By Craig Vandall Stevens
КнигаChip Carving Nature - a creative process рассказывает о резьбе по дереву природных узоров, растений и животных.
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Additional resources for Chip Carving Nature - An Artistic Approach
But this may be many years away. Even then, there may be serious difficulties in duplicating electronically the current openoutcry method of determining the crucial Official Prices published daily by the LME. The days of managed markets in the shape of the activities of the International Tin Council; the attempts to dominate and control copper prices successively between two world wars and afterwards; the period of split between the LME (the free market) and producer prices in copper and zinc and later aluminium; the 'grey' market in nickel and later the LME Nickel Contract and the producer price.
In the past, many producers have made the mistake of succumbing to fabricator and merchant requests for early quotational periods on their long-term supply contracts during 'contango' conditions. Such early pricing allowed the fabricator to 'earn' part or all of the contango until they had to pay for the metal on arrival. Merchants were the educating force in this respect. But the impact of early pricing was to encourage hedge selling. 3 The current position and the future 1 The base metals markets more depressed, and would stay that way until demand improved or producers cut production in order to redress the over-supply position.
3 The current position and the future 1 The base metals markets more depressed, and would stay that way until demand improved or producers cut production in order to redress the over-supply position. The temptation for the producer was that merchants and fabricators would pay higher premiums for early pricing facilities. Unfortunately the hedge selling generated by early pricing tended to lower prices by far more than the premium gained. As a general rule today, producers, custom smelters and fabricators seek to align their quotational periods with expected months of arrival or even later.