CIPEC STUDYING COPPER MARKET BACKWARDATION
  The Paris-based Intergovernmental Council
  of Copper Exporting Countries (CIPEC) is closely studying the
  current backwardation in world copper market prices but does
  not envisage taking corrective action at present, CIPEC sources
  here said.
      The organisation's executive and marketing committees
  reviewed the current market situation during a series of
  meetings here late last week, but took no major decisions.
      The sources noted that the backwardation - premium of
  nearby supply over forward delivery - dates back several weeks
  and is the longest on record.
     "It's unusual," one official said, but added CIPEC did not
  have any immediate recipe to remedy the situation.
      The meetings featured a gathering of the 10 directors of
  CIPEC's regional copper development and promotion centres,
  which are based in Europe, Japan, India and Brazil.
      Their main aim was to prepare the ground for the annual
  ministerial meeting of CIPEC, which is scheduled for Zaire in
  late September.
      The last three ministerial meetings have been held in Paris
  to keep down costs.
  

