The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-05
THE COPPER MARKET.
Believed This Metal Will Soon Reach
Thirteen Cents.

Thirteen Cents.
The Boston Post prints the following
J.; interesting article on the copper situa-
ton:
The feature of greatest interest in
the stock market the past ten days has
been the advance in the price of cop
per, accompanied by a sharp demand
for copper shares at advancing prices.
In fact. the signing Of the protocol was
taken as the signal for the resumption
of activity in the copper market. The
metal, as result, rules firm at an adj
vance of fully q cent. In fact, copper
consumers as well as producers are
very generally looking for the 13-cent
copper market. For the first time in
months, we almost said years, this
sharp advance in copper is not a mere
marking up of prices on a duh but
firm market, but is accompanied by
heavy dealings, some contracts reach
ing months. One leading copper bro
ker in New York, who does business
for some of the smaller companies, re-
ports that in the last four days alone
he has sold over 100000 pounds,
while one leading producer on Thurs
day last made a heavy sale for spot,
November delivery. Others have sold
as far ahead as January. In this con-
dition of affairs there is little wonder
that sellers of copper are hopeful and
buyers more or less anxious.
The present strength of copper is ex-
planned partly on the theory that the
large producers, having recently dis
posed of large amount of their out
put ahead, are resting, with the mar
ket practically bare of the metal
Then again, the statistical position
Of the metal, particularly abroad, is
an ideal one as viewed from the pro-
ducers standpoint, and would appar-
emily lead to the conclusion that a IA
cent, or even 15-cent, market might yet
be attained before this year reaches its
finish. The visible supply of copper
abroad on Aug. Is was barely 2S,605
tons, a decrease of 1856 tons since Aug.
1, and a decrease of $3.50 tons since
Jan. l.
The July returns show that while
the production of copper in this coun-
try has been small, compared with pre-
v1ous months, exports of the metal
have shown an enormous increase
United States production of copper
QonS tons) for July, 1898, aggregated
1862 tons, compared with 19, 800 tons
the previous month, and 15,S47 tons in
July, 1887. In fact, the July produc-
ton was the smallest of any month so
far this year, the maximum production
of any single month being April, when
the figures were 22.909 tons.
While the production of copper in
the United States fell from $3.50 tons
in June to 1862 tons in July, exports
of the metal have jumped from 1856
tons in June to 1884 tons in July
July exports of copper have been the
largest of any month thus far this year.
With a production of 1862 tons per
month, and a monthly export move
ment of 1854, leaving only COS to
meet the domestic demand, and with
that demand reviving, a copper famine
is among the possibilities, not to say
probabilities, of the future.
For the first seven months of this |
year our production Of copper was 1885, |
$50 tons, against 123, 995 tons for the |
time in 1897, 1885 |
tons in 1896, and only SO, 1886 tons in |
1898. In these same seven months our |
of copper have aggregated 3d. |
638 tons, against 1859 tons in 1897. |
9,203 tons in 1896, and only 40,250 tons |
in 1895. While copper production in |
the United States has jumped from 93,-
336 tons in the first seven months of |
1895 to 1858 tons in the correspond |
ing period of 1898, an increase of 43,-
203 or 46 per cent, copper exports have |
gained from 4O,250 tons in 1895 to So
'3S in 1898, an increase of AZ, 1888, or
los per cent.
1t is somewhat singular that while
the production of copper in this coun-
Try is steadily increasing, the European
production is as steadily falling off. In
July the European production of the
metal was barely 6,794 tons, against
1888 tons in July and 1927 tons in July,
1897, while the first seven months of
his year the total European produc-
ion was 1854 tons, against 81 $50 tons
n 1897, decrease of 1916 tons, or over
per cent.