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futures prices fell during three of five sessions last week and the losses <unk> and <unk> were greater than the advances |
two of the major factors <unk> prices the prolonged strikes at the highland valley mine in canada and the cananea mine in mexico were finally resolved |
also the premiums paid by the u.s. government on a purchase of copper for the u.s. mint were lower than expected and acted as a price <unk> analysts said |
the mint purchases were at premiums about N N cents a pound above the respective prices for the copper |
at the time merchants were asking for premiums of about five cents a pound |
all this has led to prolonged selling in futures mostly on the part of computer-guided funds |
prices fell through levels regarded as important support areas which added to the selling |
the reluctance of traders to buy contracts indicates that they have begun focusing on demand rather than supply |
at least one analyst noted that as production improves the concern among traders is whether the prospective increased supply will find buyers because of uncertainty over national economies |
demand from japan is expected to continue strong but not from other areas of the world into the first quarter of next year he said |
japan normally depends heavily on the highland valley and cananea mines as well as the bougainville mine in <unk> new guinea |
recently japan has been buying copper elsewhere |
but as highland valley and cananea begin operating they are expected to resume their roles as japan 's suppliers |
according to fred demler metals economist for drexel burnham lambert new york highland valley has already started operating and cananea is expected to do so soon |
the bougainville mine is generally expected to remain closed until at least the end of the year |
it has n't been operating since may N because of attacks by native <unk> |
a recent attempt to resume operations was cut short quickly by these attacks |
however traders <unk> a potential production disruption in chile and a continued drop in inventories |
workers at two <unk> mines los <unk> and el <unk> which belong to the <unk> <unk> <unk> group will vote thursday on whether to strike after a two-year labor pact ends today |
the mines produced a total of N tons of copper in N |
according to drexel 's mr. demler the potential strike is expected to be resolved quickly which may be one reason why the situation did n't affect prices much |
another analyst said that if there was any concern it was that a strike could encourage other <unk> in chile |
london metal exchange copper inventories fell N tons last week to N tons a <unk> decline |
but that development also had little effect on traders ' sentiment |
mr. demler said that stocks of copper in u.s. producers ' hands at the end of september were down N metric tons from august to N tons |
outside the u.s. he said producer stocks at the end of august were N tons down N tons from the end of july |
consumer stocks of copper in the u.s. fell to N tons at the end of september from N tons a month earlier and stocks of copper held by consumers and merchants outside of the u.s. at the end of july stood at N tons down from N tons in june |
the high point of foreigners ' copper stocks this year was N tons at the end of april according to mr. demler |
in other commodity markets yesterday |
grains and soybeans |
the prices of most corn soybean and wheat futures contracts dropped slightly as farmers in the midwest continued to rebuild <unk> that were <unk> by the N drought |
buying by the soviets has helped to <unk> up corn prices in recent weeks but a lack of any new purchases kept prices in the doldrums |
coffee |
futures prices rose slightly in a market filled with rumors that a new international coffee agreement might still be achieved |
the december contract ended with a gain of N cents a pound at N cents |
according to one analyst prices opened higher because of reports over the weekend that brazil and colombia at the <unk> summit meeting in costa rica had agreed to a reduction in their coffee export quotas for the <unk> of creating a new agreement |
the reports attributed to the colombian minister of economic development said brazil would give up N bags of its quota and colombia N bags the analyst said |
these reports were later denied by a high brazilian official who said brazil was n't involved in any coffee discussions on quotas the analyst said |
the colombian minister was said to have referred to a letter that he said president bush sent to colombian president <unk> <unk> and in which president bush said it was possible to overcome obstacles to a new agreement |
the minister was also quoted as saying that a new pact could be achieved during the first half of next year according to the analyst |
precious metals |
futures prices showed modest changes in light trading volume |
december delivery gold eased N cents an ounce to $ N |
december silver was off N cents an ounce at $ N |
january platinum rose N cents an ounce at $ N |
the market turned quiet after rising sharply late last week according to one analyst |
last week 's uncertainty in the stock market and a weaker dollar triggered a flight to safety he said but yesterday the market lacked such <unk> |
there was some profit-taking because prices for all the precious metals had risen to levels at which there was resistance to further advance he said |
the dollar was also slightly firmer and prompted some selling as well according to the analyst |
<unk> corp. said its board authorized the purchase of as many as five million of its common shares for employee stock plans and other general corporate purposes |
the forest-products concern currently has about N million shares outstanding |
in yesterday 's composite trading on the new york stock exchange <unk> shares closed at $ N down N cents |
when the supreme soviet passed laws on workers ' rights in may N and on <unk> cooperatives a year later some western observers assumed mikhail gorbachev had launched the soviet union on a course that would lead inevitably to the creation of a market economy |
their only doubt concerned the possibility that mr. gorbachev might not survive the opposition that his reforms would <unk> and that the whole process might be reversed |
if mr. gorbachev 's goal is the creation of a free market he and these western observers have good reason to fear for his future as economic <unk> within communist <unk> leads <unk> to demands for fundamental political reform accompanied by civil unrest |
these fears were clearly apparent when last week secretary of state james baker blocked a speech by robert gates deputy national security adviser and soviet expert on the ground that it was too pessimistic about the chances of mr. gorbachev 's economic reforms succeeding |
yet the soviet leader 's <unk> to <unk> on foreign visits and steady accumulation of personal power particularly since the last politburo <unk> on sept. N do not suggest that mr. gorbachev is on the verge of being <unk> nor does he look likely to reverse the powers of perestroika |
indeed the soviet miners strike this summer clearly demonstrated that mr. gorbachev must proceed with economic reform |
but is he so <unk> that he has achieved the political equivalent of making water run <unk> |
and has he truly persuaded the communist party to accept economic change of a kind that will sooner or later lead to its demise |
an alternative and more convincing explanation confirmed by recent events and a close inspection of the gorbachev program is that the new soviet economic and social structures are intended to conform to a model other than that of the market |
for example while the laws on individual labor activity allow a citizen to earn a living independent of the state strict provisions are attached on how far this may lead to the development of a free market |
before becoming self-employed or setting up a cooperative workers must seek permission from the local soviet council |
permission is far from automatic the soviets have the legal right to turn down applications and impose conditions and they appear to be exercising these powers |
private <unk> for example is allowed in N soviet republics but banned by five <unk> is allowed in seven but illegal in nine |
the controls on cooperatives appeared relatively liberal when first introduced |
but that changed following a resolution from the supreme soviet banning cooperatives from operating in some areas of the economy and permitting activity in others only if the cooperatives are under contract to the state |
all independent media activity is now illegal which perhaps is not surprising but so is the manufacture of <unk> cosmetics household chemicals and sand <unk> |
medical cooperatives among the most successful in the u.s.s.r. are banned from providing <unk> services their main source of income carrying out surgery and treating cancer patients drug <unk> and pregnant women |
earlier this month the supreme soviet adopted two more resolutions restricting the freedom of cooperatives the first enables the soviets to set prices for which goods may be sold the second bans cooperatives from buying industrial and food goods from the state or other cooperatives |
if mr. gorbachev is looking toward <unk> the productive forces of the market these latest resolutions are nothing short of reckless |
along with some other <unk> indicators these developments suggest that while mr. gorbachev wishes to move away from some rigid central controls he is <unk> on creating economic structures of a kind that would <unk> find favor with the <unk> or chicago schools of economic thought |
mr. gorbachev has ruled out the use of the market to solve the problem of insufficient consumer goods |
he told the congress of people 's deputies on may N we do not share this approach since it would immediately destroy the social situation and disrupt all the processes in the country |
having rejected central economic planning for economic reasons and the market for fear of the social political consequences mr. gorbachev seeks a third way that would combine the discipline and controls of the former with the economic benefits of the latter |
most important this would leave the party intact and its monopoly of political power largely <unk> |
indeed mr. gorbachev 's proposals display a close conceptual <unk> to the <unk> of italian <unk> whose architects spoke specifically of a third way of having produced a historic <unk> of socialism and capitalism |
they too promised to combine economic efficiency with order and discipline |
the emergence of russian <unk> had been anticipated in journalist george urban 's introduction to a series of <unk> can the soviet system survive reform published this spring |
communism will reach its final stage of development in a <unk> <unk> <unk> in form <unk> in content and <unk> in style that will <unk> the world with <unk> <unk> of <unk> and <unk> |
the <unk> concept of <unk> <unk> an organic society in which citizens were <unk> and morally unified and prepared to sacrifice themselves for the nation |
this unification was to be brought about through policies and institutions that would <unk> workers and employers with government in a fully integrated and <unk> society |
the key to the creation of the organic state lay in the formation of natural groups that would <unk> the role of <unk> |
by contrast a parliamentary system based on <unk> political rights and groups was held to cause rather than resolve conflict |
the <unk> of soviet perestroika to the <unk> social blueprint of <unk> was evident when mr. gorbachev presented his economic vision to the soviet congress |
in doing so he neither rejected a socialist planned economy nor embraced the free market |
instead he proposed a <unk> economy in which there would be a <unk> division between state direction of the economy and economic management |
the latter would be undertaken by enterprises joint stock companies and cooperatives |
these would not function <unk> but would act together to form combines unions and associations to tackle problems and coordinate their activities |
mr. gorbachev is in a much stronger position to pursue the <unk> ideal than was <unk> who was never able to influence business giants such as <unk> and fiat |
the soviet communist party has the power to shape corporate development and <unk> it into a body dependent upon it |
to ensure the loyalty of the business sector mr. gorbachev may offer concessions and powers that will allow the business community to preserve its own interests probably by restricting competition |
however mr. gorbachev must ensure that within this alliance the business sector remains subordinate to the party |
at the same time he must give it sufficient freedom to provide the economic benefits so desperately needed |
it is the promise of economic returns that is supposed to make the <unk> model attractive to both the party and labor |
the work force provides the third arm of the alliance |
within the alliance it is supposed to act as a <unk> force <unk> against excessive control by government or abuse of its economic position by business for either could result in a deterioration of its living standards under the new resolutions workers <unk> may demand that a cooperative be closed or its prices be redu... |
by providing workers with the opportunity to move into the private sector where wages tend to be higher and by holding out the promise of more consumer goods mr. gorbachev hopes to revive the popularity of the party |
at the same time the strategy requires that he deal effectively with those who seek genuine western-style political <unk> |
the most important development in mr. gorbachev 's policy for <unk> the opposition movement is the claim that the u.s.s.r. also <unk> from terrorism |
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