Next year is likely to see a shortfall in zinc concentrates of up to 100,000 tonnes, although there should be ample supply in 1987, Shearson Lehman Brothers Ltd metals analyst Stephen Briggs said. Speaking on the second day of Metal Bulletin’s base metals conference, Briggs said the major factor in his predicted 100,000 tonne shortfall in zinc concentrate supply in 1988 was the imminent cessation of new mining and termination of milling at Pine Point in Canada.

U.S. Commerce Secretary Malcolm Baldrige praised South Korea’s new surplus-cutting trade policies but warned of possible protectionist retaliation if Seoul’s market liberalisation efforts falter or fail. In a press conference after talks with South Korean leaders, Baldrige called the government’s announced intention to regulate exports and boost imports “a very, very important step, the right direction for the Korean government to take.” The government adopted the new policies last week in the hope of heading off a trade war with the U.

The New York Mercantile Exchange said options on heating oil futures will begin trading June 26. This would be the second options contract to trade at the exchange. NYMEX introduced crude oil options last November. “Heating oil options are a logical complement to our existing energy complex,” said NYMEX Chairman William Bradt. “From our experience in crude, we fully expect heating oil options to offer significant new trading opportunities to current market participants and also draw additional users into this marketplace,” he said.

Taiwan accused China of trying to downgrade its international status by forcing the Asian Development Bank (ADB) to change its name in the organisation. Taiwan is boycotting the annual meeting of the ADB, which opened in Tokyo today, in protest at the Bank’s decision to change its name to “Taipei, China” from “Republic of China” after admitting China as a member. “It is a plot by China to downgrade Taiwan’s status in the organisation,” Foreign Ministry spokesman Cheyne Chiu told a news conference.

The Cuban sugar harvest, which was extended almost a month and a half beyond its originally scheduled shutdown date, ended here as the last of the island’s 154 mills closed operations, the official newspaper granma said. The newspaper characterized the harvest, which began in late November, 1986, as “a tense and pressured campaign.” In a recent interview with the French communist party newspaper l’humanite, Cuban president Fidel Castro said that crude sugar production during the harvest would be “less than 7.

A majority of 31 African countries replying to a questionnaire had carried out economic reforms recommended in United Nations and Organisation of African Unity (OAU) recovery programmes, Adebayo Adedji, Executive Secretary of the U.N.’s Economic Commission for Africa said. He told African planning and economy ministers that the questionnaires, distributed by the Economic Commission to monitor the programmes, showed that 25 of the 31 countries had taken steps to increase foreign aid.

U.S. Secretary of State George Shultz forecast a golden future for the Philippines after talks on its struggle for economic recovery and its fight against communist insurgents. Speaking at a luncheon after an hour-long meeting with President Corazon Aquino, Shultz delivered a powerful and uncompromising endorsement of the Manila government. “There is a golden future out there for the Filipino people to gain,” he said. But he tempered his praise with a veiled hint Washington’s attitude might change if what it called the current realism was seen to be diluted.

The Sixth International Tin Agreement, ITA, has been extended for two years from July 1, 1987, the International Tin Council, ITC, said. The extension was formally agreed at a resumed special session of the council held here this morning and follows a session early this month when the council agreed in principle to extend the pact but had to await the formal approval of some member governments. The extension will enable the council to continue with its statistical work and studies of the tin industry.

Noranda Inc said contract talks resumed with about 1,600 unionized workers at its 63 pct-owned Brunswick Mining and Smelter Corp lead-zinc mine and lead smelter at Bathurst, New Brunswick. A Noranda official said talks involved both the mine and smelter union locals, which are part of the United Steelworkers of America. The mineworkers’ contract expires July 1. They will vote on June 22 either to authorize a strike or ratify a possible contract offer.

Unless U.S. refiners reduce the amount of gasoline they now produce, the oil industry will enter the coming summer driving season with the largest surplus of motor fuel since 1984, oil analysts and traders said. “They key question is how much gasoline refiners produce in the coming weeks,” said Larry Goldstein of Petroleum Industry Research Inc. “If refiners cut output and demand turns upward, gasoline stocks could begin to draw, and the surplus could potentially turn around in four to eight weeks,” said Goldstein.