{"query": "What is the effect of the LME Singapore Contract on trade dynamics?", "pos": "The London Metal Exchange's, LME,\ndecision to introduce a dollar-denominated aluminium contract,\nwith the Port of Singapore listed as a delivery point, is a\npositive move, physical traders and LME dealers said.\n    Earlier this week the LME declared that a 99.70 pct minimum\npurity aluminium contract would commence trading on June 1,\n1987, alongside its long-established sterling-based 99.50 pct\ncontract.\n    This is the LME's first dollar contract and non-European\ndelivery point, and the Board and Committee are looking at\nSingapore as a delivery point for other contracts.\n    Trade sources said the LME's new contract will conform with\nexisting industry practice, where 99.70 standard re-melt\nmaterial, priced in dollars, is most commonly traded.\n    The location of a warehouse in Singapore is also a positive\nmove by the LME, given its ideal location for Australian and\nJapanese traders, who would be able to place metal on to\nwarrant speedily and relatively inexpensively, they said.\n    Hedging during the LME ring sessions becomes much simpler\nwith a dollar contract. At present pre-market trading is almost\nexclusively dollar-based, but currency conversions have to be\ndone during the sterling rings, they added.\n    LME ring dealers said the new contract would match more\nclosely trade requirements and possibly alleviate some of the\nrecent wide backwardations.\n    Very little physical business is now done in 99.50 pct\npurity metal, nearly all of which is produced in Eastern Bloc\ncountries, such as Romania.\n    The Soviet Union also produces 99.50 pct, but has declined\nas an exporter recently, they said.\n    Some dealers said the new 99.70 contract may suffer from\nliquidity problems initially, as business may continue to\ncentre on the present good ordinary brand (gob) contract, where\nthere are many holders of large short positions on the LME.\n    But others said the new contract would soon attract trading\ninterest, given that much 99.70 metal has already been\nattracted to the LME's warehouses by backwardations.\n    The LME also has a much more viable liquidity base for a\nnew contract, compared to the Comex market in New York, where\nhigh grade aluminium futures are not particularly active, they\nsaid.\n    Thus, it seems likely that the sterling contract will\neventually lose trading interest and volumes will decline. Like\nstandard zinc, which was superseded by a high grade contract,\ngob aluminium will probably be replaced, although the process\nin this case may take longer, they added.\n    Forming a new contract and establishing a Singapore\nwarehouse are constructive moves by the LME but backwardations,\nwhich make physical trading difficult, would not totally\ndisappear as a result, the trade sources said.\n    These premiums for prompt metal have become a\nsemi-permanent feature over the last year, due to increased\nbusiness and volatility in traded options, and are presently\naround 50 stg.\n    Increasingly large granting of option positions has been\ntaking place. When some of these are declared and exercised at\nthe end of the relevant month, physical tightness and squeezes\naround these dates are commonplace, they said.\n    Listing Singapore as a delivery point allows Far Eastern\noperators to deliver aluminium into a LME warehouse instead of\nhaving to cover.\n    But tightness and backwardations are seen continuing, even\nthough the LME's new option contracts widen the gap between the\ndeclaration and prompt dates.\n    These will be due on the first and third Wednesday of the\nmonth, whereas at present most fall on the 20th and 25th.\n    Backwardations will remain while operators continue to\ngrant options where potential tonnage to be delivered exceeds\naluminium stock levels, an LME option trader said.\n Reuter\n"}
{"query": "Please provide the estimated quantity of the broad monetary aggregate designated as M-3, which encompasses the extensive range of financial assets held principally by households, as recorded in the month of February.", "pos": "South African year-on-year broadly\ndefined M-3 money supply growth slowed to 8.62 pct in January\nfrom 9.32 pct in December, Reserve Bank figures show.\n    M-3 fell to 77.98 billion rand in January from 79.31\nbillion in December, while preliminary February figures show\nM-3 at 79.42 billion rand for a year-on-year rise of 10.63 pct.\n    M-2 showed a rise of 5.09 pct for January at 55.68 billion\nrand after 4.30 pct in December, M-1 16.72 pct at 5.12 billion\nafter 12.80 pct and M-1A 22.79 pct at 14.30 billion rand after\n20.54 pct.\n REUTER\n"}
{"query": "When did Reagan impose tariffs?", "pos": "The White House issued a\nlist of Japanese exports to covered by the 100 pct tariffs\nimposed by President Reagan.\n    - Automatic data processing machines (1986 imports worth\n180 mln dlrs), including certain desk and lap models with\nmicroprocessor-based calculating mechanism capable of handling\nwords of at least 16-bits off the microprocessor;\n    - Complete color television sets, with 18, 19 or 20 inch\nscreens (1986 imports 90 mln dlrs);\n    - Power tools, including certain drills, percussion\nhammers, sanders, polishers, grinders.\n Reuter\n"}
