Money Observer Award T HE PERFORMANCE OF THE INDIVIDUAL OFTEN DEPENDS ON THE QUALITY OF HIS SUPPORT. NOWHERE MORE THAN IN THE FINANCIAL MARKE'l' IS THE INDIVIDUAL SO DEPENDENT ON THE CAPABILITY OF HIS COMPUTER SOFTWARE. THIS IS ONE OF THE IMPORTANT REASONS WliY THE MAJOR PLAYERS - BANKS, BROKERS AND OTHER FINANCIAL INSTITUTIONS - HAVE MATCHED THEIR TALENTS WITH THE PERFORMANCE AND RELIABLITY OF FIRST FUTURES, TO SUPPORT THEIR FUTUR&S AND OPTIONS TRADING OPERATIO S. FIRST FUTURES FROM MICROTECH IS A FL&XIBLE PORTFOLIO OF TECHNOLOGICAL EXPERTISE, APPLICATIONS SOFTWARE AND TRADING KNOW-HOW. IN ACTION, FIRST FUTURES PROVIDES AN INTEGRATED SYSTEM FOR BACK OFFICE ACCOUNTING AND FRONT OFFICE CONTROL. FIRST FUTURES GIVES YOU: • THE FIRST, 4GL BASED FUTURES & OPTIONS ACCOUNTING SYSTEM OPERATING ON ORACLE'S RELATIONAL DATABASE MANAGEMENT SYSTEM (RDBMS). • THE FIRST TRULY PORTABLE SYSTEM, AVAILABLE ON OVER 100 HARDWARE ENVIRONMENTS. • INTERNATIONAL MARKET COVERAGE. • MARGIN CALCULATION TO EXCHANGE RULES. • FULLY INTEGRATED GENERAL LEDGER. • A WIDE RANGE OF AUTOMATIC PRICE AND TRADE FEEDS. FIRST FUTURES IS YOUR PROTECTED INVESTMENT - MADE TODAY IT WILL MEET YOUR DEMANDS IN THE FUTURE. So IF YOUR GOAL IS TO OUT PERFORM THE COMPETITION - SEE HOW FIRST FUTURES CAN HELP YOU. FOR MORE INFORMATION CONTACT, MIKE O'HARA ON - 01 359 0993 FIRST FUTUR ES A MICROTECH PROD UCT EUROPE PACIFI C MICROTECH FUTURES & MICROTECH FUTURES & OPTIONS LTD OPTIONS LTD THE COURTYARD SUITE3102 40 DANBURY STREET NORTHPOINT LONDON Nl 8JU 100 MILLER STREET TEL: 01 359 0993 NORTH SYDNEY FAX: 01 354 3859 NSW 2060 AUSTRALiA ~ MICROTECH ORACLE IS A REC!STEREDTRAO&MARK OF ORACLE CORPORATION. FIRST FITI"URES IS A RECISTI:RED TRAOEMARX OP Ml CROTECH fUTURES & OPTIONS LIM! TED. L OND ON FOX T h e Futures & Options Excha nge The London FOX Futures & Options Contracts offer you the opportunity to broaden your trading horizons COFF EE • CO C OA • SU GAR For further information contact: Marketing Department LONDON FOX, 1, Commodity Quay, St Katharine Docks, London El 9AX Telephone: 01'-481 2080 LONDO FOX is a Recognised investment Exchange under tbe Financial Services Act 1986 COMPUTER SPECIALISTS FOR FUTURES & OPTIONS Why use a bureau or an expensive mainframe computer when you can have an effective and efficient in house solution: • The answer to your back office client accounting and management requirements. • Futures- Traded Options- Metals - FOREX-EFP's • Security- total in house control • Communication links • TRS data feed • Automatic faxing • Global Exchanges • Easy to use by all levels of personnel CALL CHRIS SMITH: DATA EXCHANGE SYSTEMS LIMITED, INTERNATIONAL HOUSE 1ST KATHERI ES WAY, LONDON El 9UN TEL: 01-481 4354 -ICCH COMMODITIES YEARBOOK 1990 A comprehensive Real Estate Service to commerce & industry ICCH COMMODITIES YEARBOOK 1990 Editor Giles Evans M © Macmillan Publishers Ltd, 1990 Softcover reprint of the hardcover 1st edition 1990 978-0-333-51528-0 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. First published by MACMILLAN PUBLISHERS LTD. Distributed by Globe Book Services Ltd. Brunei Road, Houndmills, Basingstoke, Hants RG21 2XS. British Library Cataloguing in Publication Data The ICCH commodities yearbook. 1990- 1. Markets. Commodity. Futures I. International Commodities Clearing House. II. ICCH commodities yearbook. 0264 - 9888 332.644 ISBN 978-1-349-11270-8 ISBN 978-1-349-11268-5 (eBook) DOI 10.1007/978-1-349-11268-5 While every care has been taken in compiling the information contained in this publication, the publishers and compilers accept no responsibility for any errors or omissions. Contents Acknowledgements vii Platinum and Palladium 123 Silver 133 Foreword ix Industrial Commodities 143 Denis Child, Chairman ICCH Dry Bulk Frieght 145 Oil 153 Notes on Use X Rubber 167 International Soft Commodities 177 SECTION ONE 1 Cocoa 179 Coffee 191 Government Policy towards Futures Markets Sugar 205 Michael Prest 3 Domestic Agricultural Commodities 221 Regulation and the Role of the AFBD Barley and Wheat 223 Christopher Sharples 7 Pig Meat 233 Potatoes 239 ICCH: The Independent Unified Clearing House Soybean Meal 247 David Hardy 9 SECTION THREE The Potential of Automated Futures and Options 255 Markets W. A. Reisch 15 Exchange Matrices 257 Energy 258 Use of Options in Commodity Hedges Grains, Beans, Meals, Oils 258 Nick Cavalla 19 Industrial, miscellaneous 259 Meats 260 Technical Analysis of the Futures Markets Metals 260 Elli Gifford 23 Soft Commodities 261 Currencies 262 The EEC Sugar Regime Equity Indices 263 Rodney Goodwin 29 Interest Rates 266 Commodity Markets -The Future Futures and Options Exchanges by Time Zones 269 Giles Evans 33 Exchange Directory 271 Australia 272 SECTION TWO 37 Austria 274 Belgium 274 Base Metals 39 Bermuda 274 Aluminium 41 Brazil 275 Copper 55 Canada 278 Lead 67 Chile 280 Nickel 79 China 280 Tin 89 Denmark 281 Zinc 99 Eire 282 Finland 282 Precious Metals 109 France 283 Gold 111 Germany (Federal Republic) 284 v ICCH Commodities Yearbook Contents Continued Market Members of ICCH 329 ICCH Members Addresses 335 Hong Kong 285 Indonesia 285 Japan 286 SECTION FOUR 349 Luxembourg 297 Malaysia 297 Appendices 351 Netherlands 298 Commodity and General Information Sources 353 New Zealand 301 Organisations Involved in the Norway 301 Futures and Options Industry 357 Philippines 302 London Precious Metal Markets 359 Singapore 303 IMF Indices of PrimaryCommodity Prices, 1980-89 361 South Africa 303 Spain 304 Index of Advertisements 363 Sweden 305 Switzerland 306 United Kingdom 307 United States of America 314 C::U:.A.:R,TE:R,::U:O"U"SE A:P:POI:N"TIVIE:N"T'S Lon(/on's leading appointments agency specialising in .international commodities sectors and financial futures. Contact MrJoho Benson Mr Lloyd Filby Tel 01-481 3188 Fax 01-481 3453 International House, World Trade Centre, Lon.don El 9UN vi