The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-09
MINING.
stocks.
Copper Circular.

Messrs. ID, Houston X Co., the metal
brokers, Of New York, have published
their circular for July, which contains the
following:
The domestic market has been very
largely controlled by the steady foreign
demand, and continued active speculation
and trade buying at the London center.
Under the influence OF a sharp advance IN
the price oil q. NJ. h. copper in London to
500 js spot, and $50 1Osiutures on June
10, which we predicted in our last circu-
lar, values here also rose TO the nominal
level of II cents Manufacturers, how
ever having purchased a large block OF
copper from the Calumet and Hecla in
May last az noted in our June issue, have
not been under the necessity of placing
many orders since. Nevertheless, there
has been considerable business done. all
told, during the month. About the mid
die OF the month uuder review, the Calu-
met and hecla was reported TO have sold
an additional million pounds of copper
10 their customers at liz. Buyers since
then have appeared Mt thuse figures, and
several hundred thousand pounds OF Lake
brands in second hands were closed out
within the past few days az IL \ for deliy-
cries shortly maturing. But producers
will not sell at these figures, nor enter.
tam the idea moment. The trearurer
oil one of the large companies stated that
they could sell 5000, 900 pounds at Tx.
but they absolutely refused to do bust
ness at that price.
with the beginning OF July it 10 the
custom among manufacturers TO close
down their works for few days, az
about this time any necessary repairs are
made and an account OF stock taken. At
present, therefore, the market il in state
OF quietude. Later on, a period OF great
er activity together with higher figures
Tor copper, IL expected. Mills in this
country are not yet running up to their
full capacity. but when that does occur il
will probably increase the consumption
in this country 25to 80 per cent over the
present rate, In that event, and with no
mater u stacking up in the foreign con.
sumption. the demand will, we believe,
send prices up much higher than apy
point yet reached.
The London market has been very ac-
tive; g ID merchantable copper gradua
lY adv incing from s47 "a sd, the SPOT
price on June ] =, 10 $50 ~ spot on June
showed frequent fluctuations, but the
month closed with net gain for spot
u. M. BE- OF 20 "a Cd per ton. Large
buying IL reported by prominent iorign
financial group Of operators, besides a
good demand for refined copper. The
Purchase by single English firm during
. - past month ~ stated to he over To-
% W tons. The very small supply now
ID OF q. M. Is. copper il q most import
q 1T factor in estimating the strength of
re European copper situation; present
lug az II does, strong deterrent to any
important bear" movement accompaD-
led by short selling OF warrants, which
Il der existing circumstances would be
hkely 10 prove an exceedingly risky
undertaking.
"A large consumer in England IL re-
ported rs saying, il consumption in Eur
o1e keeps up a. anticipated, copper NAV
60 to eco per ton. The large railroad
business in Russia. Germany and other
places in Europe. with the consequent
expansion OF trade, together with electri.
cal and other requirements in which cop.
per figures IA necessary article. il one
oil the promising and encouragi ring features
marking the portion Of the metal
abroad. Our private advices from Eur.
ope from most reliable aud valuable
sourse report that the outlook for
copper IL good. Foreign consumption is
heavy and has been rapidly increasing.
TheiollowiDg estimate shows the average
monthly consumption of copper during
the irst four TO FIVE months ~ 1895 In
the countries named, viz