CIPEC STUDYING COPPER MARKET BACKWARDATION The Paris-based Intergovernmental Council of Copper Exporting Countries (CIPEC) is closely studying the current backwardation in world copper market prices but does not envisage taking corrective action at present, CIPEC sources here said. The organisation's executive and marketing committees reviewed the current market situation during a series of meetings here late last week, but took no major decisions. The sources noted that the backwardation - premium of nearby supply over forward delivery - dates back several weeks and is the longest on record. "It's unusual," one official said, but added CIPEC did not have any immediate recipe to remedy the situation. The meetings featured a gathering of the 10 directors of CIPEC's regional copper development and promotion centres, which are based in Europe, Japan, India and Brazil. Their main aim was to prepare the ground for the annual ministerial meeting of CIPEC, which is scheduled for Zaire in late September. The last three ministerial meetings have been held in Paris to keep down costs.