
284.9

170.0
180.0
415.0
240.0

171.0
183.6
411.4
243.3

172.0
187.4
407.8
246.6

172.9
191.2
404.2
250.0

173.9
195.0
400.6
253.4

174.9
199.0
397.1
256.9

175.9
203.0
393.6
260.4

176.9
207.1
390.2
264.0

178.0
211.3
386.8
267.6

179.0
215.6
383.4
271.3

180.0
220.0
380.0
275.0

Other Food
Bananas, EU
Meat, beef
Meat, chicken
Oranges
Shrimp, Mexico
Sugar, World

$/kg
$/kg
$/kg
$/kg
$/kg
$/kg

0.92
4.07
2.29
0.97
13.84
0.39

0.93
4.95
2.43
0.78
17.25
0.37

0.98
4.70
2.40
0.70
16.00
0.33

0.97
4.65
2.36
0.72
15.67
0.33

0.97
4.60
2.31
0.74
15.35
0.34

0.96
4.54
2.27
0.77
15.03
0.34

0.96
4.49
2.23
0.79
14.72
0.35

0.95
4.44
2.19
0.82
14.42
0.35

0.94
4.39
2.15
0.84
14.13
0.36

0.94
4.34
2.11
0.87
13.84
0.36

0.93
4.30
2.07
0.89
13.55
0.37

0.93
4.25
2.04
0.92
13.27
0.37

0.92
4.20
2.00
0.95
13.00
0.38

$/cum
$/cum
$/cum

463.5
305.4
852.8

465.2
282.0
897.9

400.0
255.0
830.0

411.4
263.9
852.1

423.2
273.2
874.9

435.2
282.8
898.2

447.7
292.7
922.2

460.4
303.0
946.8

473.6
313.6
972.0

487.1
324.6
998.0

501.0
336.0
1,024.6

515.3
347.8
1,051.9

530.0
360.0
1,080.0

$/kg
$/kg
$/mt

1.99
2.79
4,589

1.83
1.96
4,991

1.60
1.70
4,800

1.65
1.77
4,747

1.71
1.85
4,696

1.76
1.93
4,644

1.82
2.01
4,593

1.88
2.10
4,543

1.94
2.19
4,493

2.00
2.29
4,444

2.06
2.39
4,396

2.13
2.49
4,348

2.20
2.60
4,300

Fertilizers
DAP
Phosphate rock
Potassium chloride
TSP
Urea, E. Europe, bulk

$/mt
$/mt
$/mt
$/mt
$/mt

444.9
148.1
379.2
382.1
340.1

472.5
110.2
297.2
388.3
316.2

470.0
110.0
300.0
390.0
290.0

466.9
107.8
301.0
385.8
289.0

463.8
105.7
302.0
381.7
288.0

460.8
103.6
303.0
377.5
287.0

457.8
101.5
304.0
373.5
286.0

454.8
99.5
305.0
369.5
285.0

451.8
97.5
306.0
365.5
284.0

448.8
95.6
307.0
361.5
283.0

445.8
93.7
308.0
357.7
282.0

442.9
91.8
309.0
353.8
281.0

440.0
90.0
310.0
350.0
280.0

Metals and Minerals

Aluminum
Copper
Iron ore
Lead
Nickel
Tin
Zinc

$/mt
$/mt
$/dmt
$/mt
$/mt
$/mt
$/mt

1,847
7,332
135
2,140
15,032
22,283
1,910

1,867
6,863
97
2,095
16,893
21,899
2,161

1,850
5,900
63
1,800
14,200
18,400
2,010

1,878
5,984
67
1,853
14,541
18,815
2,054

1,906
6,070
70
1,907
14,890
19,240
2,100

1,935
6,157
74
1,962
15,247
19,674
2,146

1,965
6,245
79
2,020
15,613
20,118
2,193

1,994
6,334
83
2,078
15,987
20,572
2,242

2,025
6,425
88
2,139
16,371
21,036
2,291

2,055
6,516
93
2,202
16,764
21,511
2,342

2,086
6,610
98
2,266
17,166
21,996
2,393

2,118
6,704
104
2,332
17,578
22,492
2,446

2,150
6,800
110
2,400
18,000
23,000
2,500

$/toz
$/toz
$/toz

1,411
23.8
1,487

1,266
19.1
1,384

1,240
17.5
1,200

1,225
17.8
1,200

1,211
18.1
1,200

1,196
18.5
1,200

1,182
18.8
1,200

1,168
19.2
1,200

1,154
19.5
1,200

1,140
19.9
1,200

1,127
20.2
1,200

1,113
20.6
1,200

1,100
21.0
1,200

Food
Oils and Meals
Coconut oil
Groundnut oil
Palm oil
Soybean meal
Soybean oil
Soybeans

Raw Materials
Timber
Logs, Cameroon
Logs, Malaysia
Sawnwood, Malaysia
Other Raw Materials
Cotton A Index
Rubber, Malaysian
Tobacco

Precious Metals
Gold
Silver
Platinum

2025

Next update: July 2015

-1-

World Bank Commodities Price Forecast (real 2010 US dollars)

Released: April 22, 2015

Commodity

Unit

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Energy
Coal, Australia
Crude oil, avg, spot
Natural gas, Europe
Natural gas, US
Natural gas LNG, Japan

$/mt
$/bbl
$/mmbtu
$/mmbtu
$/mmbtu

79.7
98.1
11.1
3.5
15.0

66.2
90.9
9.5
4.1
15.1

58.7
50.3
8.0
2.8
11.4

59.8
53.1
8.0
3.0
11.3

61.0
55.8
8.0
3.2
11.3

62.4
58.6
8.0
3.4
11.3

63.7
61.6
8.0
3.6
11.3

65.1
64.8
8.0
3.8
11.3

66.5
68.0
8.0
4.1
11.3

67.9
71.5
8.0
4.3
11.3

69.3
75.1
8.0
4.6
11.3

70.7
79.0
8.0
4.9
11.2

72.2
83.0
8.0
5.2
11.2

Non Energy Commodities

Agriculture
Beverages
Cocoa
Coffee, Arabica
Coffee, robusta
Tea, auctions (3), average

$/kg
$/kg
$/kg
$/kg

2.30
2.90
1.96
2.70

2.89
4.18
2.09
2.57

2.70
3.60
1.99
2.51

2.58
3.50
1.92
2.51

2.47
3.42
1.86
2.52

2.37
3.33
1.80
2.52

2.28
3.26
1.75
2.53

2.18
3.18
1.69
2.54

2.09
3.10
1.64
2.55

2.01
3.03
1.59
2.55

1.92
2.95
1.54
2.56

1.84
2.88
1.49
2.56

1.76
2.81
1.44
2.57

$/mt
$/mt
$/mt
$/mt
$/mt
$/mt

887
1,672
808
514
996
508

1,209
1,240
776
499
859
464

1,088
1,325
663
407
738
398

1,043
1,337
659
404
743
399

1,001
1,353
657
402
749
401

961
1,369
655
400
756
403

923
1,386
654
398
763
405

887
1,402
652
396
770
407

851
1,419
650
394
777
409

817
1,436
649
392
783
412

784
1,452
646
390
790
413

753
1,468
644
387
796
415

722
1,484
642
385
802
417

Grains
Barley
Maize
Rice, Thailand, 5%
Wheat, US, HRW

$/mt
$/mt
$/mt
$/mt

190.6
244.6
477.0
294.4

129.9
182.2
399.4
269.1

160.9
170.4
392.8
227.2

158.8
170.6
382.2
226.0

157.2
171.2
372.7
225.4

155.6
172.0
363.6
224.9

154.0
172.7
354.7
224.4

152.4
173.4
346.1
223.9

150.9
174.1
337.6
223.4

149.3
174.8
329.2
222.8

147.7
175.4
320.9
222.1

146.0
175.9
312.8
221.3

144.4
176.4
304.8
220.6

Other Food
Bananas, EU
Meat, beef
Meat, chicken
Oranges
Shrimp, Mexico
Sugar, World

$/kg
$/kg
$/kg
$/kg
$/kg
$/kg

0.87
3.84
2.16
0.91
13.05
0.37

0.88
4.67
2.29
0.74
16.29
0.35

0.93
4.45
2.27
0.66
15.14
0.31

0.90
4.32
2.19
0.67
14.56
0.31

0.88
4.20
2.11
0.68
14.03
0.31

0.86
4.09
2.04
0.69
13.52
0.31

0.85
3.98
1.98
0.70
13.04
0.31

0.83
3.87
1.91
0.71
12.57
0.31

0.81
3.77
1.85
0.72
12.12
0.31

0.79
3.67
1.78
0.73
11.67
0.31

0.77
3.56
1.72
0.74
11.25
0.31

0.76
3.47
1.66
0.75
10.83
0.31

0.74
3.37
1.60
0.76
10.43
0.30

$/cum
$/cum
$/cum

437.1
288.0
804.1

439.3
266.4
848.1

378.6
241.4
785.6

382.2
245.2
791.7

386.7
249.7
799.6

391.5
254.4
807.9

396.3
259.2
816.5

401.2
264.0
825.1

406.2
269.0
833.7

411.0
273.9
842.1

415.7
278.8
850.3

420.4
283.8
858.3

425.1
288.7
866.2

$/kg
$/kg
$/mt

1.88
2.63
4,327

1.73
1.85
4,714

1.51
1.61
4,543

1.53
1.65
4,411

1.56
1.69
4,291

1.58
1.74
4,177

1.61
1.78
4,067

1.63
1.83
3,959

1.66
1.88
3,854

1.69
1.93
3,750

1.71
1.98
3,648

1.74
2.03
3,547

1.76
2.09
3,449

Fertilizers
DAP
Phosphate rock
Potassium chloride
TSP
Urea, E. Europe, bulk

$/mt
$/mt
$/mt
$/mt
$/mt

419.5
139.7
357.5
360.2
320.7

446.3
104.1
280.7
366.8
298.7

444.9
104.1
284.0
369.1
274.5

433.8
100.2
279.6
358.4
268.5

423.9
96.6
276.0
348.8
263.2

414.5
93.2
272.5
339.6
258.1

405.3
89.9
269.1
330.7
253.2

396.3
86.7
265.8
322.0
248.3

387.5
83.6
262.4
313.5
243.5

378.7
80.7
259.0
305.1
238.8

370.0
77.7
255.6
296.8
234.0

361.4
74.9
252.1
288.7
229.3

352.9
72.2
248.6
280.7
224.6

Metals and Minerals

Aluminum
Copper
Iron ore
Lead
Nickel
Tin
Zinc

$/mt
$/mt
$/dmt
$/mt
$/mt
$/mt
$/mt

1,741
6,913
128
2,018
14,173
21,010
1,801

1,764
6,482
92
1,979
15,955
20,683
2,041

1,751
5,584
60
1,704
13,441
17,416
1,902

1,745
5,560
62
1,721
13,509
17,480
1,909

1,742
5,548
64
1,743
13,608
17,584
1,919

1,741
5,538
67
1,765
13,715
17,697
1,930

1,739
5,529
70
1,788
13,823
17,812
1,942

1,738
5,520
73
1,811
13,932
17,927
1,953

1,736
5,510
75
1,835
14,041
18,042
1,965

1,734
5,498
79
1,858
14,145
18,150
1,976

1,731
5,485
82
1,880
14,245
18,253
1,986

1,728
5,470
85
1,903
14,342
18,352
1,996

1,724
5,454
88
1,925
14,437
18,447
2,005

$/toz
$/toz
$/toz

1,331
22.5
1,402

1,195
18.0
1,307

1,174
16.6
1,136

1,138
16.6
1,115

1,106
16.6
1,097

1,076
16.6
1,079

1,046
16.7
1,062

1,018
16.7
1,046

990
16.7
1,029

962
16.8
1,013

935
16.8
996

908
16.8
979

882
16.8
962

Food
Fats and Oils
Coconut oil
Groundnut oil
Palm oil
Soybean meal
Soybean oil
Soybeans

Raw Materials
Timber
Logs, Cameroon
Logs, Malaysia
Sawnwood, Malaysia
Other Raw Materials
Cotton A Index
Rubber, Malaysian
Tobacco

Precious Metals
Gold
Silver
Platinum

Next update: July 2015

-2-

World Bank Commodities Price Indicies

Released: April 22, 2015

2013

2014

2015

127.4
101.7
106.3
83.3
115.6
115.9
128.2
103.9
95.4
102.6
87.6
113.7
90.8
90.3
115.1

118.3
97.0
102.7
101.8
107.4
109.0
103.9
108.4
91.9
104.9
77.8
100.5
84.8
89.0
101.1

69.0
87.1
93.2
93.0
96.9
92.4
96.3
103.5
84.2
96.5
70.7
96.9
73.4
80.4
97.6

73.7
88.1
94.0
92.0
97.7
93.8
97.2
103.3
86.2
99.2
71.9
96.3
74.9
81.7
97.0

78.5
89.1
94.9
91.0
98.5
95.2
98.2
103.1
88.2
102.1
73.1
95.7
76.5
83.1
96.4

83.5
90.2
95.9
90.1
99.3
96.7
99.2
102.9
90.4
105.0
74.4
95.1
78.1
84.4
95.8

88.8
91.4
96.8
89.2
100.2
98.1
100.3
102.8
92.6
107.9
75.8
94.5
79.8
85.8
95.2

94.5
92.6
97.9
88.4
101.1
99.7
101.4
102.8
94.9
111.0
77.2
93.9
81.5
87.2
94.6

100.5
93.8
98.9
87.5
102.0
101.2
102.5
102.5
97.2
114.2
78.7
93.3
83.3
88.7
94.1

107.0
95.0
100.0
86.7
102.9
102.8
103.6
102.3
99.7
117.4
80.2
92.8
85.2
90.1
93.5

114.0
96.3
101.1
85.9
103.8
104.4
104.7
102.1
102.2
120.8
81.9
92.2
87.1
91.6
93.0

121.5
97.7
102.2
85.2
104.7
106.1
105.9
101.9
104.8
124.2
83.6
91.7
89.0
93.1
92.5

129.6
99.1
103.4
84.5
105.7
107.7
107.1
101.8
107.5
127.8
85.4
91.1
91.0
94.7
92.0

Price indices in real 2010 US dollars (2010=100) c/

Energy
120.1
Non-energy commodities
95.9
Agriculture
100.2
Beverages
78.5
Food
109.0
Fats and oils
109.3
Grains
120.9
Other food
98.0
Raw materials
90.0
Timber
96.7
Other Raw Materials
82.6
Fertilizers
107.2
Metals and minerals a/
85.6
Base Metals b/
85.2
Precious Metals
108.5

111.7
91.6
97.0
96.1
101.4
103.0
98.1
102.4
86.8
99.0
73.5
94.9
80.1
84.1
95.5

65.3
82.4
88.2
88.0
91.7
87.4
91.1
97.9
79.7
91.3
67.0
91.8
69.5
76.1
92.4

68.5
81.8
87.4
85.5
90.8
87.1
90.3
95.9
80.1
92.2
66.8
89.5
69.6
75.9
90.1

71.7
81.5
86.8
83.2
90.0
87.0
89.8
94.2
80.6
93.3
66.8
87.5
69.9
75.9
88.1

75.1
81.2
86.2
81.1
89.4
86.9
89.3
92.6
81.3
94.4
66.9
85.5
70.3
75.9
86.2

78.6
80.9
85.7
79.0
88.7
86.9
88.8
91.0
82.0
95.6
67.1
83.7
70.7
76.0
84.3

82.3
80.7
85.3
77.0
88.1
86.8
88.3
89.5
82.7
96.7
67.3
81.8
71.1
76.0
82.5

86.2
80.4
84.8
75.1
87.4
86.8
87.9
87.9
83.4
97.9
67.5
80.1
71.5
76.0
80.7

90.3
80.2
84.3
73.2
86.8
86.7
87.4
86.3
84.1
99.1
67.7
78.3
71.9
76.1
78.9

94.6
79.9
83.9
71.3
86.1
86.6
86.9
84.7
84.8
100.2
67.9
76.5
72.2
76.0
77.2

99.2
79.7
83.4
69.5
85.4
86.5
86.4
83.1
85.5
101.4
68.2
74.8
72.6
76.0
75.5

103.9
79.5
82.9
67.8
84.8
86.4
85.9
81.6
86.3
102.5
68.5
73.1
73.0
75.9
73.8

Inflation indices, 2010=100 d/

MUV index e/
% change per annum
US GDP deflator
% change per annum

105.9
(0.2)
106.9
1.3

105.7
(0.2)
108.5
1.6

107.6
1.9
110.7
2.0

109.4
1.7
113.0
2.0

111.2
1.6
115.3
2.0

112.9
1.6
117.6
2.0

114.8
1.6
120.0
2.0

116.6
1.6
122.4
2.0

118.5
1.6
124.9
2.0

120.5
1.7
127.4
2.0

122.6
1.7
130.0
2.0

124.7
1.7
132.6
2.0

Price indices in nominal US dollars (2010=100)

Energy
Non-energy commodities
Agriculture
Beverages
Food
Fats and oils
Grains
Other food
Raw materials
Timber
Other Raw Materials
Fertilizers
Metals and minerals a/
Base Metals b/
Precious Metals

106.1
(1.4)
105.4
1.5

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Notes:
Next update: July 2015
a/ Base metals plus iron ore
b/ Includes aluminum, copper, lead, nickel, tin and zinc
c/ Real price indices are computed from unrounded data and deflated by the MUV index.
d/ Inflation indices for 2013-2025 are projections
e/ Unit value index of manufacture exports (MUV) in US dollar terms for fifteen countries (Brazil, Canada, China, Germany, France, India, Italy, Japan, Mexico, Republic of
Korea, South Africa, Spain, Thailand, United Kingdom, and United States).

-3-

Description of Price Series

Coal (Australia), thermal, f.o.b. piers, Newcastle/Port Kembla, 6,700 kcal/kg, 90 days forward delivery beginning year 2011; for period 2002-2010, 6,300 kc/kg (11,340 btu/lb); prior to year 2002, 6,667
kcal/kg (12,000 btu/lb).
Crude oil, average price of Brent, Dubai and West Texas Intermediate, equally weighed.
Natural Gas (Europe), average import border price, including UK. As of April 2010 includes a spot price component. Between June 2000 - March 2010 excludes UK.
Natural Gas (U.S.), spot price at Henry Hub, Louisiana.
Natural gas LNG (Japan), import price, cif, recent two months' averages are estimates.
Cocoa (ICCO), International Cocoa Organization daily price, average of the first three positions on the terminal markets of New York and London, nearest three future trading months.
Coffee (ICO), International Coffee Organization indicator price, other mild Arabicas, average New York and Bremen/Hamburg markets, ex-dock.
Coffee (ICO), International Coffee Organization indicator price, Robustas, average New York and Le Havre/Marseilles markets, ex-dock. Tea, average three auctions, arithmetic average of quotations at
Kolkata, Colombo and Mombasa/Nairobi.
Coconut oil (Philippines/Indonesia), bulk, c.i.f. Rotterdam. Copra (Philippines/Indonesia), bulk, c.i.f. N.W. Europe.
Groundnut oil (any origin), c.i.f. Rotterdam.
Palm oil (Malaysia), 5% bulk, c.i.f. N. W. Europe.
Soybean meal (any origin), Argentine 45/46% extraction, c.i.f. Rotterdam beginning 1990; previously US 44%.
Soybean oil (Any origin), crude, f.o.b. ex-mill Netherlands.
Soybeans (US), c.i.f. Rotterdam.
Barley (US) feed, No. 2, spot, 20 days To-Arrive, delivered Minneapolis from May 2012 onwards; during 1980 - 2012 April Canadian, feed, Western No. 1, Winnipeg Commodity Exchange, spot,
wholesale farmers' price.
Maize (US), no. 2, yellow, f.o.b. US Gulf ports.
Rice (Thailand), 5% broken, white rice (WR), milled, indicative price based on weekly surveys of export transactions, government standard, f.o.b. Bangkok.
Wheat (US), no. 1, hard red winter, ordinary protein, export price delivered at the US Gulf port for prompt or 30 days shipment.
Bananas (Central & South America), major brands, free on truck (f.o.t.) Southern Europe, including duties; prior to October 2006, f.o.t. Hamburg.
Meat, beef (Australia/New Zealand), chucks and cow forequarters, frozen boneless, 85% chemical lean, c.i.f. U.S. port (East Coast), ex-dock, beginning November 2002; previously cow forequarters.
Meat, chicken (US), broiler/fryer, whole birds, 2-1/2 to 3 pounds, USDA grade "A", ice-packed, Georgia Dock preliminary weighted average, wholesale.
Meat, sheep (New Zealand), frozen whole carcasses Prime Medium (PM) wholesale, Smithfield, London beginning January 2006; previously Prime Light (PL).
Oranges (Mediterranean exporters) navel, EEC indicative import price, c.i.f. Paris.
Shrimp , (Mexico), west coast, frozen, white, No. 1, shell-on, headless, 26 to 30 count per pound, wholesale price at New York.
Sugar (world), International Sugar Agreement (ISA) daily price, raw, f.o.b. and stowed at greater Caribbean ports.
Logs (West Africa), sapele, high quality (loyal and marchand), 80 centimeter or more, f.o.b. Douala, Cameroon beginning January 1996; previously of unspecified dimension.
Logs (Malaysia), meranti, Sarawak, sale price charged by importers, Tokyo beginning February 1993; previously average of Sabah and Sarawak weighted by Japanese import volumes.
Sawnwood (Malaysia), dark red seraya/meranti, select and better quality, average 7 to 8 inches; length average 12 to 14 inches; thickness 1 to 2 inch(es); kiln dry, c. & f. UK ports, with 5% agents
commission including premium for products of certified sustainable forest beginning January 2005; previously excluding the premium.
Cotton (Cotton Outlook "Cotlook A index"), middling 1-3/32 inch, traded in Far East, C/F beginning 2006; previously Northern Europe, c.i.f.
Rubber (Asia), RSS3 grade, Singapore Commodity Exchange Ltd (SICOM) nearby contract beginning 2004; during 2000 to 2003, Singapore RSS1; previously Malaysia RSS1.
DAP (diammonium phosphate), standard size, bulk, spot, f.o.b. US Gulf.
Phosphate rock (Morocco), 70% BPL, contract, f.a.s. Casablanca.
Potassium chloride (muriate of potash), standard grade, spot, f.o.b. Vancouver.
TSP (triple superphosphate), bulk, spot, beginning October 2006, Tunisian origin, granular, fob; previously US origin, f.o.b. US Gulf.
Urea, (Black Sea), bulk, spot, f.o.b. Black Sea (primarily Yuzhnyy) beginning July 1991; for 1985-91 (June) f.o.b. Eastern Europe.
Aluminum (LME) London Metal Exchange, unalloyed primary ingots, high grade, minimum 99.7% purity, settlement price beginning 2005; previously cash price.
Copper (LME), grade A, minimum 99.9935% purity, cathodes and wire bar shapes, settlement price. Iron ore (any origin) fines, spot price, c.f.r. China, 62% Fe beginning December 2008; previously
63.5%.
Lead (LME), refined, 99.97% purity, settlement price.
Nickel (LME), cathodes, minimum 99.8% purity, settlement price beginning 2005; previously cash price.
Tin (LME), refined, 99.85% purity, settlement price.
Zinc (LME), high grade, minimum 99.95% purity, settlement price beginning April 1990; previously special high grade, minimum 99.995%, cash prices .
Gold (UK), 99.5% fine, London afternoon fixing, average of daily rates.
Platinum (UK), 99.9% refined, London afternoon fixing.
Silver (UK), 99.9% refined, London afternoon fixing; prior to July 1976 Handy & Harman. Grade prior to 1962 unrefined silver.

-4-