However, this of course has to be done in advance of the price increase.

There is now also the beginning of a hard landing inemerging markets as the recession in advanced economies, fallingcommodity prices, and capital flight take their toll ongrowth.

Although the advance in metal prices decelerated sharply in 2007 and some metals' prices actually declined in the first six months of 2008 (nickel (-27 per cent) and zinc (-30 per cent), for example), most metal prices have nevertheless continued to rise in the first half of 2008 and all (apart from aluminium) are above the levels of their historic highs in previous price cycles.