Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-11-23
The Copper Market.

The New York Engineering and Mining
Journal Of Nov. 16 speaks OF the copper
situation al follows:
The week just past has again been dis.
tinguished by further large purchases OF
copper ON the part OF the general body OF
consumers. As we reported in our last
issue, the Lake companies made heavy
sales at LIZ cents, after which orders con-
tinued to come in at such q rate that they
concluded to hold off from further sales
for several days. In the meantime the
London market gave unmistakable evil
dence OF great buoyapcy, n as in spite
OF their previous large purchases the con-
sumers In this country had not secured
sufficient OF the metal to cover their Or
ders Tor manufactured goods, this activity
In the European markets naturally
increased their anxiety to place their
orders without further delay. The result
was that as much as was offered at 12
cents was eagerly picked up, and at that
figure q few unimportant transactions took
place; but afterw ards the selling price was
raised to l2h cents, then to 12X cents and
subsequently, to ID cents, at which latter
figure it now stands. At the prices between
LIZ cents and 13 cents very large Quanti-
ties could have been placed quite readily.
but only q limited amount of business was
done because there is no copper actually
available for prompt shipment, and the
producing companies are evidently in no
hurry to contract for deliveries far ahead. |
Casting copper is also very scarce, and |
values Of these desc iptions have advanced
in about the same proportions as for Lake |
copper, and the lowest prices now named /
are 11&@X cents for car load lots,
A reaction to the upward movement in
London set in on Thursday, but it b d no
noticeable effect On our own domestic
market, which 10 in a very sound position,
the producers being all well soli.
In London the week opened with prices
strong on Monday morning at f46 15s6
EAT, and on the following day the quota
tions were still further advanced to 94S:
but that price could not be sustained, and
on the two following days prices remained
pretty steady at f47@s47 5s. spot, and
EAT 7s. 6 1.@f47 LIS. for three months.
This steady feeling continued up to Thurs
day morning, by which time the smelters
also commenced to follow the course of the
rise in the more speculative market, and
sales OF Anaconda matte tool place
at &c., q price which, although still in com.
parison about f2 per ton below value, as I
by the quotations for Chill bars.
still represented q rise OF sufficient import.
ance to indicate that the more sanguine l
feeling was extending to the actual con. 9
sumers. On Thursday afternoon, how 9
over, large sales took place of =
Chilli bars and g. M. Bs. (such sales be. !
ing rightly or wrongly attributed TO the e
agents Of the French bankers), and there. q
upon prices rapidly declined to f45 for t
both spot and futures. This morning the o
pressure OF sales having evidently been re. 81
moved, the market opened at q recovery, a
he first quotations being f46 2s. 6d.6 a
.46 5s. spot, and f46 7s. 6d@f46 los. Q,
hree months, but the closing quotations 81
eceived by cable this afternoon are a little c.
asier at f45 les. Cd. @S45 lbs. spot, and Ri
AZ LIS. @f45 It's. Cd. three IN onths. The N
qotations for refined and manufac. er
1red sorts are: English tough, s4S 1Os@ tt
40 1Os.; best selected, 95O@51; strong b
heetsp 85s@59; Indian sheets, 254@55. m