AUSTRALIA#39;S EXPORTS TO INCREASE COAL AND IRON ORE
The Government of Australia, the largest supplier of coal, iron ore and aluminum, raised its forecast for commodity exports in fiscal year 2006 by 1.2%, due to an unexpected rise in prices and the increase in global demand, reports Bloomberg.
According to the State Administration of Economic Affairs, Agriculture and Natural Resources of Australia (ABARE), in the next fiscal year, which ends in June 2006, the export of raw materials could increase to 116 billion Australian dollars ($ 90 billion). The new forecast of 2.6 billion Australian dollars higher than the March forecast.
Futures price of copper rose to the highest bidder at the Shanghai 3% on Monday on expectations of growth in demand in China and the United States. In London on Friday, the cost has risen to historic records. Management also raised its forecast for sales of minerals and fuels by 2.7%, after the past three months metals rose more than expected.
Previously, experts expect that the prices of most commodities will fall in March, according to a report control, but in the first quarter of the cost of metals, contrary to predictions, increased due to the fact that global demand has not decreased, reports Kazcommertsbank.
In the 2005-2006 fiscal year, exports of minerals and fuels in Australia is projected at 84.8 billion Australian dollars, which is 23% higher than the forecast of this year, according to a statement of management.
