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Abstract
The relationship between the average price P and the annual consumption C of some 14 metals has been assessed for the nine year period from 1975 to 1983. A relationship has been obtained of the form: log P=log α +β log C. The value of the term β has been found to be about −2/3 in agreement with a previous study. The value of the term a has been found to depend upon the level of inflation expressed through the Consumer Price Index (CPI) and the level of industrial activity expressed through the world Index of Industrial Production (INDPRO). The results obtained are compared with other studies on the subject.
MST/830