The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1884-12-31
Copper.

The report for the month ended
Nov. Both ult. of James Lewis & Son
of Liverpool on ores and metals was
received to-day. Although later ad-
vices in regard to the decline of COP
per has been received here the report
contains some features of interest to
mining men. In regard to COPPER
the report says:
Although we recorded in our last
report q price at which Chile bars
had been cold which was beyond prec-
edent. values have still further re-
ceded during the past month, and on
the 26i ultimO ESQ 26 per ton was
accepted for considerable quantity,
immediate cash payment-marki ng
a decline of G2 10 per ton.
Early in the month the market
was very sensitive, purchase of
200 tons of bars putting up prices sd
per ton to esq II on the 5th ultimo,
and the sale Of similsr quantity on
the l1th driving them down to Esq.
Since then considerable desire being
manifested to sell both spot and for
ward bars, values further declined to
tee extent of 2Od per ton, on the 25th,
and 1Od on the 25th, until ESQ 2 was
reached. From this point there was
a sharp reaction to G51, large busi-
ness being transacted, and we close
with buyers at ESQ l5d cash and e51
Cd with three months prompt.
The policy of some of the large
mining companies In announcing to
the world their intention to increase
their production together with the
report of negotiations pending for
large quantities of copper matte to pe
shipped from the United States next
year, has borne natural fruit and ESQ
has almost been reached for Chile
bars.
To what extent current prices will
affect the production of copper re-
mains to be seen. 1t is apparent that
some large mining companies cannot
produce copper to profit at the
parity OF ESQ for Chile bars, while the
profits of others will be greatly d.
minished. Possibly, if values should
fall much lower, some concerted or
individual action may be taken to
limit supplies-in which case we
might see material advance, stocks
being at present in such very
moderate compass.
Arrivals from the United States
have again heen on q very limited
scale-only 1,206 tons. On the other
hand the consnmptive demand,
especially for Birmingham, has fallen
off. The competition OF American
and other ingoL copper has materially
affected the value of English best
selected, and unless English smelters
are willing to pay better prices for
American ore and matte than they
at present offer, we may look to see
ere long chief part of the American
production arriving here in the form
of bars and ingots, and India supplied
direct with American sheet copper.
The abstention of smeltels from
purchases of furnace material :,as
been noticea bic feature during the
month. 5000 tons of Rio Tinto
regulus of ABOUT 80 per cent. have
however been sold for delivery here
at the rate of 500 tons monthly, at a
price based on that Of Chile bars at
the time of delivery, and consider
able quantity of American copper
matte for forward delivsry at 10 per
unit.
The arrivals from Chile during the
past month have been 2.l49 and the
deliveries 1924 tons, and from other
countries $3.50 and 3,Ol9 tons fine
respectively. The Chile charters are
5000 tons fine.
The arrivals here from the United
States consist of 521 tons hars, 80 in
gots, 282 matte, and ,797 ore equal to
about 1,206 tons fine copper.