Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-02-20
hi COPPER MARKEE.
stock In the Hands OF the Syndicate Stead
lily Accommodating.

Stock In the q OF the Syndicate Stead
lily Accommodating.
The monthly report Of James Lewis 4
Son, Liverpool, dated February 1, reviews
the course OF the copper market durinl
January as follows:
The cour Q OF the market during the pas,
/ month has been somewhat sensational
Although the Syndicate were willing to
take good merchantable copper within
three months promptatf7S per ton, sales
were made to other buyers down to ETA.
The Syndicate brokers then declined to
purchase forward copper at all. and would
only buy immediate cash al EFT 5s., and
or the goth ult. refused to make any bid
even for this. Sales we're consequently
made at ETC to f73, the price falling FL
per tor for each warrant sold. On the
30th, the Syndicate again came into the
market AID paid EFT los, for cash, at
which they remain buyers, but decline to
take any copper for forward delivery. OF
which there are sellers at f72 for three
months prompt, and at f65 per ton for
delivery at any tiu.e during the year, at
sellers option.
The great uncertainty with regard to
future values effectually prevents the re-
vival OF any C onsumptive demand, which
has practically ceased during the past
three months, the only sale of msnufac.
tured copper of any moment reported be-
ing that OF 1 900 tons OF yellow metal for
India at I'd. per pound,
This uncertainty has also had a very det-
rimental effect on the shares OF the Societe
des Metaux and of the various copper min
ing companies. The shares of the former
fell from S42.50 francs on the LIST ultimo
to 400 francs on the 29th, while the shares
of the Rio Tinto Company fell during the
same period from f25A to f19, the total
lie the market value OF the
OF the three Spanish and the two
Cape companies amounting altogether to
about three and a quarter millions sterling.
A very noticeable feature is the large
quantity of English good merchantable
sent into the public stocks amount
ing to 1,9SS IONS the past month, and
the total quantity up to 6,501
ions. From this it is evident that smelters
Ire unable to sell to CONSUMERS. and there
ore return to the Syndicate in this form,
,he copper purchased from them and from
producers as furnace material. |
Considerable excitement Vas caused by
,uc ehl6 Ou Uuc 1OUu uitIuC vi d. cargo Vi
de la Mora precipitate at los. pes
init, the Syndicate claiming it under a ver-
,al contract for the whole OF the COM
production at lbs. per unit. They
allied, however, to obtain an Injunction
o prevent it's delivery to the purchasers.
The public stocks show an increase for
he month Of 1895 tons, and the visible
upply OF 5,548 tons. Imports are 973
ons greater than last year, and deliv-
ries 5000 tons less.
The arrivals in England from Chile during
he month have been 1920, and the deliv-
272 tons fine, and from other coun-
ries 6,241 and 2,246 tons fine respect
rely.
The arrivals in Liverpool and Swansea
ON the United States nave been 1875
ingots, 4,372 matte (%including $3.50
ons Anaconda). 1S ore, n Is precipi-
ate, equal to about ATS tons fine cop
and in France Iii.
The Chile charters for the month are
900 tons, and the closing rate OF exchange
29$d, bars being s24.5O per quintal.