11 Jul 2012

Governor of Bank of PNG says commodity prices are down

10:53 am on 11 July 2012

The Governor of the Bank of Papua New Guinea, Loi Bakani says international commodity prices of the country's major exports are generally trending downward.

The National quotes Mr Bakani saying in the Bank's March Quarterly Economic Bulletin that although commodity prices rebounded in the first quarter of this year, it remained below the 2010 levels.

He says as of May the 25th, the price of gold fell to 1,572 US dollars and 4 cents an ounce, crude oil price dropped to 104.09 per barrel, and copper declined to 7,711.60 per tonne.

Mr Bakani says the prices of major agricultural export commodities including coffee, cocoa, copra oil and palm oil also fell.

He says the decline in commodity prices means lower export receipts and foreign exchange in the market.