COMMODITY PRICE INDEX

COMMODITY PRICE INDEX Asia's financial turmoil has prompted a wave of selling by investment funds on the London Metal Exchange, on fears of falling demand. On December 16th the price of copper touched its lowest point for nearly four years and lead plumbed a 3 1/2-year low; tin dropped to a 2 3/4-year low and aluminium traded at its lowest level for a year. Asia, excluding Japan, accounts for around a quarter of the world's refined copper and aluminium consumption. Analysts fear that demand for base metals in South Korea could fall by 25% in 1998. China, so far largely unaffected by the crisis, could give some support to prices next year; the Chinese may stock up while prices are low.