The semi-weekly miner., 1885-05-06
THE COPPER MARKET.

The american Iron Neaos, q Jour-
nal devoted to the metals, in its issue
for April, has the following review OF
the copper market:
copper has b ,d considerably more life. ana
after declining ss ow as 10.+se. for Lake, the
market has steadily advanced to 11.ac. for
near deliveries, the outside brands being now
only about 14c TO 10 points below Lake Lasl
week transactions aggregating 75oG" pounos
were made, and to-day 37,ys pounds. Jul!
delivery sold at the Metal Exchange at l1hac.
to IL 6oc. This is in the face OF greater declines
in Chill bars until f45, cd. was reacned 70
day, april q, which Is 10 far the lowest Tolnt
ever known. As we approach the first of May
when the Lake contracts based on Chill bars
will expire, our market becomes more import
ant and promises to lead LoBdon. The feeilng
is now more bullish in view Of the restr1cteQ
production as noted in Mr.. Raunheim's special
report which we publish in another co.umn.
Mr.. Raunheim's report, upon
which this hopeful report is based is
as follows:
Prices Of copper have advanced lately and a'e
likely TO continue higher for some time. Ills
evident that there is decided scarcity OF sup
DIV for the home consumption, and this supply
can probably not be increased materlau! lof
the rext five months, 80 that our manufacturer
will ha e to pay higher prices to obtain the
raw material required by them.
Furnace material is quite impossible to get Tor
following reasons: The largest providers OF such
material are Montana and Arizona, might sa!
lust as well the only ones a. present.
Montana has contracted almost its entire pro
duction to he delivered to Europe.
The Anaconda having sold again l5.dp1 tons
of matte to England, which besides a,"'o IONS
already sold this year, brings up It's sales to
2a!On tons, or to its total capacity for 1888.
The Clark's Fraction sold all of its material
I'D to July lst and the Montana Copper Compa-
NJ. the parro. Company and the Bell Company
for several months to come at good prices in
England
From Arizona very little material is expected.
II is stated on good authority that the Old Do
minion Mining Company will shut down Its
furnaces May 1st. The Copper Queens produc'
ton is so far oaly 80 0oa pound. per month, aud
the Longfellow's the same.
The furnace material at the disposal of our
refners from these sources there ore Is only
Loo 'Op pounds per month other sources per
haps 10000 pounds or 500 900 pounds monthly
for the next four or five m onths.
Our home consumption OF sreined copper was
On an average last year about d,UHI,"1o pounds
this year certainly not less Hence it is to be
seen that 4,5o0,fOJ pounds more per month are
requiled The available stock of copper IN our
country is almost insignificant, and more Lake
copper will lie required for our consumption
than can possibly be delivered.
The estimated production of the Lake Com
pan1es for 1885 is 75,ono,01o pounds; deduct for
mines closed or to be closed on May Isl
12,oVD,OOo pounds: which leaves G3,poO,0o0
pounds, or $4,000 pounds per month
of which is to he shipped to Europe as
per contract about 2,750000 pounds leaving a
balance of 2,5Jo.O0o pounds to be disposed OF in
the United States. TO recapitulate against
monthly consulnp ion of 6oS,0oo pounds are
10000 pounds of furnace material and 2.ogo
0Do pounds of Lake copper. making 4,TH'no
pounds only expected. This monthly deficiency
of 1000 800 pounds can only be made up by the
available stock little as there is, and possibly
by re- imports of LAKE and Arizona copper from
Europe The latter is impossible at our present
prices After the expiration Of the European
contracts more furnace material for domestic
use will be on hand, and the condition OF the
market will subsequently change. In the
meantime manufacturers must prepare them
selves TO pay higher prices for refined copper
Latest quotations Lake copper II sc. to l174c'
cash; Baltimore, b. c. W., 1g'sa. to lO;4c; Bal,
tinore, a. c. c., 10 &c TO 1o7zc.; Oxford brands
II, 1ola,. to 1E4c.; oxford brands. 10s4c. to
!o7s c.; Arizona pig copper, 9l4c. bid The
prices are better and transactions are .arger
than before and this in the face Of decline in
Chill bars to e43, los at London